Key EOFY Dates You Can't Miss

Here's what you need to know about finding the right EFTPOS terminal. Searching for a next-gen EFTPOS machine that accepts modern payment methods, processes payments quickly, settle funds into your business account as fast as possible, and looks good on your countertop? Finding the right terminal for your business is important – you’ll rely on it for secure, fast cashless payments that keep your cash flow looking healthy. Some terminal providers will lock you into long contracts, with expensive termination fees, so knowing what to look out for is key. How much is it to have an EFTPOS machine? The EFTPOS machine you choose will depend on variables such as your budget, sales volumes, Point of Sale (POS) software, and fees associated with your merchant account. It costs $259 to own a Zeller Terminal outright. There are no hidden fees or charges, and no lock-in contracts. When you sign up for Zeller, you also receive a free Zeller Transaction Account (into which funds accepted via Zeller Terminal are settled nightly) and a free Zeller Debit Card — so you can pay suppliers and make business purchases with ease. Keep reading to discover the nine questions you should keep in mind when comparing EFTPOS terminals. 1. Do I understand the fees? Many business owners don’t realise they are agreeing to pay hidden fees, such as expensive terminal fees, until it’s too late. Sign the dotted line and you could be agreeing to pay a lot more than anticipated for your EFTPOS machine — and lock-in contracts usually come with hefty fees for early cancellation. Otherwise cautious business owners fall victim to hidden EFTPOS terminal fees time and time again. However, these fees are required by law to be disclosed somewhere – you just need to know where to look. Make sure to go through the terms and conditions with a fine-tooth comb; never solely rely on a verbal quote. If you’re already using an EFTPOS machine, check your merchant statement as this will tell you the processing fees and other fees you’re currently paying. It’s also important to remember that, in most cases, if you decide to rent your EFTPOS terminal you won’t own it at the end of the payment period. You’re simply paying for the privilege of using it, and will be left empty-handed when the contract ends. Although renting may look like an affordable option at first, it’s a tactic designed to get business owners to pay far more than what the terminal is actually worth. Zeller Terminal is yours to own for one low payment of $259. There’s no lock-in contract or hidden fees; we know you’ll keep using your Zeller Terminal because you love it, not because you have to. Learn more about Zeller Terminal and whether it’s the right solution for your business. 2. Will it be easy to use? Taking payment is usually the last interaction a member of your staff has with a customer. However, time wasted teaching staff the intricacies of a confusing system is time that could be better spent on other parts of the business. The ease with which staff process a payment affects the customer experience at every business. Your EFTPOS payments terminal needs to be easy for all staff to use, with minimal training. This is especially important if you run a retail store that hires casual staff during peak holiday and sales periods, or in another business that regularly hires new workers. When shopping for an EFTPOS terminal, consider whether it has been designed by a team that understands your business. Are the prompts straightforward? Is the user flow intuitive? Your terminal should feel natural and simple to use. If it is, your staff will save time with every transaction – and you’ll save time training them how to use it. 3. Can I customise it to suit my business? Some EFTPOS payment terminal providers will force your business to work their way. This is related to the point above: if you choose a provider who understands your business, you’ll likely find there’s no need to change your internal workflows. An EFTPOS terminal should fit the way you want your business to work. When selecting a terminal provider, consider how well it fits with your established processes. For example, you might want the ability to: restrict the ability to provide a customer with a refund to a small pool of staff, such as managers charge your customers a surcharge enable tipping customise your receipts Choose a provider that gives you the power to customise the way you accept and manage your payments and you’ll save yourself from needing to retrofit your processes to fit the tool. 4. What happens if my internet cuts out? Your business needs to be