A tax bill means you made a profit — and for a growing business, that’s the right kind of problem to have. The trick is simply having it set aside before it lands.
Estimate the year ahead — last year’s figures are a fine starting point. We’ll work out the rest.
Once your figures are in, you’ll see how much to move aside each month so the tax and BAS are always covered.
The monthly figure, seen a few other ways — and split into what’s tax and what’s GST.
Open a separate account, name it “Tax”, and set a standing transfer that matches how you get paid. Then it’s handled before you can spend it.
Whatever the rhythm, the trick is the same: a separate account, an automatic transfer, and a tax bill that’s already paid for by the time it arrives.
Set the habit and tax stops being a cash-flow event you brace for. The next layer is timing it against the rest of your year — BAS, instalments, the quiet months — so nothing collides. That’s a plan, not a guess.
This is one room of six. The 6C Health Check looks at the whole business — Clarity, Customer, Culture, Compliance, Consistency & Cash — and steady cash is where control begins.
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