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Karen Wardle
  • Total posts: 363

Hi Stacey

If you have registered a business name you need to take the business registration certificate to the bank. They will do their 100 point identification check and then you can open your business account.

As far as your invoices go you can always put Stacey ‘Surname’ T/A as…….whatever your business name is.

Do I need a separate bank account for the business? I currently have a bank account under my personal name. Is this alright

You should keep your personal accounts separate from your business accounts. It can get very messy when it comes to tax time if you have personal expenses and business expenses all running through the same account. I would suggest that you speak to an accountant or get your hands on some articles/business books that explain this in more detail. There is plenty of free info available on the net. Just make sure it is Australian based, and comes from a credible source.

You should develop an understanding of what type of expenses you can claim through your business. Generally speaking, any expense that you incur ,that is classified as a business expense, will be deducted from your income – thereby reducing your tax. It is important that you get an understanding of what these expenses are and what you can legally claim.

Also if you don’t keep a separate business account it makes it difficult, if not impossible, to form an accurate picture of your financial position.

The accountants here might wish to advise you with the more technical aspects of this but one of the first rules in business is that you must keep separate and effective financial records.

Also the bank cannot open a bank account in your trading name unless that trading name is actually registered as a business. I am not sure what State you are in but you can register for a business name with the Department of Fair Trading in NSW or the equivalent department in other states.

From memory the price is around $152.

If you have any more questions please just ask.