If you’re operating as a sole trader or partnership you don’t have to open a business bank account, but………
it’s a much better idea to have one.
Read on for the details!
Benefits of a business bank account
While there is no legal requirement for sole traders and partnerships to have a business account, it’s still a
good idea to open one.
With a business account, you’ll find it easier to:
It also helps to present your business in a more professional manner when dealing with your customers.
BASMAN RETURNS recommends separate business bank accounts
If you operate a business (using an ABN), we recommend you open a separate business bank account for your
business income and expenses. This means you can easily keep your business transactions separate from your
If you operate your business as a company or trust, you must have a separate bank account for your business.
If you have a business bank account, BASMAN RETURNS recommends that you avoid paying personal expenses
from it. This will make your business accounting clearer, simpler, faster and cheaper.
Find out more Contact Alan Beck at BASMAN RETURNS- Chartered Accountants if you need any assistance with
accounting and taxation requirements for your business.