Free Sole Trader Statement of Account Generator — Australia
Create a professional statement of account tailored for sole trader businesses in Australia. Generate account statements summarising invoices, payments, and balances.
Create Your Statement of Account Now →Common Statement of Account Line Items for Sole Traders
Here are typical items you might include on a sole trader statement of account:
| Description | Unit |
|---|---|
| Professional services | hour |
| Consultation | session |
| Project fee | each |
| Travel expenses | km |
| Materials / supplies | lot |
Compliance Tips for Sole Traders
- ABN is required on all invoices issued to other businesses.
- GST registration is mandatory when turnover reaches $75,000; voluntary registration is available below that.
- Income tax is reported on your personal tax return using the business and professional items schedule.
Frequently Asked Questions
Does a sole trader need an ABN?
Yes. An ABN is required to invoice other businesses. Without one, clients must withhold 47% of the payment amount under the no-ABN withholding rules.
Can a sole trader register for GST voluntarily?
Absolutely. Voluntary registration lets you claim GST credits on business purchases even if your turnover is below $75,000. It can be worthwhile if you have significant input costs.
What is the simplest way for a sole trader to track expenses?
Use a dedicated business bank account and photograph every receipt. At tax time, export your transactions and match them to receipts for a clean set of records.
How often should I send statements of account?
Monthly is standard for ongoing client relationships. Send them at the end of each billing cycle or when a client has multiple outstanding invoices.