Sole Traders and Consultants

Individuals who operate a business, be they trading or in services, are subject to their own set of rules. For instance, did you know:

• Many deductions which you would normally considered to be allowable are not?
• There is much more substantiation involved?
• There is a risk that people who operate their personal business through a company will be taxed personally instead?
• If you are GST registered, only the GST on expenses relating to your business can be claimed?
• The ATO is cracking down on loss making businesses and doing more data matching?