What Should a Self-Employed Person Must Ask an Accountant?

Posted by Madeline White on February 17th, 2024

Are you self-employed and want to know more about the financial implications of working for yourself?

Asking an accountant is a great way to get information!

Accountants have the experience needed to understand small business taxation and business development strategies and to solve some of the most difficult questions in the workplace.

However, before you meet with your accountant, it is important to know what questions to ask so that you can make sure your finances are secure and successful.

In this post, we cover some key areas of talking to a professional accountant for yourself and your growing business. Self-employed, freelancers and sole traders have many advantages as their own bosses.

But the financial side of the business can be complex, especially if you are running a small business on your own.

Accountants for self-employed in Browns Plains can help you save money, including helping you choose the right tax regime and meet important deadlines!

How to set up a business?

When you start a business, you need to get an ABN and register to pay taxes.

Without it, you cannot file your tax return at the end of the year.

You also won't be eligible for insurance, grants or loans.

You can also run into legal problems if you don't set up your business properly to be taxed, especially if you are earning large sums of money.

Everything mentioned in this blog refers to people who set up their business by the book. Otherwise, all the help you can get from a business accountant may not apply.

What is a self-managed super fund?

A self-managed super fund, often called an SMSF, means that your super fund is not managed through any super company.

Instead, you register your own fund through the government and organize it yourself.

SMSFs are beneficial for the self-employed. Because many people prefer to be independent and retain control.

Can accountants set up an SMSF? Yes, they can. Talk to your Accountants for self-employed in Browns Plains today about a self-managed super fund.

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