able to continue processing cashless payments even during periods of internet outage. You don’t want to have to send your customers to the closest ATM, or have them scrambling for cash. Occasionally, small periods of service downtime will be unavoidable. Your internet provider might be down for routine maintenance or there may be a power cut to your area, or another technological issue may impact how your EFTPOS terminal connects to the internet. However, any period of downtime has the potential to negatively affect your business — the impacted customer may never return. That’s why, when you choose Zeller Terminal, you have the option to switch to another network. If you’re experiencing issues with your Wi-Fi provider, it’s simple to connect via 3G to another network and continue processing payments using your SIM card. 5. How often will I need to charge it? These days, many businesses are run on the go — so a mobile EFTPOS terminal is a must. Cafes and restaurants that take payment from the table depend upon a long-lasting battery to get through the day. For a retail store, a long-lasting battery provides the flexibility to take payments from wherever is convenient for the customer. For mobile services such as trades and beauty technicians, having the ability to take payment on the go saves you the hassle of returning to your computer, sending an invoice, then following up until payment is finalised. It’s essential that the EFTPOS terminal you choose has enough battery life to give you peace of mind that you’ll never miss out on crucial transactions. 6. How fast can I put my funds to work? Depending on which payment services provider you choose to use, you could access your funds the same day you earn them – or you could be waiting upwards of three business days. The speed of settlement can have a big impact on your cash flow. Choose a provider that’s slow to settle, and you may find yourself in the frustrating situation of needing a business loan to tide you over until your funds are released. When you use your Zeller Terminal in combination with your free Zeller Transaction Account , you’ll get same-day settlement for your funds so you can spend using your Zeller Debit Card . Or, if you want to use your existing business bank account , your funds will settle the next business day. 7. Is there setup and ongoing support? Painful setup, hard-to-follow instructions, and uncontactable customer service representatives are headaches you simply don’t need. Some EFTPOS terminal providers are intuitive enough to use out of the box, whereas others come with a booklet of instructions you’ll need to follow. Or, you may be asked to book a technician to manage the setup on-site. Once you’re up and running, having multiple ways to ask for help – whenever you need it — is important. If your business operates in the evening and on weekends, look for a provider that offers extended support hours. If something goes wrong and you need answers fast, you need to feel confident that someone will pick up the phone on the other end. 8. Will it protect my business? Fraud is a risk for businesses of any size. Recurring chargeback fraud , in particular, can be costly for a business. When considering any financial services provider, it’s important to check whether it's backed by a team of security experts. You’re trusting this business to handle your money. Zeller’s Support team monitors transactions round the clock — 24 hours, 7 days a week — to prevent fraud before it happens. Backed up by intelligent machine monitoring, our team works to identify and respond to fraudulent attacks in real-time. 9. How soon can I get it? If you’re ready to start selling your products or services now, choosing an EFTPOS terminal that takes weeks to be delivered is an unnecessary setback. Why eat into valuable time you could be turning a profit? Ideally, your EFTPOS terminal will be available for delivery quickly. Even if you’re not ready to start accepting payments at your business, getting your EFTPOS payment terminal as soon as possible will give you extra time to get up to speed with its features and options for customisation. We offer fast, free shipping anywhere in Australia, for all Zeller purchases. Sign up for Zeller in minutes. Zeller Terminal and accessories can be purchased online from the Zeller Shop with free express shipping and same-day dispatch. Once you’ve considered these 9 questions, you should have a good idea of the non-negotiables you need from your EFTPOS terminal provider. Remember to always read the fine print and understand what you’re really paying for when you sign the dotted line.

