Newbie Sole Trader (IT Contractor) high level setup pathway
Hello all,
Yes, another newbie here :)
I am going through a lot of material/training/wiki/howto/videos etc etc, but I have a few questions on how to proceed, in my specific case.
I recently moved from a PAYG employee to a contractor role, where I get my wages paid, which includes GST and SUPER. I've been PAYG since July 2023 to Nov 2023.
I have a dedicated business bank account. I have been paid for 2 invoices so far. I transferred these amounts to my business account.
I am trying to figure out how to pay myself. i.e. remove the GST, SUPER and INCOME TAX from my wages and pay myself the balance. I assume I need to record tax paid to date, somewhere, so the correct tax will be calculated?
I have setup bank feeds, but it has not picked up the transfers I made prior, do I need to upload a statement rather?
What is the high level process to get MYOB setup so I can slice these 2 invoices up correctly?
Really appreciate any pointers.