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009: Demystifying the GST BAS and Tax Account: A Practical Guide to Simplifying Your Trades Business Finances with Profit First
When it comes to managing the finances of your trade business, every business owner needs to take control of their GST/BAS and Tax Account in order to ensure they are following the right steps.
While this can seem like an insurmountable task, demystifying these accounts and making sense of them is easier than you think. The Profit First system can simplify and clarify the entire process, providing an accessible and enjoyable way to take stock of your company's finances without getting bogged down.
In this episode of Profit First for Tradies, we’ll talk about your GST/BAS and Tax account and how Profit First can simplify managing your business finances. Having a good understanding of your GST and tax obligations can help you stay on top of your finances and be compliant with the law.
As a Trades business owner, you must understand the GST from a practical perspective: what inputs it applies to, how you calculate it, when to file your GST/BAS, where to lodge it and so on. By doing so, you ensure you’re GST compliant, keep up with the deadlines and deal with any errors that may have occurred.
In this episode of the Profit First for Tradies, you’ll learn the following:
Demystifying the GST/BAS and Tax Account is all about understanding its basics; from tracking income and expenses to filing taxes and managing cash flow, you'll be equipped with the knowledge to make better financial decisions for your business. Listen to this episode now to learn more!
If you haven’t listened to our previous episode about Mastering the Profit Account: The Key to Building a Strong Financial Foundation for Your Trades Business, go back and check out Episode 008.
QUOTES
“Do not ever touch any of the bank accounts and use any of those funds until you know exactly what that tax bill is going to be.” -Katie Crismale-Marshall
“Growing a successful trade business isn't about you being the best on the tools; it's about how you profit, plan, prepare and prosper.” -Katie Crismale-Marshall
Resources
CONNECT WITH KATIE CRISMALE-MARSHALL
While this can seem like an insurmountable task, demystifying these accounts and making sense of them is easier than you think. The Profit First system can simplify and clarify the entire process, providing an accessible and enjoyable way to take stock of your company's finances without getting bogged down.
In this episode of Profit First for Tradies, we’ll talk about your GST/BAS and Tax account and how Profit First can simplify managing your business finances. Having a good understanding of your GST and tax obligations can help you stay on top of your finances and be compliant with the law.
As a Trades business owner, you must understand the GST from a practical perspective: what inputs it applies to, how you calculate it, when to file your GST/BAS, where to lodge it and so on. By doing so, you ensure you’re GST compliant, keep up with the deadlines and deal with any errors that may have occurred.
In this episode of the Profit First for Tradies, you’ll learn the following:
- What is a GST account? (01:10)
- What to do with surplus funds (02:30)
- What is a tax account? (04:16)
- How to prepare a tax bill (06:08)
- What to do when you have more money than you need (08:09)
Demystifying the GST/BAS and Tax Account is all about understanding its basics; from tracking income and expenses to filing taxes and managing cash flow, you'll be equipped with the knowledge to make better financial decisions for your business. Listen to this episode now to learn more!
If you haven’t listened to our previous episode about Mastering the Profit Account: The Key to Building a Strong Financial Foundation for Your Trades Business, go back and check out Episode 008.
QUOTES
“Do not ever touch any of the bank accounts and use any of those funds until you know exactly what that tax bill is going to be.” -Katie Crismale-Marshall
“Growing a successful trade business isn't about you being the best on the tools; it's about how you profit, plan, prepare and prosper.” -Katie Crismale-Marshall
Resources
- Profit First for Tradies with Katie Crismale-Marshall
CONNECT WITH KATIE CRISMALE-MARSHALL
- Website: https://www.profitfirstfortradies.com.au/
- YouTube: https://www.youtube.com/@profitfirstfortradies9503/featured
- Facebook: https://www.facebook.com/ProfitFirstforTradies/
View all episodes
By Katie Crismale-Marshall When it comes to managing the finances of your trade business, every business owner needs to take control of their GST/BAS and Tax Account in order to ensure they are following the right steps.
While this can seem like an insurmountable task, demystifying these accounts and making sense of them is easier than you think. The Profit First system can simplify and clarify the entire process, providing an accessible and enjoyable way to take stock of your company's finances without getting bogged down.
In this episode of Profit First for Tradies, we’ll talk about your GST/BAS and Tax account and how Profit First can simplify managing your business finances. Having a good understanding of your GST and tax obligations can help you stay on top of your finances and be compliant with the law.
As a Trades business owner, you must understand the GST from a practical perspective: what inputs it applies to, how you calculate it, when to file your GST/BAS, where to lodge it and so on. By doing so, you ensure you’re GST compliant, keep up with the deadlines and deal with any errors that may have occurred.
In this episode of the Profit First for Tradies, you’ll learn the following:
Demystifying the GST/BAS and Tax Account is all about understanding its basics; from tracking income and expenses to filing taxes and managing cash flow, you'll be equipped with the knowledge to make better financial decisions for your business. Listen to this episode now to learn more!
If you haven’t listened to our previous episode about Mastering the Profit Account: The Key to Building a Strong Financial Foundation for Your Trades Business, go back and check out Episode 008.
QUOTES
“Do not ever touch any of the bank accounts and use any of those funds until you know exactly what that tax bill is going to be.” -Katie Crismale-Marshall
“Growing a successful trade business isn't about you being the best on the tools; it's about how you profit, plan, prepare and prosper.” -Katie Crismale-Marshall
Resources
CONNECT WITH KATIE CRISMALE-MARSHALL
While this can seem like an insurmountable task, demystifying these accounts and making sense of them is easier than you think. The Profit First system can simplify and clarify the entire process, providing an accessible and enjoyable way to take stock of your company's finances without getting bogged down.
In this episode of Profit First for Tradies, we’ll talk about your GST/BAS and Tax account and how Profit First can simplify managing your business finances. Having a good understanding of your GST and tax obligations can help you stay on top of your finances and be compliant with the law.
As a Trades business owner, you must understand the GST from a practical perspective: what inputs it applies to, how you calculate it, when to file your GST/BAS, where to lodge it and so on. By doing so, you ensure you’re GST compliant, keep up with the deadlines and deal with any errors that may have occurred.
In this episode of the Profit First for Tradies, you’ll learn the following:
- What is a GST account? (01:10)
- What to do with surplus funds (02:30)
- What is a tax account? (04:16)
- How to prepare a tax bill (06:08)
- What to do when you have more money than you need (08:09)
Demystifying the GST/BAS and Tax Account is all about understanding its basics; from tracking income and expenses to filing taxes and managing cash flow, you'll be equipped with the knowledge to make better financial decisions for your business. Listen to this episode now to learn more!
If you haven’t listened to our previous episode about Mastering the Profit Account: The Key to Building a Strong Financial Foundation for Your Trades Business, go back and check out Episode 008.
QUOTES
“Do not ever touch any of the bank accounts and use any of those funds until you know exactly what that tax bill is going to be.” -Katie Crismale-Marshall
“Growing a successful trade business isn't about you being the best on the tools; it's about how you profit, plan, prepare and prosper.” -Katie Crismale-Marshall
Resources
- Profit First for Tradies with Katie Crismale-Marshall
CONNECT WITH KATIE CRISMALE-MARSHALL
- Website: https://www.profitfirstfortradies.com.au/
- YouTube: https://www.youtube.com/@profitfirstfortradies9503/featured
- Facebook: https://www.facebook.com/ProfitFirstforTradies/
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