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Six handy tips for tax time

Man leaning on boxes
Preparing for your tax return can be much easier if you’re making the most of Business Banking Online. Here are some handy tips to help you gather the information you may need.
1. Download your Financial Year Interest Summary

Here’s how to view, download and print Financial Year Interest Summary reports for your accounts in Business Banking Online:

  1. Select Reports
  2. Select Financial
  3. Select Interest summary
  4. Choose either Current financial year or Previous financial year
  5. Click View report
  6. The interest for the financial year selected is displayed
  7. Click PDF print to generate a copy of this information for your records.
2. Access your Account Transaction History

You can view and download up to 3 years of account transaction history in just a few clicks. Once signed in:

  1. Select Reports
  2. Select Transactions 
  3. Select Transaction history.
3. View or print a summary of the balances of your accounts
  1. Select Reports
  2. Select Financial
  3. Select Consolidated balance
  4. Select the date you want to view balances for
  5. Click View report
  6. The overview of balances for your accounts for the date selected is displayed
  7. Click PDF print to generate a copy of this information for your records
  8. To view balances for a different date, select the new date in the filter then click Update report.
4. Review and update your User permissions if necessary

If you’re the Administrator, you can review each of your User's permissions (e.g. access levels and features available) in Business Banking Online. To change the access role for a User:

  1. Select Admin and then select Company admin
  2. Select Users
  3. Select the user whose access Role you want to update
  4. Select a Role for the user and then click Save changes.
5. Claim for eligible business purchases made before the year end

You may wish to take advantage of the federal government’s instant asset write-off scheme for small businesses. As a result of the COVID-19 situation, the threshold of the initiative has been increased from $30,000 worth of asset purchases to $150,000 for the 2019/2020 financial year.

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The Detail

The Interest and tax summary does not include amounts which have been incurred or accrued but have not yet been paid or received. All amounts are in AUD unless otherwise specified.

This information does not take your personal objectives, circumstances or needs into account. Consider its appropriateness to these factors before acting on it. Read the Bank of Melbourne Business Banking Online and Payment Services Terms and Conditions before making a decision and consider whether the product is appropriate for you.