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Whether this is right or wrong at least I’m not caught out:

I get paid. Instantly I “tax myself” 30% of it and put it aside in a special bank account that I do not touch (it’s my “tax” bank account). With the remainder I use it to live with and run my business. I like doing this because I then ensure my tax is paid and it is a form of saving as well because I’m “taxing” myself at the “company” tax rate (even tho’ I may not have to put aside 30% in reality).

I have a book-keeper/accountant who does my books – I did my own books for years however found that I would keep procrastinating on it for one reason: It bored me to tears. I would rather work ON my business than have to do data entry.

Oh.. and yes… I’m a PAYG tax person (yet still get BAS statements)… first year I paid when I lodged my end of year tax return. second and subsequent years I’ve been doing it quarterly.