Time tracker and ABN help
Howdy! I looked online as to if I could have a time tracker on solo and the web said yes! And that I had to enable it in my "settings" so I signed into My Account and could not do anything. I signed into MYOB Business to and no joy. So if this is possible, how? Also when I logged into My Account and was going everything as clickable tiles and drop down menus I came across information that says my ABN/ACN was not provided and to "contact support" to provide these details. When I clicked the link to contact support to get contact information I was greeted with a blank page. How is it that my ABN is "not provided" when it was the third or fourth piece of information that I provided upon sign up and why is there no contact information on the contact page?
Is it really Solo without a mileage tracker?
Hi community 👋 What are your thoughts on the solo app containing a mileage tracker and what about it particularly would you find helpful? Personally I would just love to be able to plug my Odometer reading in at the start and end of any eligible business journey. Helps me to keep track of business vs personal percentage. Doing it all from the ONE/ SOLO app is always going to make it easier! I know the feature to actually automatically track using GPS is helpful to a lot of people too. Which has a reconcile function (separate business/personal). I’ve seen other apps with the cents/km method automatically convert it to the potential tax deduction. what else would be helpful? Must it be a huge extended addition? Or could it intergrate nicely into categories and expenses? thanksSusan_Solo for the suggestion! Looking forward to hearing thoughts on this :) @sandroMYOBEEES
Importing from Business lite to Solo
Hi all, first time writer long time user! Will it be possible to migrate or import data from Business Lite into solo? Are there exisiting plans for something like this or a current workaround? thanks in advance! Looking forward to this! Also mileage ?! Can we explore how we could record this?? kind regards SandroMYOBEEESMYOB EAP → Solo: Same App, Cooler Name
Hey early birds! 👋 Missing your MYOB EAP app? Don't panic – it didn't fly the coop, it just got a glow-up! The app auto-updated to its cooler new identity: Solo by MYOB. Hunt around your phone for 'Solo by MYOB' or this snazzy new icon. Can't find it? Stuck? Confused? Hit reply and we'll sort you out faster than you can say "where'd my app go?" We hope you enjoy your shiny new Solo app! 🚀Skill swap central
We have a diverse mix of small businesses here. This is a Skill Swap Thread where we can share what we do and explore ways to support one another. In this space, you can: Talk about your business: Share what you offer and how you help your clients. Send a link to your site or socials so we can check out what you're up to and cheer you on. Offer a Skill Swap: If there's something specific you can offer—whether it’s a service, advice, or a skill—feel free to post it here. Maybe you’re a web designer who can assist with branding, or a copywriter who can help polish content. Pricing & Packages: You’re welcome to share a link to regular offerings and pricing, or if you have something special tailored for solo entrepreneurs, that’s great too, no pressure though.Get some deep work done: contribute to our solo focus playlist
This Friday, I'll be wrapping up my taxes for the last financial year. Yes, I know—I desperately need the app we're building together 😅 I'm looking for some new tunes to help me focus. So, I've created a shared playlist on good old Spotify. I'd love it if you could help me out by recommending a tune or two. You can add songs to our playlist on Spotify, or just let me know your recommendations in the replies below, and I'll add them for you! 😊Introduce yourself and what you do!
Welcome to the Early Access Program. We'd love to hear more about you and your business or side hustle. For example, before I started working at MYOB I had my own IT training business where I needed to keep track of my expenses for the purposes of BAS/tax and would need to invoice for my services on a fortnightly basis. Updating an Excel spreadsheet was time consuming and hard to do on a phone. Imagine if I could do this on my commute to work or even while waiting for kids at swimming or footy practice?! 📱🏉 We can't wait to hear about you! Cheers Sarah at MYOB (formally Toggle Consulting)Sole trader insurance: Which ones do you need?
