Home Forums Starting your journey Sole Trader – two businesses – selling business Reply To: Sole Trader – two businesses – selling business

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ThexArm, post: 212080 wrote:
You may be better off to get a accounting system in place instead of excel sheets. How do you track GST? Have you reached the turnover limit where you need to submit BAS? You can have 2 data files (1 for each business) in an accounting system (Xero or Myob) such that you can track your numbers better and be able to produce P&L for individual business.

I need to speak to my accountant regarding this turnover limit. Previously it wasn’t a problem but suddenly it might be. To answer – at the moment neither is registered for GST so no BAS. Its just done at EOFY with my personal tax.

Yep just two spreadsheets, one for each business at the moment.

Looked at Xero – OMG expensive. Looks great, but way too expensive on top of all the other subscriptions – email, website, software packages etc.

Looked at MYOB – haven’t heard anyone but accountants say its good to use or that they haven’t lost data at some point.

Currently looking at Reckon 1. Love the price point, and the bolt on options. I don’t need to invoice from there as I use another online time keeper for invoicing.

ThexArm, post: 212080 wrote:
Yes, creating a pty ltd company is another option. You may not need to create 2 companies as you can continue to provide design services as a sole trader. By having a separate pty ltd company you may get extra time to reach your turnover limit as 2 businesses will be treated separately.

Thought about this but also like the idea of selling the design business in the future. Got some things in the pipeline for this which might make it fairly attractive to be bought by larger agencies.