Tax Q&A
I have experience with a retailer that purchases large amounts of clothing in Canada specifically from Australia. The best bet is going to be to manufacture these directly in the US rather than paying shipping and duties from AUS. This will save a significant amount of money in the end. Textiles get hammered on by duties, it's just not worth it imo, put that money in your pocket.
A good tax accountant can handle any entity whether it be a sole trader, a company or a trust.
But an inexperienced and/or incompetent tax accountant could provide poor advice on any of these structures no matter how straigh-forward they were.
No matter what entity or structure you are trading through you will need a competent tax accountant.
How do you find a competent tax accountant is the question?
For a sole trader, your business income will add to your wages income and you will pay tax at your marginal tax rate.
For 2017-2018 theindividual marginal ... expand
No. Tax legislation is complicated, and if you get it wrong, the excuse of "I didn't know" doesn't cut it. There are many variables that have to be considered, just like Ian has mentioned, and I would add the following -
Have you taken money out of the company and not declared it as wages?
Do you owe your company money?
Both of these questions have ramifications on how those funds are treated.
Also, are you trading whilst insolvent?
It's just not worth the risk of preparing the company tax return yourself.