Sole traders have more control over their business decisions, but that also comes with more responsibility. That’s where insurance comes in. Whether you’re a tradie, hairdresser or bookkeeper, if you’ve chosen to operate as a sole trader, you have a unique amount of freedom over your business decisions. But this freedom also means you’re personally and financially liable should things not go to plan – and that means making sure you’re covered with the appropriate level of insurance. If you’re just getting started as a sole trader, it may be easy to overlook certain forms of insurance as an unacceptable cost, but this may be setting you up for bigger problems in the future. What about access to WorkCover? As a sole trader, you’re not classed as a worker and are therefore ineligible to claim workers compensation in the case of an injury. Instead, you’ll need to make sure you’re prepared for the worst – from compensation claims against you to personal injury or illness – this article covers six key areas of insurance: Income Protection Insurance Public Liability Insurance Tool Insurance Professional Indemnity Insurance TPD Insurance Worker’s Compensation Insurance What is sole trader insurance? Sole trader insurance is a contract by which a sole trader receives financial protection against losses from an insurance company. Sole trader insurances mitigate the risk of financial losses, both big and small, across a number of different categories (see ‘What insurance could a sole trader need?’ below). Why do sole traders need insurance? In most cases, sole trader insurance is not compulsory. But there are a number of reasons why a sole trader might want to take out insurance policies. 1. Legal obligations Depending on the type of business you have or industry you work in, you may be legally required to have specific insurance policies in place. For example, a builder is legally required to take out Home Warranty Insurance in a number of states. This insures the construction work against financial losses due to incomplete building work or bankruptcy. It’s designed to protect those building homes against the death, disappearance or insolvency of the builder. For businesses where customers visit premises, many small businesses take out public liability insurance. Consult your industry body to find out what insurances are legal for your work type. 2. Financial protection In most cases, sole traders don’t have the financial means to cope with extraordinary or unexpected circumstances. Insuring a business against certain financial losses may mean the difference between survival and cessation. 3. Peace of mind Sole traders have enough to worry about without thinking about what could go wrong. Putting the right insurances in place means that sole traders stand a much better chance of achieving work-life balance. What insurance could a sole trader need? There are many different types of insurance policies you can purchase as a sole trader to protect your business and finances. Here are six of the most common ones. 1. Income protection insurance How would you pay your mortgage and ongoing expenses if you were to fall ill or injure yourself and be unable to work? This is a real consideration for sole traders and freelancers, and it’s the reason Income Protection Insurance is often advisable. While savings or a partner’s income might see you through, they might not. Some sole traders may be the sole breadwinner, and others – understandably – won’t want to see their nest egg disappear. Income Protection policies provide financial assistance when you’re unable to earn, via monthly payments of up to 75 percent of your income. Premiums are usually tax deductible and vary depending on factors including age, benefit amount, and the benefit and waiting periods selected. Similar to Income Protection Insurance is Personal Accident and Sickness Insurance. This type of insurance can cover up to 85 percent of weekly earnings, but it is generally more limited than Income Protection, with a shorter benefit period. 2. Public liability insurance Imagine you’re a beauty therapist and a customer slips on some product and breaks their leg in your salon. Or perhaps you run a carpentry business and an employee damages a client’s priceless family heirloom… As a sole trader, you could be paying the price for years to come – unless, of course, you have adequate insurance. A worthwhile investment for many sole traders, public liability insurance covers compensation costs and your legal fees if a third party sues you for injury or property damage resulting from your alleged negligent business activity. While it might not be worthwhile if you’re a graphic designer who works from home, if you interact with suppliers, clients or the public, and could feasibly cause property damage or personal injury to a third party while doing business, public liability insurance is a must. 3. Tool and equipment insurance A workman is only as good as his tools, and – unfortunately – tools are frequently stolen from utes and construction sites. This is a double whammy for tradies because, not only can replacing tools cost thousands of dollars, it can take time. During which time a tool-less tradie may be out of work and out of pocket. Tool insurance provides protection against theft and damage, for example from a fire or vehicle collision. But, coverage does vary widely between policies, so it’s important to read the fine print. You should also make sure your ute or work vehicle is adequately covered for business use. You may need to consider Commercial Motor Insurance. 