Beyond Biz

S2E2. Company vs. Sole Trader: Understanding the Differences with Accountant Jackie Ryan

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In this episode of Beyond Biz, we sit down with Jackie Ryan, an experienced accountant and advisor, to explore the crucial differences between operating as a company versus a sole trader.


Jackie breaks down the pros and cons of each business structure. Tune in to gain a clear understanding of tax implications, money allocation, and the benefits of investing time in comprehending the financial aspects of your business. 


Jackie emphasises the importance of investing time to understand the financial side of your business. Spending just an hour or two with a knowledgeable advisor can be incredibly valuable, saving you both time and money in the long run (trust us!!).


This initial investment will make tax returns, BAS, and overall financial management much smoother and more efficient.


We discussed:


  • Company vs. Sole Trader: Differences and Why Use One or the Other:
  • Detailed comparison of the two business structures and reasons for choosing one over the other.
  • Understanding the distinct tax rules that apply to companies and sole traders.


    • Allocation of Money:
    • Strategies for managing GST, tax payments, expenses, and profit.
    • Tips for ensuring you have money set aside for personal spending.


      • GST and Overseas Clients:
      • How to handle GST when dealing with international customers.














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