Sounds like you may be confusing your tax situation I suspect as...

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    Sounds like you may be confusing your tax situation I suspect as the tax scenario you mentioned, simply put, doesn’t exist. You are paying more tax than what is possible - unless I have misinterpreted your explanation.

    As a sole trader is you can offset losses against multiple incomes, however you can’t choose the year to claim prior losses and carry them forward over multiple years. Which is good if you have multiple positive geared income streams and working PT-FT. Whereas, a company can’t claim losses against multiple incomes, you can only claim from the revenue that business generates. However, a company can carry losses forward and choose the years to offset said losses against capital gain when it’s required. Which is also very good.

    There are too many differences to list, and I’m too pooped to go into too much further so I have only mentioned a couple, but there are many other pro’s and cons that need to be weighed up for various options and individual circumstances. Will add more over the weekend if I get time, which might be a stretch the way it’s looking.

    Time to set your accountant free and find another imo. Good accountants aren’t cheap, you only get what you are willing to pay for (unless you have friends or relatives with expertise) and it sounds like you need some professional guidance to assist in your decision making and provide some guidance.

    It only benefits yourself in the long run and these are not necessarily simple matters to discuss publically due to the differences and unknowns in everyone’s personal financial situation.
 
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