At Tax Stuff, we help you make informed decisions about the right business structure for your goals. Whether you’re starting out or looking to grow, understanding the differences between a sole trader and a company is essential for managing risk, tax, and compliance. Our experienced accountants work with startups and small businesses daily, providing ASIC-registered company setups, ATO guidance, and ongoing support. Here’s a quick comparison to help you decide:
Sole traders are personally liable for business debts, while companies offer limited liability protection.
Companies are taxed at a flat rate, while sole traders pay tax based on personal income brackets.
Company setup and compliance costs more due to ASIC fees and annual reporting requirements.
Only a registered company can legally protect and own a business name under ASIC.
Companies are generally better suited for growth, investors, and employing staff at scale.
A company structure often appears more professional to banks, clients, and suppliers.
Switching from a sole trader to a company structure is a common step for growing businesses. At Tax Stuff, we guide you through every aspect of the transition from setting up your company with ASIC, registering a new ABN and TFN, to advising on the best structure for tax efficiency and asset protection. We’ll also help you update your invoicing, banking, and software systems to reflect the change, ensuring minimal disruption to your operations. If you’re earning more, taking on risk, or expanding your team, it might be time to make the move, and we’ll make sure it’s a smooth one.
Establishing a company can offer significant long-term advantages. From limited liability that protects your personal assets, to potential tax savings and a more professional business image the benefits are hard to ignore. At Tax Stuff, we help you unlock these advantages with tailored advice, registered ASIC setup, and ongoing support. A company structure also opens doors to scaling, investment opportunities, and improved credibility with clients, lenders, and suppliers. If you’re serious about growth, we’re here to help you take the next step confidently.
Would you like to book an appointment with one of our skilled accountants? Do you have a question, or would you simply like to make an enquiry? Please fill out our contact form, and a member of our friendly team will get back to you within 24 hours.
No. When you move from a sole trader to a company, you’ll need to apply for a new ABN for the company. At Tax Stuff, we’ll handle all the paperwork and ensure your transition is fully compliant with the ATO and ASIC. We’ll also assist in updating your registrations, software, and bank details to match your new structure.
The biggest differences lie in liability, tax treatment, and structure. A limited company is a separate legal entity with limited liability and different tax obligations, whereas a sole trader is personally liable for all business debts. At Tax Stuff, we help you weigh up the pros and cons based on your goals and set you up with the right structure from the start.
No. A sole trader and a limited company are two distinct business structures. As a sole trader, you’re personally responsible for all business liabilities, while a company is a separate legal entity. If you’re unsure which structure suits your situation, Tax Stuff can guide you with expert, personalised advice.
With 100+ five-star reviews, a local team of qualified accountants, and a track record of helping small businesses thrive, Tax Stuff is your go-to partner for company setup. We don’t just lodge forms, we provide personalised advice, explain your options in plain English, and ensure you’re set up for long-term success. Plus, we’re right here when you need us, with remote appointments available across Australia.
An iCare Wages Declaration is an annual report submitted to NSW’s workers compensation insurer, iCare, detailing the total wages your business paid to workers over the financial year. This includes salaries, superannuation, allowances, and other benefits. It’s used to calculate your workers compensation premium. At Tax Stuff, we make sure your iCare declaration is accurate, timely, and fully compliant, so you stay covered and avoid penalties.
That depends on your business goals, risk level, and financial situation. Sole traders benefit from simplicity and lower setup costs, while companies offer greater tax flexibility, scalability, and asset protection. Tax Stuff will help you assess which option aligns best with your growth plans and future vision.
Our expert team is here to provide reliable, tailored solutions that save you time and money.
02 4319 4910
info@taxstuff.com.au
Suite 8/1-5 Baker St, Gosford NSW 2250
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