Small Business Start Up Finances Guide
Step 3 – Open a Separate Bank Account
Apart from knowing how your business is tracking, every new business needs to include its figures in the next tax return.
GST registrants also need to include figures in quarterly BAS returns
Some people don’t like paying the extra fee that comes with a new bank account. Well, in that case try searching for ‘zero fee bank accounts’.
Doing this now will make life a LOT easier and save you a lot of money when tax (or BAS) time arrives.