Given that its now a fresh financial year in Australia, I'm looking at my options. - I currently am a sole trader. - I'm looking to earn $30k-$50k profit this year. - I'm presently not registered for GST. What would I be better off doing financially? Register a company, or staying as a sole trader (I am in the web development industry, no debts (nor ever will), so liability isn't really an issue)
I personally, would say stay as you are, as and when you start growing as a company, look into changing it then, are you planning on many employee's in the future? I traded as a Sole trader for six months, but things changed and it is now Ltd. So really, go by what you think, or what you want to do, i suppose in essence, my company becoming Ltd makes it look bigger!!
Look bigger yes. Tax wise, I could be thousands of dollars better off staying as-is. Someone on DP obviously knows a bit more about it than I do Employees yes, but contract (so no superannuation, or any of that)