How much should you set aside for your tax bill?

The most frequent problem we see with freelancers, is they start their business, quit their job...and then come and see us when their first year of business is done.  And it's tax time.  It's a mess, and they don't know how much the owe - and then reality hits.  They haven't put aside enough money.  

Don't fall into this trap.  We'll do another detailed post on the why this is a huge trap (here's a hint - the PAYG instalment transition HURTS).   

So by popular request we're putting this out.  It's not the prettiest little excel calculator, but if you put in your profit each month it will let you know very roughly how much income tax is on that.

Click here for the goods.

The video here goes through a worked example, and if you have any questions please let us know by email info@brambleandbriar.com.au.