How to Make the Most of Bonus Tax Deductions for Businesses

Everything you'd expect from a business account — and more. As a business owner, you want to focus on growing your business. Whether your goal is to scale up, increase your profits, or explore new opportunities — our growing range of financial services products enable you to take that next step. We have expanded our product suite to include three new, powerful products that will help more Australian businesses — like yours — to grow. Zeller Debit Card New and improved Zeller Transaction Account Zeller App As with all Zeller products, these new offerings work just as well together as they do with your existing solutions. When used in conjunction with Zeller Terminal, they give you a complete view of your incomings and outgoings — enabling you to get a better handle of your business cash flow. Yet, as part of the exciting evolution of Zeller, you can also opt to use each of these products as a standalone replacement for your current business bank account . Zeller is a new and powerful replacement for your business accounts and cards, enabling you to store, save and spend your money better. Keep reading to learn more about how Zeller is reimagining business banking by developing innovative products to help you run your business better — with no lock-in contracts, monthly fees or need to visit a bank. Reimagining business banking for Australian businesses In 2021, over 3 in 5 Australian business owners reported that they would prefer to manage their business finances through a non-big 4 bank. Tired of the lengthy set-up processes and paperwork, slow settlement, hidden account fees and fine print, it was clear that business owners desired a powerful new alternative. Zeller launched that same year to offer a smarter alternative to outdated business banking solutions serving Australia’s thriving business ecosystem — supporting merchants to grow their cash flow and profitability as they emerged from the pandemic with products that enable them to access their funds faster, gain valuable business insights, manage expenses more efficiently, and sell to their customers in more locations. Now we’ve expanded Zeller’s suite of products to offer a complete financial services solution that’s everything you'd expect from a business bank, but better. The release of these new products marks an important milestone for Zeller in becoming a financial services provider that meets all of your business financial needs — from accepting payments to managing your finances, paying employees and bills, tracking your expenses, reporting on business growth, streamlining bookkeeping and more. With Zeller, you can say goodbye to your outdated business bank. No matter what your financial services needs are, we are developing the solutions to power them — with no monthly fees, no paperwork, no need to visit a branch, and no lock-in contracts. Meet Zeller’s suite of new, powerful financial products Use them all or pick one to plug into your existing tech stack, Zeller offers a suite of financial services products to power up your business — including EFTPOS payments and invoices, accounts and cards, with new solutions for expense management coming soon. Zeller Transaction Account When you sign up for your Zeller Account, you get a free, powerful Zeller Transaction Account that you can use to replace your traditional business bank. Or, simply sign up for your free Zeller Transaction Account and use it without any other Zeller products. It’s the most powerful business Transaction Account for any business stage or type — complete with your own BSB and Account Number. Once set up, you can create as many additional accounts as you like. Zeller Transaction Account comes with features to see a full overview of all of your payments, transactions, expenses, spending and invoices across your top suppliers and customers, and manage expenses in real-time with ease. You can transfer funds to and from your Zeller Transaction Account instantly, then rack all your incomings and outgoings with up-to-the-minute Xero Bank Feeds, to streamline reconciliation. Using your Zeller Transaction Account in conjunction with Zeller Termina l gives you the fastest possible access to your funds, so you can put your money to use. Funds accepted via Zeller Terminal are settled to Zeller Transaction Account nightly, 365 days a year. Zeller Debit Card As you grow your business, you’ll need to purchase stock; pay bills, suppliers and employees; and keep track of it all so your budget is under control. Zeller Debit Card , which replaces Zeller Mastercard, is linked to your free Zeller Transaction Account so you can spend funds as soon as they settle to your account. With Zeller, you can create unlimited, free virtual cards and assign cards to employees in seconds so they