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Q: I'm just starting to use this system for BAS reporting and am enjoying the simplicity and ease of use. I imported my bank csv files and deleted what wasn't a business expense but I have a question now that I've just spent the last hour deleting... What is classified as drawings? I'm a sole trader, tradesperson. I don't pay myself a wage I just spend money at woolworths for example. I don't need to record these transactions do I, somehow?
A: Only business transactions need to be recorded. From a taxation perspective as a sole trader you do not need to record drawings as all the profit is attributable to you regardless whether you draw on it or not.