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ShellysBookkeeping, post: 199942 wrote:
Hi Gerry,
It is basically the same, it is easier to keep track if you deposit a sum of money into your business account and make purchases from there. Option b would be the preferred method, but most small business make occasional purchases with their own money.


Hi Shelly,

Thank you now I understand, if I did make the purchase under my own pocket how do I apply it to the business at the end of the financial year do I just keep the receipt?

In response to the GST no I havn’t applied yet. I need to some serious number crunching :)

I have only received my ACN at this stage and still have to apply for ABN and TFN. I have not started trading yet so if I apply for ABN & TFN now and I deposit capital into the business account will I get taxed on the capital amount? Or does tax and gst only apply once i begin making my first dollar?

Sorry if these a dumb questions, I really appreciate your help.
Thank you