can make business purchases in-store and online. Then, add notes and upload receipts so you know where your money is going. If your card ever goes missing, it’s simple to lock or cancel the card in an instant via Zeller Dashboard or Zeller App. Whether it’s a round of coffee for staff, or your business’ electricity, you can pay for it with Zeller Debit Card — plus, you’ll get access to exclusive cardholder benefits and rewards with every dollar you spend. Purchases made in Australia are always fee-free, and there are no annual card fees. Zeller App The Zeller App is the only app you need to manage your accounts and cards, EFTPOS and payments, invoicing and expense management, and more. Whether you operate a startup or a scale-up, you can run all of your business finances from your mobile phone, no matter where you are in the world. With Zeller App , you can: transfer funds fast between accounts order and issue, activate and cancel Zeller Debit Cards for you and your team view sales reports view your entire transaction list and details for all your Zeller Transaction Accounts, Zeller Debit Cards and funds settled from Zeller Terminal add notes to your transactions and more. Zeller App is available and free to download from Apple’s App Store  and Google Play . Zeller Terminal Whether you’re accepting payments in-store, on the go or over the phone, Zeller Terminal ensures customers are able to pay for your goods or services quickly and securely. When you’re just starting out, having an EFTPOS machine helps establish legitimacy with customers and affords incredible efficiencies; you don’t want to be sending customers to an ATM or requesting bank transfers. When you’re operating a busy business, an EFTPOS machine that processes customer payments in seconds helps to cut down queues and increase customer satisfaction — ensuring their final touchpoint with your business is a positive one. Make use of intelligent functionality such as: integrations with 600+ point-of-sale systems to streamline payments custom surcharging to pass on your cost of acceptance in full tipping prompts to grow your tips by 30% customisable receipts for additional business branding and much more. With 99.999% uptime and the option to add a Zeller SIM Card so you can process payments when Wi-Fi or personal hotspot isn’t available, Zeller Terminal ensures you’re always ready to sell. In-person payments cost just 1.4% per tapped, dipped or swiped transaction, while over-the-phone payments cost 1.7% to reflect the additional security measures required to keep your business safe. If your business processes over $250K in card payments per year, you may be eligible for a custom rate. Funds accepted via Zeller Terminal are settled to your Zeller Transaction Account overnight, 365 days a year, and available to spend using your Zeller Debit Card the very next day. Zeller Terminal comes in black and white, and is available from Zeller Shop , with free express shipping and same-day dispatch. There are no lock-in contracts, terminal rental fees or hidden charges. Zeller Dashboard Having the ability to see, track and report on your incomings and outgoings is key to running a successful business. Zeller Dashboard provides one convenient location to see your incomings and outgoing in real-time, manage your EFTPOS terminal settings, create reports, keep track of business performance and more — from wherever you are. Understanding where your money is coming from, and then being spent, is key to healthy cash flow. It also makes tax time easier and enables you to find opportunities to cut spending to support business growth. For example, using Zeller Dashboard you can instantly identify which times and days of the week your business is the quietest. With this information in hand, you can make informed decisions about whether to change your opening times, close on public holidays, reduce your staff, and much more. Zeller Contact Directory works hand in hand with Zeller Dashboard, allowing you to better understand the customers who shop with you and get valuable insights about the businesses you spend with. This powerful functionality gives you one place to see every EFTPOS payment, transaction and account transfer processed with an individual or another business — and it’s included free. Make the switch today Whether your business is big or small, Zeller products can help you run more efficiently and meet your next growth milestone. Plus, all Zeller merchants get free access to live support in under five minutes. Our team of experts is on hand to help you with any queries you may have, and are available via phone call or text, email, and social media. Sign up for your free Zeller Account today in under five minutes to get started, or speak to Zeller Sales about a custom package designed to suit your business needs.