4. Professional indemnity insurance Actions may speak louder, but words still matter. And they can land you in hot water if you’re in the business of providing advice for a fee. Professional indemnity insurance protects sole traders from third party claims arising as a result of the specialist service or expert advice they have provided. It can cover any damages and compensation costs, as well as legal fees, should you be found to have breached your professional duty, for example by providing incorrect advice or leaking confidential information. Sole traders who typically require this type of insurance include accountants, financial advisors, lawyers, engineers, veterinarians, architects, marketing consultants and allied health professionals, but it may also be relevant to many more. 5. Total and permanent disability insurance Nobody wants to expect the worst, but it’s smart to be prepared for it. Particularly if you have high living expenses and dependents. Total and permanent disability (or TPD) insurance involves the payment of one large lump sum should you become permanently disabled and unable to work, due to injury or illness. Premiums depend on factors such as age, health and the benefit amount required. Those in ‘riskier’ professions, such as builders and other trades, will typically pay higher premiums than office workers. 6. Worker’s Compensation If you’re a sole trader that employs others, Worker’s Compensation insurance is mandatory in all states (unless you qualify for an exemption). This type of insurance covers property damage and personal injury suffered by an employee. Sole trader insurance cost A number of factors influence the cost of an insurance policy. The price you pay is dependent on the risk you represent to the insurer – in other words, the likelihood that the insurer will have to pay for a claim that you make. The lower the risk you represent to the insurer, the lower your premium is likely to be. Following are some of the considerations that an insurer will take into account when calculating your premium. 1. Value The dollar-value of what is being insured is taken into account. Items or services with a higher value will generally cost more to repair or replace. 2. Industry Some industries are considered higher risk than others. For example,construction, mining andmanufacturingbusinesses are considered higher risk than office-based businesses in terms of workers’ physical safety. 3. Level of experience Depending on the type of insurance, your insurer may take into account your level of experience in your profession, field or industry. The number of years you have been in business and your relative financial stability can also impact your premiums. 4. Stamp duties and levies Your premium also accounts for relevant local, state and territory government stamp duties and levies, as well as the GST. 6. Size and condition of premises In the case of something like public liability insurance, your premium will be influenced by the size and physical condition of your office building or business location. Larger premises that are open to the public represent a higher risk of third-party injury or property damage. The age and condition of the building – and building codes and standards – will be taken into account. As a rule of thumb, newer construction is considered a lower risk than older construction. 6. Level of cover Most insurance premiums offer a choice of basic, intermediate and comprehensive cover. The more comprehensive the cover, the higher the cost of the premium. 7. Claims history As with personal insurance, the insured’s claims history is likely to be taken into account when business insurance premiums are being calculated. Things to keep in mind when applying for sole trader insurance In the early days of running a business, applying for sole trader insurance can feel confusing and overwhelming. Here are three things to keep in mind when your weighing up what to apply for. 1. Do your research Consult your industry body, or others in the same line of work, and find out what insurances they consider critical. 2. Consider your budget Insurances don’t come cheap – especially when you’re applying for multiple policies. Take your financial circumstances into consideration and weigh up the ones that are critical versus the ones you may take out in subsequent years. This cannot be overstated! Before submitting your insurance application, read – and understand – the policythoroughly. Policies vary dramatically from one insurer to another, and each one sets its own limits, premiums, excess and exclusions. Make sure you understand what is covered under a policy – and what is excluded – before you buy it.Sole traders and tax: What you need to know
If you’re a sole trader and need to get your taxes organised, start by reading these expert tips for maximising your return and get a jump start on the new financial year. End of financial year can be stressful for any business owner, especially when it comes to completing your tax return. But rest assured, with a little pre-planning and expert help, you can easily reduce your tax-time stress while maximising your deductions. To help make tax time less stressful, here are some top tax time tips for sole traders – and some common mistakes to avoid. Key takeaways: Organising your records and setting up good recordkeeping practices now will save you time in future Don’t leave tax planning to the very last minute if you want to be thorough, reducing the risk of an audit and maximising your deductions There are tech tools to help streamline the process Seek professional advice from a certified tax agent What is a sole trader? A sole trader is an individual who runs a business. A sole trader is the only owner of the business, and controls and manages the business. Sole traders are legally responsible for all aspects of the business, and assume liability for all debts and losses. Sole trader tax rate Sole traders are taxed as part of their own personal income, so the personal income tax rate applies. How much can I earn as a sole trader without paying tax? The tax-free threshold for sole traders is $18,200 in the 2024–25 financial year. Do sole traders get a tax return? Sole traders are obliged to lodge a tax return, even if their income is below the tax-free threshold. Whether or not a sole trader gets a tax return depends on what their income and costs were during the financial year. An income