Spending money that’s not yours?
At BBDB we like to encourage our customers to have different accounts to ensure they are not spending money that’s not theirs.
Here are some tips to make sure you don’t get in trouble with the ATO or fail to meet your obligations as an employer.
Each week park the GST on the income you have earnt into a separate account “GST Savings”. Come BAS payment the money is all there. It was never yours to spend in the first place.
Each payday park the PAYG and super amounts into a separate account “PAYG/Super Savings”. Come BAS time your PAYG is covered and each quarter your super obligations are met. This money was never yours to spend.
Its really difficult to know how much money you have in your working account to spend on business expenses if you are not separating these amounts.
Come BAS time no-one likes to scrap around for money. If you need help managing your financial obligations these are some really easy steps you can start with.
Otherwise we can help.