1. It’s my first time filing taxes for my new business, what do I need to know? Many first-time business owners get tripped up by their tax obligations the first time round, because as Sidney puts it: “You don’t know what you don’t know.” If you’re feeling overwhelmed, it’s understandable: tax law is very broad and complex, with obligations that change depending on a wide variety of factors, from what you’re selling to how your business is structured, and what your annual turnover is. “Everyone knows about income tax, but when you start having to deal with  GST  and  FBT  or  WET , payroll tax, or when you’re working with companies based overseas, it becomes much more complicated,” says Sidney. “That’s why it's very important to have a business tax accountant to discuss these issues with. To help navigate those things and make sure that there are no penalties or fines applied for the incorrect handling of that,” he says. 2. What should I be looking for in a small business tax accountant? As a business owner, it’s not necessary for you to understand every nuance of Australian tax law, however it’s important that you’re not left in the dark either. “You want to find a business tax accountant who is approachable, understanding, and can communicate really well on these issues,” says Sidney. “I have met clients who have misunderstood their tax obligations, purely because they were working with a small business tax accountant that didn’t have experience in their area,” he continues. “With smaller accounting practices, they might be great at doing individual tax returns and sole trader tax returns, but then their expertise doesn't really branch into other areas. So, it's really important to find an accountant that meets your level of complexity.” When looking for a business tax accountant, ensure you ask them whether they have experience working with businesses in your industry, but also, with businesses at the same stage lifecycle as you. “Some accountants work with small businesses, others with startups and scale ups and others with more mature businesses,” says Sidney, it’s very important to find one that understands your particular needs.” 3. What can I expect to get out of working with a business tax accountant? At a minimum, a business tax accountant will ensure you are meeting all of your tax obligations, however a good accountant will also work with you to arrange your financial affairs so as to reduce your tax bill as much as possible. This is what is often referred to as ‘tax planning’ or ‘tax-effective cash flow management. “Tax planning is one of the most important and most beneficial services to pick up from a business tax accountant because once a business becomes profitable, it is the accountant's job to figure out how to maximise that profit,” says Sidney. “There are different strategies that an expert business tax accountant would look into, such as the structure of the business. If they originally started as a sole trader or they're just a one-entity company, maybe they'll consider a holding company or family trust,” he continues. Business tax accountants will also analyse your finances and make recommendations on where income should go, so as to minimise your tax bill. “This includes advising you on certain tax concessions, such as the $20,000 instant asset write-off,” says Sidney. This program, which was extended in  this year’s federal budget , allows businesses to claim an immediate tax deduction after buying a new piece of equipment – a vehicle, a coffee machine, or  EFTPOS machine  for example. “A business tax accountant will ensure you’re aware of all the tax concessions available to you, which can often help you make decisions about whether to purchase an asset or not,” Sidney explains. 4. What can I do to ensure my time with a business tax accountant is productive (and cost effective)? Working with a business tax accountant doesn’t come free – as with all accounting and bookkeeping services, billing is calculated per hour, so the longer you spend, the more you will pay. To help you optimise the time you spend with your business tax accountant, there are a number of things you can do ahead of meeting them. “If you’re managing your own bookkeeping, it's very important to have all of your accounts reconciled at least up to the 30th of June before you meet,” says Sidney. “If there are any transactions that you’ve tried to reconcile but you’re unsure of, it’s a very good idea to note these down in a separate document so that when you have a discussion with your accountant or bookkeeper, you can tackle these quickly, rather than having to trawl through spreadsheets together.” For businesses that are a little more advanced, such as those that are already working with a bookkeeper for their day-to-day reconciliation, but that have not yet entered into tax planning, Sidney recommends preparing a cash flow forecast. “A cash flow projection spreadsheet allows you to easily see how you’re tracking for the year,” he says, “It will be able to tell you whether you’re a little tight on cash, or what your profit looks like. If you’re profitable, your accountant might make recommendations around investing in some assets, restructuring, or paying dividends before the end of the financial year to reduce your tax liability,” he explains. 5. What tools will make managing my tax accounting easier? Whether you’re a sole trader doing all your own reconciliation, or whether you're running a multi-person company with an in-house bookkeeper: using the right tools to manage your money will set you up for success. “When it comes to accounting software, Xero is one of the biggest and probably the most popular,” says Sidney. “For payment processing,  Zeller ’s ease and transparency really stand out. The systems are user-friendly, it’s a modern, market-leading product and it works seamlessly with Xero, so it makes accounting administration a breeze,” he says. Used together,  Zeller and Xero  allow you to provide accurate and up-to-date financial reports to your business tax accountant, which will give them the visibility they need to make informed recommendations, specific to your business. Disclaimer: The information provided on this site is for general informational purposes only and should not be considered as advice that takes into account your business needs and objectives. If you are unsure, seek the advice of a qualified accountant or financial service advisor before deciding whether a savings account is right for your business.

