Home – New Forums Money matters Separate business bank account for small (tiny!) micro business? Reply To: Separate business bank account for small (tiny!) micro business?

  • Total posts: 3,171

Hi Stitches,

please note i am not an accountant and my advice is not based on tax implications/avoidance/payments although may i ask why are you considering a bank account in the business name?

Generally speaking, i advise people should always have a separate bank account just for professional imagery etc although there are some cases where this has no real bearing and the electronic world can be this way – especially ebay etc for ‘smaller fry’..

One thing i would suggest though is to keep a completely separate account, do not muddy the scenario with using your personal daily bank account with business funds.. it will get messy no matter how good you are with record keeping… honestly..

Cant really say more as the post eludes to not paying tax, does this mean you will be hiding your sales or not selling enough to warrant tax? your answer will also have meaning to a ‘business bank account’ needed or not.

Overall, if you are wanting to grow your business or have largish sales it can be advantageous to run a business account even at $10 a month as you can look at merchant accounts and an array of other ‘business’ related services on offer that isnt via running a personal account.

You may want to chat to an accountant about your projected sales and your personal situation, which are not privy to, to discuss this in more detail to ensure you are on the right path.. Most people will not, should not, tell an open forum the nitty gritty of all ins and outs so financial guidance can be the best option.


Jason Ramage | Lucas Arthur Pty Ltd | E: [email protected]   P: 61 3 8324 0344    M: 61 412 244 888