Sole Trader Accounting Central Coast
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Central Coast Sole Trader Accounting
NLJ Partners supports sole traders across the Central Coast from our Wyong office, providing accurate sole trader accounting and tax services that align with ATO compliance and small business reporting needs.
ATO Compliance & Lodgements
We help sole traders meet all tax lodgement obligations, including income tax returns, GST, and PAYG instalments. Accurate reporting ensures businesses stay compliant throughout the financial year.
Quarterly BAS Preparation
Registered for GST? We prepare and lodge BAS each quarter, including GST collected, GST paid, and PAYG withholding if applicable. Services are aligned with ATO standards and deadlines.
Clear Financial Records
Accurate income and expense records are essential for sole traders. We help maintain clear, compliant accounts using reliable software systems suited to small business reporting needs.
What Our Clients Say
Practical Support for Sole Traders
We offer ongoing assistance to help sole traders manage accounting tasks and keep on top of reporting. Services are designed around ATO requirements and small business operations. From daily transaction tracking to quarterly BAS preparation, our services are structured to align with ATO requirements and the realities of running a small business. We understand that many sole traders juggle multiple responsibilities, which is why we aim to simplify your reporting processes and help you stay financially organised.
Our team assists with accurate income and expense tracking, superannuation, GST reporting, and annual tax returns. We also provide support in setting up and maintaining accounting systems, so you can manage your finances efficiently year-round. Clear communication and timely lodgements are central to our approach, helping reduce the risk of penalties and missed deadlines.
Whether you need support lodging tax returns or preparing BAS, we work to maintain accurate records and reduce compliance risk. Call (02) 4393 2733 to learn more or to arrange an appointment. We offer virtual consultations for remote clients.
Frequently Asked Questions
What are the tax obligations for sole traders?
Sole traders must lodge an individual tax return that includes business income and expenses. If registered for GST, they also need to submit quarterly or annual Business Activity Statements (BAS). Sole traders pay tax at individual marginal rates and may also need to pay Pay As You Go (PAYG) instalments if required by the ATO. Keeping good records is essential to meet these obligations and avoid penalties.
Do I need to register for GST as a sole trader?
You must register for GST if your annual turnover exceeds $75,000. Once registered, you’re required to collect GST on taxable sales, report the GST collected and paid, and lodge a BAS either quarterly or annually. Voluntary registration is also available below this threshold. An accountant can help determine whether GST registration is necessary and manage the lodgement process.
What deductions can sole traders claim?
Sole traders can claim deductions for expenses directly related to earning business income. This includes items like tools, equipment, home office costs, motor vehicle expenses, professional subscriptions, and accounting fees. All deductions must be supported by records, such as receipts and logbooks, and must not include private or non-business expenses. Only eligible business-related costs can be deducted.
Do sole traders need to pay superannuation?
Sole traders are not required to make superannuation contributions for themselves, as they are not considered employees of their business. However, voluntary contributions can be made to boost retirement savings and may be tax-deductible, depending on individual circumstances. If the sole trader employs others, they must meet the Superannuation Guarantee (SG) obligations for eligible employees. Keeping track of contributions and ensuring payments are made by quarterly due dates is essential for ATO compliance.
