Creating a GST Savings Account

Creating a GST savings account for your business can be a useful way of managing your cashflow to ensure you have enough money set aside at the end of the quarter, when the liability is due to be paid.

If your business has wage expenses then there will also be other liabilities of super guarantee and PAYG withholding to be paid on a quarterly basis as well.

For super and payg simply transfer the total after each wage pay run into the savings account. 

As for the GST, the amount owing will change throughout the quarter depending on your sales and purchases. So make sure your putting the right amount aside by regularly looking at your balance sheet and GST reports. 

This will allow you to optimise your business cash and prevent you from any unwanted surprises at the end of the quarter.

If you need any assistance with setting this up and working through it all please feel free to get in touch!