Discover 8 simple tasks you can tackle today to streamline your EOFY processes. The end of the financial year brings with it a long list of administrative tasks. No business owner looks forward to all of the paperwork required. It’s a lot of work — particularly for hospitality merchants juggling 7-day trade at the same time. The trick to mitigating the extensive time commitments of EOFY is getting prepared sooner. Not only will doing the legwork now alleviate the time and paperwork required of you later, it will set your business in better stead for the new financial year. Plus, you may discover ways to minimise the money owed to the ATO and have the time to capitalise on them. To ensure you put the right foot forward as the end of another financial year draws close, we’ve put together a list of eight things you can do right now to alleviate the headache of tax time. 1. Chase outstanding invoices In Australia, invoices are paid an average of 25.5 days late. Getting on the front foot now will ensure your accounts receivables are reconciled in time for EOFY. Plus, you'll improve your cash flow as payments land in your account. To speed up the process, it’s best to invoice as soon as possible. The sooner you invoice, the higher the likelihood of being paid before EOFY. Better yet, take payment on the job with a mobile EFTPOS terminal . When you accept payment via Zeller Terminal, funds are swept to your Zeller Transaction Account overnight — available for spending on your Zeller Mastercard. It's the fastest way to speed up your cash flow. 2. Capitalise on the instant asset write off with some new purchases Considering a new commercial oven? Now is the time to purchase and install it. With an instant-asset write-off limit of $150,000 for each asset – now newly extended to the end of the next financial year – you can purchase major assets such as fridges, ovens and coffee machines and have the business portion immediately deducted. Again, with cash flow on your side, purchasing now can mean a sizeable tax break, allowing you to cruise into the new financial year with a bit more cash in your back pocket — rather than wait another 12 months for the end of next financial year. 3. Pay your invoices When it comes to footing the bill for wages and utilities, it’s not just what you pay — but when you pay it. It sounds obvious, but paying your invoices early could save you a lot of dollars. That’s because many merchants and suppliers are often willing to negotiate shaving a portion off the outstanding amount if you’re willing to pay early. If your suppliers are amenable, not only will you save money — you’ll be minimising the amount owed at the end of the financial year. 4. Do a stocktake It’s the last thing you ever feel like doing, but it could be one of the most valuable. Taking stock will give you oversight over what you have on hand. If you have a turnover of more than $10 million, you actually don’t have a choice as to whether to undertake a stocktake or not — you’re legally obliged to. If you have a lower turnover and can reasonably estimate stocks valued at more than $5,000, you may be eligible for tax deductions or GST credits. 5. Buy up on discounted products As time-consuming and laborious as they are, stocktakes can pretty quickly tell you if your product levels give you the room to capitalise on EOFY sales. A lot of your suppliers will no doubt be trying to offload excess stock, which leaves you in a position to cash in on the lower prices. If you have the room and the knowledge of how quickly stock moves, buying in bulk today could save you a lot tomorrow. 6. Get on top of your deductions Put simply, a tax deduction is something you paid for with your own money to support the running of your business or venue. This means when it comes time to do your tax return, you can deduct this cost from your taxable income — reducing the amount owed to the ATO. While something like the cost of a single chair may seem a marginal deduction, when you combine all of your costs across a whole financial year, it can save you thousands. The most common tax deductions for hospitality business owners include: uniforms tools and equipment, including payment hardware such as EFTPOS terminals car expenses travel expenses home office running expenses self-education expenses 7. Arrange for a depreciation schedule With each day that passes, the fit-out of your business or venue depreciates. If you’re properly prepared, you could be reaping the benefits of every cent. Regardless of whether you own or lease your premises, any building works completed or plant and equipment assets added in the last financial year could work in your favour at tax time as the depreciation can be claimed as a deduction. Think paint jobs, expansions, new flooring, renovated bathrooms – you name it, you can claim the depreciation of it. The cost of the depreciation schedule itself is also totally tax deductible. 8. Make the most of your spare cash If your cash flow is looking healthy, consider how you can put any spare funds to work to help lower your taxable income. This could include prepaying expenses — if you have an annual turnover of under $10 million, you can claim an immediate deduction for up to twelve months. Are there delivery vehicle lease payments you could pre-pay? Perhaps there are regular stock purchases you could also pay for now ahead of the new financial year? Whatever it is, paying for it now could mean footing a smaller bill after June 30. Being in the know about how to prepare for tax time is the biggest cost-saving measure of all. It’ll minimise stress, hassle, and most important of all – your tax bill. Now that you’re prepared for the end of the financial year, keep up with the latest Zeller updates and announcements by subscribing to the Zeller Business Blog newsletter below. To fully prepare your business for the end of the financial year, schedule time to speak with your accountant or financial advisor. Please note this article is for educational purposes only and does not constitute advice.

