Home – New Forums Money matters Accounting mess Reply To: Accounting mess

Cash Flow is King
  • Total posts: 24

Hi Baussie,

I remember being new to my own business, what an exciting time for you!

It seems to me what you are asking is a pretty straight forward accounting question. I’m not a qualified accountant, so my thoughts are only my unqualified opinion, but to me it seems pretty clear that all sales made and invoiced under the sole trader ABN are attributable to that entity, so income, expenses and resulting tax belong there, and when you incorporated a company and started trading and invoicing under that ABN, the transactions and resulting tax belong there. Bank statements for you as a sole trader and for the company are a pretty good starting point to work out what belongs where.

I’m really surprised you say “All the accountants I know seem to get confused”… Get some good advice from someone who knows what they are talking about, AND that you feel comfortable with and talking to. CPA or CA qualified at a minimum, with a decade or two in private practice.