[Selene]

If you are a sole trader then it is OK to use your current bank account but as mentioned previously it can be difficult to separate the personal from the business expenses.

If you are Pty Ltd you must have a separate bank account.

Other points to note is if you receive cheques for payment, who will they be made out to your personal name or a business name. The bank will only bank cheques in your business name into your personal name account for a certain time (particularity if they are over $500).

With regards to your tax return..it is easier again to have the separate bank accounts but if you can verify the information in your bank statement by entering it in a spreadsheet it will help save time.

As mentioned by Avatar, if bookkeeping is not your thing then it may be easiest to give to a bookkeeper, or at least to get a bookkeeper to help set things up to get you off and running correctly. Not only can bookkeepers set up your accounts but also set up your filing system for your finances to ensure that you are keeping your records correctly.

All the best
Kind Regards
Selene Ellison

Blondes Can Count
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