Home – New Forums Starting your journey What I should do to be a sole trader

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  • #964034
    Hanter
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    hello,

    I am going to sell healthcare produts as a sole trader rather than a sole trader business. Although it seems a business could claim some tax return, I am not very clear about the taxation policy at this time. Hence I decide to be a sole trader instead.

    So what should I register yet? Is it necessary for me to apply for an ABN or any other things. In addition, are there any documents and requirements for me to apply to sell healthcare products?

    Thank you very much.

    #1002449
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    Hi – you must get professional advice and a good accountant from the beginning.

    There is no difference between a sole trader and a sole trader business. They are exactly the same and must be registered. A sole trader is responsible for all debts of the business and you must have a good accounting system from the beginning to keep track of all sales and outgoings.

    See the different business structures at the ATO (Australian Tax Office) website on this page Choosing a business structure

    There is a great deal of good information on the ATO website and you really should be talking to a good accountant before you begin.

    You should also look at the posts on this link here
    http://www.flyingsolo.com.au/forums/starting-business/163-difference-between-being-sole-trader-registering-business.html

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