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IBFlyingSolo
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I’m not an accountant or a financial planner so this sort of information has to be general.
James points out some very relevant things that you need to think about.
I’m a sole trader (soon to incorporate into a Company) but for now I keep my personal expenses and business separate in different bank accounts.
The business one is in my Registered Business name but the income is personal. Invoices are generated by the Business Name and gst is paid on that income. (get some advice on whether you earn enough to claim and pay gst)
All my business expenses come out of the business account.
I have a book-keeper who looks after this on a monthly basis and because it’s relatively simple it’s less than a cup of coffee per day.
There are options like superannuation to reduce tax but that’s a discussion between you and a financial adviser that has specialist knowledge in advising businesses. That could be an accountant or a financial planner.
I hope this helps. I have many accountants, book-keepers and financial planners in my network and a few that advocate for because I trust them.
I’d suggest you find similar and get to know, like and trust them and then you can go to them instead of a bunch of Randoms.
Good luck