If you’re thinking about starting a business or already running one on your own, chances are you’ve come across the term “sole trader.”
At Oculus Group Accountants in Tweed Heads, we work with many sole traders across different industries — from tradies and creatives to online sellers and consultants.
Here’s what you need to know about being a sole trader and whether it’s worth engaging an accountant to support your business journey.
What is a Sole Trader?
A sole trader is the simplest and most common business structure in Australia. It means you operate your business as an individual and are legally responsible for all aspects of the business.
You can trade under your own name or register a business name with ASIC.
As a sole trader, you keep all profits (after tax) but also carry all the risks and debts.
There’s no separation between personal and business assets, so your personal finances can be affected if your business runs into trouble.
You’ll also be responsible for paying your own tax, managing your super, and keeping good financial records.
Do Sole Traders Need an Accountant?
Legally, no — there is no requirement to have an accountant if you are a sole trader.
But practically? Absolutely. Here’s why many sole traders in Tweed Heads and beyond choose to work with us:
1. Tax Time is More Complex Than You Think
Even if you’re confident lodging your personal tax return, adding business income, expenses, deductions, and GST (if registered) makes things more complicated.
An accountant can help make sure you’re claiming everything you’re entitled to, avoiding costly mistakes, and staying compliant with the ATO.
2. You Still Need to Plan
Running a business means thinking beyond this month’s invoices.
At Oculus Group, we help sole traders with budgeting, cash flow forecasting, and even planning for major expenses like tools, vehicles, or future staff. These insights can help you grow your business sustainably.
3. Structure Advice
While starting out as a sole trader is easy and cost-effective, as your business grows, it may be worth considering whether a different structure — like a company or trust — could offer tax benefits or asset protection.
We regularly guide clients through this transition when the time is right.
4. BAS, GST and Super Help
If you’re registered for GST, you’ll need to lodge Business Activity Statements (BAS). You’ll also need to track and pay your own super contributions.
An accountant can handle all of this on your behalf, ensuring nothing is missed.
5. Peace of Mind
Above all, having an experienced accountant on your side gives you the peace of mind that your business is financially healthy and compliant.
It lets you focus on what you do best — running and growing your business.
Talk to the Local Experts
At Oculus Group in Tweed Heads, we’ve helped hundreds of sole traders manage their accounts, improve their financial habits, and scale their businesses.
Whether you’re just starting out or looking to get better control of your finances, we’re here to help.
Get in touch with our friendly team today and let’s chat about how we can support your sole trader journey.