tax estimator can be used to get an idea of whether a return will be earned. Alternatively, your accountant will be able to help you work this out. How is taxable income calculated as a sole trader? For a sole trader, taxable income is calculated at the same rate as personal income. The ATO calculates the sole trader’s income tax by deducting allowable deductions from taxable income. The result of this equation is the amount that the sole trader is liable to pay tax on. How to pay tax as a sole trader In a sole trader’s first year of business, they can make tax pre-payments into their tax bill account, put money aside for the tax they expect to pay or voluntarily enter into instalments. Once a sole trader has lodged their first income tax return and reported a tax-payable amount above a certain threshold, they will automatically enter the pay-as-you-go (PAYG) instalment system. Tax tips for sole traders Come tax time, sole traders have enough to worry about without getting their taxes in a tangle. Here are 8 tips to make tax time easier. Separate business and personal expenses If you don’t already have a business account set up, you should make this a priority. Pay all of your business expenses through a business bank account and a dedicated credit card. This will ensure you don’t miss out on any tax deductions. If you do have to pay for something business-related with cash, or from a personal account, reimburse yourself from your business bank account so you have a record. Know the rules around expense claims If you are spending money on things that help you make money in your business, it will be either fully deductible or partially deductible. But it’s important you only claim the portion that is used for your business. For example, if you have one mobile phone for both work and personal use, you can only claim a certain percentage of your bill as a business deduction. An expense that’s regularly overlooked is the use of a privately-owned vehicle. If this is the case, a logbook should be maintained as proof of business use or business kilometres. To learn what can – and can’t – be deducted, head to the ATO website’s business tax deductions summary. Keep digital copies of work-related receipts There’s can be confusion around the need for receipts. You cannot claim a tax deduction for an expense if you do not have a receipt. You’re required to keep these records for a minimum of five years. And, as paper receipts fade and are easily misplaced, it’s best to have a digital backup in case of an audit. Invoice vs receipt: Key differences and FAQ Don’t leave tax planning (and returns) to the last minute It’s always best to undertake tax planning strategies well before 30 June. This enables you access to a range of tax reduction strategies you may not be able to put in place at a later date. We recommend sole traders compete their returns well before the due date, even if a tax bill is anticipated. Don’t go it alone Whether you’re yet to submit last year’s tax return or planning for the new year, consider seeking some outside help. Enlisting an accountant can save you time and money, and provide valuable insight into the health of your business. Having an accountant produce your profit and loss statement and tax return is the best way to ensure your tax is minimised. Keep good records Keep thorough and detailed records, preferably with online accounting software. This will ensure you can keep your eyes on your numbers throughout the year. Set aside tax Throughout the year, set aside tax (and GST if registered) to avoid a nasty surprise at tax time. Your accountant will be able to help you calculate the amount to set aside. Hire a good accountant Find an accountant that you can relate to, speak openly with, and who will consider all options to legitimately reduce your tax. Avoid these common sole trader tax-time errors. Some of the most common mistakes made by sole traders at tax time are: Not declaring all income received — that means keeping your invoices in order and staying on top of BAS Claiming expenses that are not business related Not taking into account the private proportion of expenses Not keeping a logbook, which can limit your motor vehicle claims Not claiming interest on motor vehicle loans and business loans Incorrectly claiming loan repayments as leases Not claiming expenses that were paid for personallyTax deductible expenses for the self employed
Being self-employed, you must first understand the nature of your expenses. What deductions can I claim as a sole trader? You can claim expenses that are directly related to earning your taxable income. Private and personal expenses, such as after-school care or home loan interest payments, cannot be claimed. The expenses you can claim — and when you claim them — depends on the type of asset purchased or service engaged. Operating expenses can usually be claimed in the year they occur, while capital expenses must be claimed over time. Business vs personal expenses Expenses that are usually not deductible Entertainment expenses Traffic fines Private or domestic expenses, such as childcare fees or clothes for your family Expenses relating to earning income that is not assessable, such as money you earn from a hobby The GST component of a purchase if you can claim it as a GST credit on your business activity statement Expenses that may be deductible Wages Office stationery Computer or laptop that is used for business Machinery and equipment Motor vehicle expenses Advertising Business travel Bills, like insurance and phone How can a sole trader pay less tax? Claim operating expenses when you incur them Operating expenses are also called revenue expenses because they help generate income, and they can be claimed in the financial year you incur them. Examples of claims that can be made in the year they are incurred include: Salaries, wages, overtime payments, allowances and bonuses Advertising and promotional expenses Electricity, phones, gas and stationery Business travel costs