Save time, get organised, and streamline your finances with business accounting software. When it comes to accounting software, there are dozens of options to choose from. The right choice is going to help you save time, minimise errors, and provide you with a bird's-eye view of how your business is performing. However, finding the best fit for your business doesn’t have to be a long, frustrating experience. We recommend starting with a shortlist of viable options, then whittling down the list by answering four important questions. Step 1: Create a shortlist Here are five of the most common accounting software options for small to medium businesses, to get you started. QuickBooks Online MYOB Xero Zoho FreshBooks Keep reading to discover more about these tried-and-tested options. QuickBooks Online QuickBooks Online – a regular award-winner in the small business accounting space – has all the basics covered, as well as some nice-to-haves. On top of bank reconciliation, expense tracking and custom branded invoice creation, QuickBooks Online allows its users to generate financial reports such as profit and loss, balance sheet, cash flow statements and more. If you give access to other people in your business, you can use permission settings to secure access to this financial data. The ability to download and reconcile credit card transactions is especially handy, as is weekly timesheet organisation and tracking of bank deposits. With QuickBooks Online, you can take a photo of a bill and submit it as proof of expense. There are three levels , related to usage. Simple Start: at $22 per month, it’s a budget-friendly option for businesses just starting out. It even comes with features to help manage payroll, track GST and lodge your Business Activity Statement. However, only one user can access the account. Essentials: at $37 per month, this option extends the basic functionality to include the ability to set up recurring invoice schedules, access a cash flow planner, create expense receipts and more. Three users can access the system. Plus: at $52 per month, it’s at the top end of the scale - allowing users to create and send purchase orders, track inventory, create budgets and more. This version supports up to five users. It’s worth noting that QuickBooks also has a second option, QuickBooks Self-Employed, which retains some of Quickbooks Online’s handiest features. Users of this version still have the ability to automatically track kilometers travelled, using a mobile phone, and sort transactions into tax categories for easy deduction management at tax time. At a cost of $15 per month, it’s a great option for trades and services businesses. MYOB MYOB stands for Mind Your Own Business – an apt name, considering that’s exactly what this business accounting software offers with its do-it-yourself accounting functionality. As you’d expect, MYOB offers all the basics such as tracking GST, customisable invoices and budget management tools. It also has in-built payroll functionality, with automatic leave calculation as well as real-life timesheet access for employees. The MYOB mobile app doesn’t have all the base functionality, but it does allow for invoice creation and tracking, payment processing and contact management on the go. MYOB Essentials costs $27 a month. MYOB AccountRight extends the base functionality to include the capability to bill by time and track jobs, as well as manage inventory. However, at $109 per month, it’s a significant business cost. One thing to keep in mind when considering your options is that MYOB may not be as user-friendly as other software. Some users report difficulty getting set up, and using some of the more advanced features such as auto-reconciliation for transactions. It makes sense, then, to learn that MYOB is popular amongst accountants. 60% of Australian accountants reportedly use MYOB for assisting their own clients. To get the most bang for your buck, it’s recommended to spend some time learning how to use the system. Xero A list of the best accounting software for small business wouldn’t be complete without mentioning Xero. Established back in 2006, Xero now has over two million users worldwide –  and for good reason. Out of the box, Xero comes with in-built tools for managing invoicing, bank reconciliation, inventory management, expense tracking, financial reporting, and more. It’s a thorough piece of software. Xero’s dashboard is one of its best features. The dashboard clearly and concisely conveys all of the key information a business owner needs to be able to see at a glance, including outstanding invoices, upcoming bills, bank balances, and expenses claims. Xero offers three monthly subscription options . Starter: at $13.50 per month. Standard: at $26 per month. Premium: at $33.50 per month. It’s important to familiarise yourself with the limitations of each licence. For example, Xero’s Early plan may sound extremely affordable – but usage is limited to 20 invoices and 5 bills per month. This may suit some small businesses with low volume, high value transactions, but is likely to be too restrictive for most. Growing and Established both offer unlimited invoices, bills, and transactions. The difference between the two is that the more expensive option, Established, offers additional features such as project costing and support for multiple currencies. Luckily, each Xero plan comes with unlimited users – so you won’t ever need to fork out for additional licenses. This makes Xero a great option to scale with your business. You can even use it to collaborate with financial advisors. ZohoBooks For business owners with the time and effort to invest in building a customisable accounting tool that saves time on monotonous bookkeeping in the long run, ZohoBooks is a strong contender. Payment reminders and scheduled reports are two obvious examples of intelligent automation, however ZohoBooks takes it one step further by giving users the ability to set triggers for certain workflows. Video tutorials are