If you’re like most sole traders, when you hear “accounting,” your mind probably flashes to that dreaded annual income tax return. If this is where your mind goes, I’ve got a surprise for you: Accounting is not tax.
It’s a common practice for sole traders in certain professions: keeping your income under $75,000 so you don’t have to register for GST. If you’ve ever slowed down your bookings, kept prices low, or avoided marketing just to stay under the threshold, you’re not alone. But here’s the kicker: that strategy might be costing you more than you think—and not just financially.
Are you Unintentionally Giving Yourself a Pay Cut Every Year?