Keep more money in your retail business by learning where you can reduce tax. Running a retail business comes with many expenses. There are the initial costs of starting a shop — such as buying or renting equipment and obtaining necessary licenses — as well as ongoing costs, including staff salaries, inventory, rent or mortgage payments, and much more. Bringing in a profit after all of these expenses can feel nearly impossible at times. However, familiarising yourself with all of the tax deductions potentially available to you will help to keep as much money as possible in your business, while complying with tax law. Here are eight categories of retail tax deductions you should be aware of. 1. Product purchases Everything sold in your store is tax deductible as a cost-of-sale. These products need to be purchased from somewhere, and the cost of stocking a store can be significant. Whether you buy the products from a distributor as they are, or purchase the materials to make the products yourself, the purchases are tax deductible. Associated costs, such as packing and delivery costs, are also deductible. Make sure to also write off any lost or damaged stock in order to claim a tax deduction. 2. Advertising and marketing costs Advertising or marketing activities you undertake to publicise your retail store and sell stock are generally tax deductible, whether that’s social media ads, billboards, flyers, or another form of advertising that connects with your target market. Even business cards are tax deductible. If you’re considering opening a retail store, or growing your existing retail store, it’s also worth noting that the cost of hiring a marketing consultant is also tax deductible. One commonly missed deduction is the cost of advertising vacancies. Many retailers will have accumulated costs for finding and hiring new employees post-lockdown — these can be claimed as a deduction. 3. Business insurance Business insurance is an essential expense for many businesses. However, there are many different types of insurance. For example, general liability insurance covers some of the costs a business may face in fighting a lawsuit, whereas loss of income insurance protects a business when an unexpected event or tragedy forces a business to close its doors and lose out on profits. Visit the Australian Government website to learn more about the different types of business insurance and what they cover. Whether or not your business insurance expense is tax deductible will depend on your individual situation. As a general rule, retail business owners can claim a deduction for most operating expenses . Insurance premiums, including fire, burglary, accident or disability, professional indemnity, public risk, motor vehicle, loss of profits, or workers’ compensation are included in the definition of operating expenses. Just make sure the insurance policy is owned by the entity responsible for paying the expenses (i.e. you or your business). 4. Property costs The rent you pay for the store itself is tax deductible. If you own the property the store operates from, the mortgage is a tax deduction — as is the land tax. Water, electricity and rates are also tax deductible expenses. For retailers operating a solely online retail store, it’s worthwhile doing the maths to work out which of your home bills contain a portion of tax deductible expenses. Occupancy expenses, running expenses, as well as expenses involved in using your car to travel for business purposes — such as sourcing new stock — are all tax deductible. 5. Capital expenditures A capital expenditure is something that improves existing business assets or overall business operations, and for that reason is usually tax deductible. Capital expenditures for retail stores can include: cash registers EFTPOS payment terminals store fittings and fixtures in-store security systems accounting software and more. The temporary full expensing scheme allows business with a turnover of less than $5 billion to immediately deduct the business portion of the cost of eligible depreciating assets. Those assets need to be first held, used or installed ready for use by 30 June 2023. 6. Staff salaries (including superannuation) Retailers need staff to cover the floor, serve customers, process new stock arrivals, arrange merchandise and take inventory. The cost of staff can be considerable, especially if you require more senior employees such as floor managers and supervisors. Salaries should be competitive — otherwise, potential candidates will likely choose to work elsewhere, and you may find yourself spending time regularly hiring and training new staff. Luckily, staff wages are tax deductible. As an employer, you are also required to pay any workers earning at least $450 per calendar month a contribution to their superannuation fund. These super contributions are also tax deductible. Sole traders can even claim a deduction for their own super contributions, through their personal tax return. It’s also important to note that the 2021/22 Federal Budget contained a significant change to superannuation. On 1 July, the super guarantee will increase by 0.5 per cent. It will continue increasing by 0.5 per cent until it reaches 12 per cent, in 2025. It's important to note that the, according to the ATO, all JobKeeper payments are treated as  ordinary income and should be declared as such. Where wages are paid on top of government payments, the normal rules for deductibility apply . 