Some of what is sitting in that account is GST you collected for the ATO. Some is tax on profit you have already earned. Some is super, and some is bills you have committed to but not yet paid. What is left is yours. Most people find out the size of that gap in July, which is the worst possible time.
Start with what's in the account. Everything else is optional — each one you add makes the answer sharper, and smaller.
Because it makes the number smaller. A dashboard that says $12,000 feels better than one that says $3,400, and the first one is what you get from a bank feed. But you cannot spend $12,000. You can spend $3,400, and knowing which number is real is the difference between a comfortable July and a frightening one.
This is also the entire premise of Hnry, which takes a cut of every dollar you invoice to hold the money back for you. The arithmetic is not the hard part — the discipline is. You can do the arithmetic here for nothing.
This page is a snapshot from figures you typed. Inside Vaulco the same calculation runs against your real income and expenses and updates itself, and Savings Vaults move the money aside automatically — tax, GST, super, and anything else you want to hold back, in separate buckets, so the number on the dashboard is one you can actually spend. Flat monthly price, no cut of your revenue.
See VaulcoIndicative only, and not financial or tax advice. Income tax is estimated on profit earned so far this financial year rather than projected to 30 June. GST assumes the standard one-eleventh treatment and ignores input-taxed and GST-free supplies. Check your position with your accountant or at ato.gov.au.