Asset maintenance and repair costs Parking fees (but not fines) Prepay some expenses this year to reduce taxes Pay in advance and bring the deduction forward to this year. If you have a healthy cashflow, you can prepay your: Business loans (prepay on fixed rates 12 months in advance) Office and equipment lease payments Business insurance Business related subscriptions Business travel, seminars and conference bookings Telephone and IT services Tip: Two birds with one stone — See if you can combine the benefit of bringing forward the tax deduction and getting a discount for paying your supplier in advance. For every small business looking for a tax deduction, there will most likely be a service provider or salesperson looking to boost their sales results before June 30. Consider capital expenses (asset purchases) It’s important to mention that a small business that purchases an asset costing less than $6500 can still claim 100 percent of the cost in the actual year the expense is incurred. Even if you have not paid for the item yet, you can still claim as long as you are invoiced before 30 June. Larger capital acquisitions that have an expected life longer than one year, such as IT servers, vehicles and expensive plant and equipment, must be claimed over a number of years. These items are claimed via accelerated depreciation of the capital value, with 15 percent claimed in the first year (even if purchased in the last month of the year) and 30 percent each year thereafter. Examples of capital expense assets that must be depreciated over time include: Motor vehicles Computers, servers, printers and copiers Office and warehouse fixtures and fittings Plant and equipment 4. Claim the instant asset write-off Sole traders are eligible to claim the instant asset writeoff, which allows small businesses to claim immediate deductions for new or second-hand plant and equipment asset purchases like cars, office equipment and tools. Before making any big purchases, check the instant asset write-off eligibility criteria and threshold, because these can change. Check your business’s eligibility and apply the correct threshold amount depending on when the asset was purchased, first used or installed ready for use. Check the ATO website for the latest information on thresholds. Bite the bullet and write off any bad debts A bad debt is a taxable sale you made that has been unpaid for 12 months or more, with no chance of it being recovered. You must keep written notes that the debt has been written off and why. Discuss this with your accountant, as there may be GST consequences. Use concessional contributions to superannuation Make sure to use your own superannuation allowance of up to $25,000 for those under 60, and $35,000 for those over 60. Remember that if your spouse works in the business even part-time then you can still contribute up to their limit, but make sure to allow for any employer contributions from other jobs. If you have employees, pay their employee superannuation guarantee contributions before 25 June to ensure it gets to their superannuation fund account on time, as it must hit their account for the payment to be tax deductible this year. Do a stocktake It might be time to call in the kids, parents and friends to help you identify damaged and/or obsolete stock items that can be written down in value or written off completely. This reduces the value of your trading stock and, as a result, lowers your taxable business profit. Be sensible Your focus should be on managing your tax and not looking at measures that will put your business under cash flow pressures in the coming years, just to achieve a short-term tax advantage. Buying unnecessary assets, upgrading cars or paying higher super contributions are pointless if it means your business will face cash flow issues. As you enter a new financial year, consider seeking advice from your accountant on whether you should be moving to a corporate structure going forward.A simple approach sales and marketing for sole traders and new businesses
If you’ve recently started a new business,you’ll be hungry for sales. But have you created a practical sales and marketing strategy to help get the ball rolling? If you’re in the process of starting a business, or still in the planning phase, there’s plenty to do beyondwriting a business plan. Hopefully by now you’ll have thought about how much you need to charge for your products and services. You may have carried out some research to find out what competitors are doing and what they’re charging. You may even have considered what your target market is. But, if you haven’t dedicated time to developing your sales and marketing strategy, now’s the time. Every business owner will at some stage need to pause, reflect, then spend some time putting an actionable sales and marketing plan in place. Who are your potential customers/clients? You’ll need to understand who your target market is. The key here is to narrow it down to a handful of specific groups at most. Yes, do be specific. As an example, saying your target market is ‘small-to-medium businesses’ is simply too broad an audience to begin with. It makes it hard to communicate with such a wide and diverse group. What sectors within that group do you have the most experience with? Which sectors have the most pressing need for what you are offering? Answering questions like this will give you clarity on who your audience is. How do you align what you do to the target market you’ve defined? Now you understand your customers, you can now begin to think about how what you offer will meet their needs. What is it that you do, that they want? For example, if you’re targeting professional services firms, need to understand what their needs might be in the next six months. Some of this will be good news if you’re starting out as a sole trader providing services. Many firms will be looking to employ contractors or those in the gig economy rather than having the costly overheads of a fully employed member of