Are you scrounging every quarter/month to pay GST?
Reoccurring comments from my client’s include “I am struggling to pay my rent this month as I have to pay my GST” and “I wish I did not have to pay GST”. Or recently, a prospective purchaser asked if they could purchase a business that did not charge GST so that they did not have to pay GST.
The advice that I have been given by accountants is that we are collecting GST on behalf of the ATO and therefore have to remit it back to the ATO (Please check with your accountant about your individual situation as each is different).
If you want to avoid scrounging all your loose change to pay your GST:
- Create a separate GST bank account;
- Transfer the GST you have collected at the end of every week;
- Avoid using your GST for your cash flow;
- Make your life easier and transfer your PAYG and Superannuation payments into this account, or another account again, as well every week.
Make the change now! You will not believe the difference this makes to your life in business.
I hope this information has helped you and if I can be of any further service, please contact me.
Christina Comelli
Mob: 0402811002 Email: [email protected] Web: www.comelli.net.au