How should i allocate income i set aside for covering TAX and GST
HI all im looking for some advise on how i should be be allocating my income i set aside in two separate accounts which i use to cover my GST and TAX.
I have No.1 main account which my income is paid into.
Then i will transfer a set amount each week into No.2 GST account
And also a set amount into No.3 TAX account
All 3 accounts are with the same bank and account and all 3 are connected with Bank Feeds, i am not sure how i should be allocating each withdrawal from my main account.
I would be very grateful for any advise on this.
Many Thanks
Hey 6swelll,
We're not entirely sure about this one, but hopefully, someone in the Community Forum can provide some guidance. We also recommend reaching out to your accountant or bookkeeper for more tailored advice.
Cheers,
Doreen