Do we need to prepare and maintain income statements and balance sheets for the Sole trader business?
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Most people would advise to do so yes. It's not mandatory but will help you lodge your tax return and quarterly statements or could be a requirement from the bank etc to get a loan or demonstrate your income. It's also a good snapshot of your financial position
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Most people would advise to do so yes. It's not mandatory but will help you lodge your tax return and quarterly statements or could be a requirement from the bank etc to get a loan or demonstrate your income. It's also a good snapshot of your financial position
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