Tax Questions

This week, someone in the chat asked us a great question:

"How much tax should I take out of my invoices when I get paid?"

If you've been wondering the same thing, you're not alone! We’re sharing it here to help anyone else in the same boat.

invoice

tax

Hilary-Solo
7 months ago
We get it, tax stuff can be a headache. But don’t worry, we’ve got your back with some resources to help you out:

ATO Resources:

Tax withheld calculator

Guide to withholding tax

Helpful Articles:

MYOB Sole traders and tax: What you need to know

Can We Connect You With An Accountant?

Thinking out loud here; what if we could connect you up with one of our talented MYOB accountants? If that's something you'd be interested in us helping out with, reply below and we'll look into it!

Just a heads up, we’re not licensed to dish out tax advice, that’s best left to the experts! If you’re not sure where to start, the ATO’s resources are a great first step. And if you need personalised advice, reaching out to an accountant can save you time and stress!

3 Replies

Hilary-Solo
Trusted User
7 months ago
We get it, tax stuff can be a headache. But don’t worry, we’ve got your back with some resources to help you out:

ATO Resources:

Tax withheld calculator

Guide to withholding tax

Helpful Articles:

MYOB Sole traders and tax: What you need to know

Can We Connect You With An Accountant?

Thinking out loud here; what if we could connect you up with one of our talented MYOB accountants? If that's something you'd be interested in us helping out with, reply below and we'll look into it!

Just a heads up, we’re not licensed to dish out tax advice, that’s best left to the experts! If you’re not sure where to start, the ATO’s resources are a great first step. And if you need personalised advice, reaching out to an accountant can save you time and stress!
DuncanS
Ultimate Partner
16 days ago
Solomon Hilary-Solo

GST started in July 2000.
The Banks offered GST Accounts to "save" for the BAS.
Alternatively, some Clients prepay the ATO ICA Account

A Business Owner, will over time, have a understanding of a "likely amount" on a BAS.
I understand the figures in the GST Collected and GST Paid Accounts can be shown on the MYOB Dashboard.

Lets say a Business Owner expects say $13,000 on a quarterly BAS being net GST of $7000, monthly PAYG - W of $4000 and PAYG - I of $2000.
$1000 per week could be paid into a GST Account with a Bank or $1000 per week paid in advance to the ATO ICA.

Duncan
Sigrid-Solo
MYOB Staff
15 days ago
Thanks so much for jumping in, Duncan, that’s super helpful context, especially around the GST account approach. 🙌

Everyone handles their tax set-aside strategy a little differently, and you’ve hit the nail on the head, getting a feel for your likely BAS amount over time is key. Whether it’s setting aside weekly into a GST savings account or pre-paying to the ATO ICA, having a consistent habit really helps avoid that quarterly crunch.

And just a reminder for anyone else reading, if you're not sure what those amounts might look like for you yet, the ATO’s calculators are a great place to start, and chatting to an accountant can make the whole process feel way less daunting.