FIFO tradie: sole trader vs Pty Ltd for side business tax?

S

StaleRosaDoom

New Member
Good afternoon everyone,

I'm currently working a fly-in fly-out role as a tradie on a two-weeks-on, two-weeks-off schedule.

During my weeks off, I'm pouring my heart int running my own business in the same trade, working under an ABN and contracting my services out to other companies.

I'm operating as a sole trader, and I'm genuinely trying to understand how to properly handle my taxes. Should I simply include this business income as another source of earnings on my tax return and pay tax at the standard rate?

Or would it be wiser for me to operate this business as a proprietary limited company?

I'm really hoping to connect with others who have walked this path—could you share what approach you took and what guidance you might offer from your own experience?
 
There are so many factors that can influence this decision. I really think it's best to talk with an accountant, and I'd be happy to recommend someone I trust to you.
 
Money from your ABN is personal income, just like PAYG.

The PSI rules now limit some deductions.

Find your marginal tax rate and add 5% for Medicare. Set this amount aside from your ABN income.
 
Hey man, I was running things as a sole trader for 2 years using hnry u should check it out.

Clients pay into the hnry account, they handle the tax stuff, and then send you what’s left.
 
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