available to walk you through almost every feature. In terms of pricing, ZohoBooks offers a number of plans. Standard: at $16.50 per month, ZohoBooks’ Standard plan supports three users – making it the perfect option for two business owners and an accountant. At this price point, users can manage up to 5,000 invoices. All the basic functionality is included: invoice creation, expense tracking, recurring invoices, automatic feeds, to name a few. Professional: at $33 per month, the Professional plan is quite a jump from the Standard up. The Professional plan supports five users, and provides additional functionality such as purchase ordering and inventory tracking tools. Premium: at a monthly cost of $44, ZohoBooks’ Premium plan supports ten users and provides a custom domain, access to a vendor portal, and Zoho Sign and Twilio integration. Additional users can be added to any plan for $2.50 per month. One of ZohoBooks’ best features is its paid add-on, Autoscans. For $8 per month, you can upload up to 50 documents – such as receipts or vendor invoices – and Zoho Books will extract the data into the system for easy conversion into transactions. Effectively, it removes the need for data entry. If you’re searching for a broad toolkit of integrated solutions from one vendor, at a reasonable price, then ZohoBooks should be on your list. The standard functionality of ZohoBooks can be extended with ZohoInventory, which provides advanced inventory and order management features. For businesses with a defined outbound marketing strategy, ZohoCRM can provide even more value. FreshBooks FreshBooks knows its target audience: freelancers and the smallest of small businesses. In fact, it’s even won PC Mag’s Editors’ Choice award for the best option for freelancers. FreshBooks is a well-rounded, intuitive business accounting software option that prioritises usability. Users love the recurring payment reminders and time tracking functionality, and praise the simplicity of the system. If you already have a working knowledge of accounting, however, FreshBooks may be too rudimentary for you. There are three options , and the breakdown is purely based on the number of clients billed. Lite: for $8 per month, users can bill up to five clients. Plus: for $14 per month, users can bill up to 50 clients. Premium: for $20 per month, users can bill an unlimited number of clients. Before signing up, try the free 30 day trial to see if FreshBooks is the right option for you. Some users have expressed issues with FreshBooks’ bank account and credit card connection, and the expense tracking functionality is more limited than other options listed above. However, FreshBooks is a budget-friendly option that does all the basics. Step 2: Ask yourself four questions Now you’ve got your shortlist of accounting software, it’s time to decide which to implement in your business. You can do that by asking yourself the following questions about each option in your shortlist. 1. Does it integrate with your business tools? Depending on the type of business you run, you might have reporting software, inventory management software, email marketing tools, a Customer Relationship Management system… the list is endless. Before adding another tool to the mix, consider how it will integrate with the tools you’re already using on a daily basis. If you can find tools that “speak” to each other, you’ll save time on double data entry. Xero is the obvious standout for the number of integrations offered, however QuickBooks, MYOB and ZohoBooks all integrate with a comprehensive suite of products. Make sure to check out each product’s website for more information. 2. Does it come with a mobile app? These days, we expect to be able to do most things from our mobile phones — and that includes accounting. You should be able to take a photo of the receipt for your business lunch and upload it as an expense, straight from your mobile phone. You should be able to send invoices, capture signatures, and access real-time reports to see how your business is performing. QuickBooks Online comes with a free mobile app, which can do all of the above. If mobility is a priority for you, it’s an option worth considering. 3. Is there support available? The accounting software you choose should take away the headache of accounting, not add to it. However, it’s highly likely that most business owners will eventually require assistance from the team behind the product. When a bank account can’t be linked to your accounting software, or there’s an issue with reconciliation, you need to be able to get help fast. In considering which accounting software best suits your business needs, make sure to investigate the support channels available. Is there a phone line, or live chat, or support forums, for example? How do you want to ask for help when you need it? Decide what’s convenient for you, then weigh up your options. 4. Can I try it for free? All of the options outlined above are available to trial, for free, for either 14 or 30 days. The businesses behind these products know that once you’ve gone to the trouble of connecting your bank accounts, setting up invoices, and adding contacts, you’re unlikely to want to change. Before signing a contract, why not try on a couple for size? Make the decision The right accounting software is going to streamline your day-to-day financial operations, and take the headache out of end-of-month reporting, without breaking the bank — or adding a significant amount of admin work to your plate. Choosing from the above shortlist, you can’t go wrong. All of the above options are major players in the Australian accounting software space, which means they are likely to continue adding new functionality and delivering even better solutions as time goes on. Already using a tool for your business accounting? We are currently working to build integrations between Zeller and a number of accounting software providers. Let us know which tool you currently use by sending us an email at feedback@myzeller.com .