staff. So you need to really think about how your service (or product) offering meets new market expectations. Create your new value proposition(s) If you have a target client/market and you understand how what you do aligns to that market, the next step is how you express it. You will need to be able to articulate your value proposition in a way that appeals to your target clients. Having this written down, perhaps for each service you offer, will help provide clarity going forward. When asked, you’ll be able to answer succinctly and to the point. It should tell a compelling story to your clients. This will help you to communicate your value within your market, at the appropriate time. It will also help you to have clear messaging in your marketing efforts. Plan your ‘go to market’ strategy Finally, it is vitally important to plan how you will make sales. To do this you will need to market your new business. As a sole-trader or new small business owner you’ll be short on one very valuable business commodity, which is time. So, knowing how you will perform your sales and marketing activities is key. If you are going to use referrals, have a plan on how you will actively ask for them. If you’re going to makecold calls or use emailsto get meetings, know that this is your sales tactic and plan the time to make these calls. This article provides more detail onhow to develop a sales pipeline. Finally, think about what marketing you will use. Does your business need a website? Which social media channels will you use? This takes a lot of thought and planning. Getting started on your sales and marketing plan Make sure you write down and record the steps above. Incorporate them into your business plan. If you don’t have a business plan already, there are many available for free. AndMYOB provides a number of resourcesto assist. Thinking about your sales and marketing strategy early, really does help. It takes time to build an effective sales pipeline, but with a plan you can start being successful, relatively early on.5 smart ways sole traders can manage their money better
No matter what line of work you’re in, if you’re a sole trader then managing your money is key to your success. Here are some tips on how to up your game. When you’re self-employed or doing contract work as a freelancer, the flow of income is rarely steady and often in lump sums, followed by periods of drought. Without control, it can be a feast-to-famine experience for sole traders as you go from spending big after receiving a lump sum, quickly followed by overloading your credit while you wait for the next payment. So how do you manage the cashflow and minimise your tax while building your business and your wealth? 1.Know your financial position It might seem like common sense, but many small businesspeople don’t have a true grasp of their net position during the year. You must have a good set of books and accounts that show you yourassets and liabilities, especially as you approach May and June each year. This puts you in the driving seat, and with some guidance from your accountant you can look at using salaries or dividends, superannuation contributions, bringing forward or delaying income, purchasing or delaying equipment or stock to maximise your after-tax position. 2.Pay yourself first Get in the habit early on of taking a basic wage for yourself weekly or fortnightly. It doesn’t have to be much to start with, but it should be enough to cover your very basic living costs. Many people live off their savings while starting a business; it’s actually preferable to lend those funds to the business and set yourself up with a basic wage. This sets a good habit in place, especially if you have a spouse, partner or family, as they rely on you. They may support you in your endeavours, but a steady cashflow will help relieve their concerns. It also means you set akey business indicator (KPI)within your business to at least fund that payment, and this may often be your first real milestone. 3.Make the most of your assets As a sole trader, you carry a much higher litigation risk than people in paid employment. Don’t underestimate how much risk you carry. For those assets you do own, be sure to alleviate costs where possible, including the tax burden associated with the purchase and installation of significant assets. 4. Don’t lock money away that you may need in the short term Many people try to pay down their mortgage as quickly as possible, as it is what can be considered ‘bad debt’ or non-deductible debt. We recommend this strategy but with a twist. Every spare dollar should be placed in an offset account against your home loan orbusiness loaninstead of actually making additional capital repayments. This has the same effect as making capital repayments and reducing your interest bill, but it allows you quick access to a source of short-term funding rather than having to redraw or use costly overdraft facilities. 5.Build wealth separate to your sole trader business Yes, that old adage of not putting all your eggs in one basket still rings true, especially as we see economies, markets and trends changing so quickly. While you may love what you do and believe that it’ll make you wealthy, it is always good to have a Plan B. Putting funds away regularly into superannuation is building wealth in a structure that’s well protected in the event of bankruptcy. Maybe do this with a view to owning your business premises in your own Self-Managed Super Fund (SMSF) eventually — make it part of your long-term business plan. If you’re investing in property on your own, then make sure that you maximise debt on that property so in the event of litigation you have little of your equity available to creditors. A lot of what’s involved in managing your money as a sole trader is about making a sporadic cashflow appear more stable; guaranteeing that you aren’t overexposed to your business to the detriment of your family wealth; and finally that you are protecting that wealth from business risks.
