Mixing accounts makes compliance harder and increases audit risks. The fix is simple.
Step-by-step Guide to Financial Separation
1
Open two business bank accounts — one for operations, one for tax/GST savings
2
Use a business debit/credit card only for business purchases
3
Update all suppliers, payment platforms, and subscriptions with business account details
4
Avoid personal spending from business accounts — or code it correctly if unavoidable
5
Automate transfers to your Tax & GST account after each BAS or payroll
6
Pay yourself appropriately: wages via payroll (company) or drawings (sole trader)
7
Review transactions monthly to clean up miscoded items
💡 Pro Tip
If turnover is $75,000+, check GST registration and pricing. You may need to register for GST and include it in your pricing structure.
Need Help Structuring Your Finances?
Our experienced team can help you set up proper financial structures and ensure compliance. Contact us for professional guidance.
Get Professional Help