Build Wealth

Three Tips to Avoid the Monster B.A.S.

Hugh Bowman, business coach at ActionCOACH, shares three essential tips to help tradies avoid the shock of a massive BAS bill.

1. It’s Your Problem

BAS is the business owner’s responsibility—no one else’s. It’s not the accountant’s problem, the bookkeeper’s problem, or a partner’s problem. Business owners need to take charge, put systems in place, and plan ahead to ensure funds are available when the BAS bill arrives.

2. Ask Your Accountant

One of the simplest ways to stay ahead is to ask an accountant or bookkeeper for an estimate before BAS is due. A good rule of thumb is to check in about three weeks before the end of the quarter for an update on the expected amount. This small step can prevent big surprises.

3. Start a Tax Account

Setting up a separate tax account—preferably with another bank that earns interest—ensures money is available when it’s needed. Regular contributions should be made throughout the quarter using one of two methods:

• Fixed Amount: If past BAS amounts are consistent, simply divide the typical BAS bill by 13 and transfer that amount weekly.
• Percentage of Sales: If income varies, a better approach is to allocate a percentage of sales. For most businesses, this falls between 15-17%. Each week, multiply total sales by this percentage and transfer it into the tax account.

By implementing these strategies, business owners can avoid last-minute stress and confidently cover their BAS obligations.

For help determining the right percentage for a business, or if there are any concerns about being underprepared, Hugh is available for support.

Call Hugh on 0409 402 474

Reserve Your Spot Now

This session is your first step toward financial freedom and living life on your terms. After the session, Hugh will personally connect with you to discuss how the Wealthy Tradie Program can help you achieve your goals.

Tue, 25 Feb 2025 14:00 – 15:00 AEDT. ONLINE

Are you ready to make your business work for you—not the other way around?

Running your own trade business can feel like an endless grind. You put in long hours, but are you truly getting ahead? If these challenges resonate with you, it’s time to make a change:
– Are you unsure if your business is building wealth for you and your family?
– Do you feel like your hard work isn’t being rewarded?
– Wondering if you’d be better off working for someone else?
– Haven’t had a decent family holiday in years?
– Struggling to find time for your kids’ sports or family events?
– Unsure when or how you’ll ever retire?
– Lack a clear plan for superannuation, investments, or your financial future?
You’re not alone—and there’s a solution.

Join Our Wealthy Tradie Information Session

What You’ll Learn
This free online Zoom session will introduce you to the Wealthy Tradie Program, a proven personal wealth system designed to help trade business owners:

– Be smart with the money you earn.
– Pay off your home ASAP.
– Spend more time with family.
– Buy investment properties or a workshop for your business.
– Know exactly how much to pay yourself and save for big costs.
– Build financial security so you can retire rich, retire young, and have fun along the way.

Reserve Your Spot Now