Episode #83
Episode 83: How to Prepare for BAS and Tax Bills Without the Financial Stress
Welcome back to She's Making Millions, the podcast for powerhouse women ready to scale, lead, and build true wealth. If you're building a business designed for freedom, impact, and legacy, this is the space for you. Summary & Show Notes Summary: Tax time is stressful but if you're consistently shocked by your BAS or income tax bill, Taylor says the tax bill isn't the problem, your money management behaviour is. In this candid, no-fluff solo episode, Taylor breaks down the exact system she uses to make sure she always has her tax money ready, sourced from a Profit First–style approach: separate bank accounts, calculated percentages, and weekly allocations for GST, income tax, and employee tax. She unpacks the three most common ways business owners accidentally land in ATO debt, and gives a step-by-step method (including the actual math) to calculate your own percentages from your profit and loss statement. Key Takeaways: GST, employee tax, and super are never "your" money the moment you receive them they belong to the ATO and your employees from day one. The most common ways business owners end up in ATO debt: forgetting to allocate for income tax (not just BAS), staying in an old tax bracket as income grows, and taking director drawings without declaring PAYG. Once you're earning $150k–$200k as a sole trader, it's worth exploring a company structure. The flat 25% company tax rate can be significantly lower than escalating sole trader tax brackets. Set up three separate accounts (GST, income tax, employee tax) in a different bank, and deliberately make it hard to access no saved logins, no banking app on your phone. Calculate percentages, not dollar amounts, from your last financial year's profit and loss statement, so allocations scale automatically as income changes. GST is roughly 1/11th of every dollar earned (~9–10%); when unsure, defaulting to 10% builds in a buffer. This is a weekly habit, not a quarterly scramble. Taylor uses a spreadsheet to calculate her allocations every single week. Disclaimer: Taylor is not an accountant or financial advisor. This is the personal money management system that works for her business, shared for educational purposes and always confirms specifics with your accountant. Connect with Taylor: Follow She's Making Millions on Instagram: @shesmakingmillions Follow Taylor on Instagram: @taylor.victoriaa Subscribe to Taylor's YouTube Channel: Taylor Victoria Get your free 30-day GHL trial here: https://www.gohighlevel.com/shes-making-millions?fp_ref=level-up-outsourcing23 Keep growing with us Join the FREE She's Making Millions Skool community for monthly scaling challenges, worksheets, live Q&As, and bonus trainings Take the 2minutes free audit to find the number one bottleneck in your business Join other 499 women at our first-ever conference on November 15-17th at The Glasshouse, Gold Coast. Get your ticket here: https://shesmakingmillionslive.com/
