Question

What are the needs of sole trader

Answer 1

Answer:

1.    Simple to set up and operate.
2.    You retain complete control of your assets and business decisions.
3.    Fewer reporting requirements.
4.    Any losses incurred by your business activities may be offset against other income, such as your investment income or wages (subject to certain conditions).
5.    Allows you to use your individual tax file number (TFN) to lodge tax returns.
6.    You are not considered an employee of your own business and therefore don’t pay payroll tax, superannuation or workers’ compensation on income you draw from the business.
7.    Relatively easy to change business structure if your business grows or if you wish to wind things up.

Answer 2

Explanation:

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