7. Fringe benefits Providing fringe benefits is one way some businesses attract and retain quality employees. A fringe benefit is a perk offered to a person specifically because they are a valued employee. These perks provide an additional incentive to work for a particular employer. Fringe benefits can be anything from insurance bundles to tuition reimbursement, or a parking space — which is generally highly valued by workers. The cost of providing fringe benefits is generally tax deductible, so businesses can leverage this opportunity to attract and keep staff. If, like many Australian merchants, you are struggling to find and retain staff since reopening doors — keep this in mind for the next financial year. 8. Tax expenses There are often costs associated with lodging taxes, including the price of hiring an accountant or bookkeeper to keep track of cash flow throughout the year, or working with a tax agent to lodge the necessary paperwork. Having a Business Activity Statement prepared is also tax deductible, as are the costs of complying with an ATO tax audit and objecting to a tax assessment you think is incorrect. Bonus tax deductions for retailers Considering upgrading your business' tech tools? If you've noticed inefficiencies in your tech stack, now's the time to make changes. The government's Small Business Technology Investment Boost enables you to claim an additional 20 per cent deduction for the cost of expenses and depreciating assets up to a maximum of $100,000 per annum. If your EFTPOS terminal frequently drops out, for example, it might be time to upgrade to a machine that supports both Wi-Fi and 4G connectivity. Zeller Terminal protects against internet outages by offering the ability to connect to Telstra's 3G and 4G network via Zeller Sim Card, so no matter where business takes you — you can accept payments from customers. There are also new bonus deductions to help you train new employees and upskill existing staff. For every $100 you spend, you can claim a $120 tax deduction through the Skills and Training Boost. Both of these new measures were announced in the 2022/23 Federal Budget . Tips for retail workers We’ve gone over some of the expenses retail business owners can claim as tax deductions to save money when tax time rolls around — but what can employees of retail stores claim? A retail employer should inform their employees about all of the deductions retail workers can claim on their income tax returns. Below are some expenses that often apply to retail workers. Uniforms: If a retail worker has to purchase a job-specific uniform for work, that is considered a business expense, and it is often tax deductible. Clothes bought to match a dress code, such as khaki pants and a polo, are not tax deductible. However, more industry-specific items like a chef’s coat, police uniform or protective gear are generally tax deductible. Learn more about the qualifications for tax-deductible clothing items. Travel expenses: Any transportation or lodging cost that a worker incurs for their job is considered a travel expense. These expenses are often tax deductible, whether it’s paying for a parking space or a hotel room for a work conference. Equipment: Any equipment a retail employee must purchase for their job is a business expense, and likely tax deductible. Equipment can include something as expensive as a tablet or something as affordable as a clipboard. Educational expenses: If an employee spends money on improving their knowledge and expertise within their field of employment, the money they spend could be considered an educational expense. This can range from conferences and seminars to classes and textbooks. For example, if you run a flower store, your employees might want to take part in a floristry course. Home office expenses: Given the nature of a retail worker’s day to day tasks, this deduction may only apply to your managers and senior staff. Any staff expected to work from home can likely include deductions for costs associated with setting up their home office. This includes internet and telephone fees that are work related, as well as the cost of equipment like a desk, monitor, keyboard and more. Preparing your business for tax time The general rule of thumb is that most expenses incurred in the running of your business can be claimed as retail tax deductions — whether the costs are incurred in an effort to generate a profit, or protect the business’ assets. The above guide is a brief overview of what both your retail business and your employees could be claiming. Make sure to consult a financial advisor or accountant to discuss your specific circumstances. To fully prepare your business for the end of the financial year, schedule time to speak with your accountant or financial advisor. Please note this article is for educational purposes only and does not constitute advice.