Business owners who are trading goods and services in Australia are also collecting the Goods and Services Tax (GST) for the Australian Taxation Office (ATO). Bendigo Bank makes it easy to manage this income and ensure it gets paid with this specialised business account. The GST Management Account allows you to separate that income, and easily pay it to the ATO when it’s time to lodge your return.
Bendigo Bank GST Management account is no longer available for new applications. The information provided and bank account cannot be applied for, however, the information on this page has been kept for the benefit of existing customers and for those who are interested.
If you would like to compare other savings accounts, please go through our comparison page.
What are the features of the Bendigo Bank GST Management Account?
The ATO recommends that business owners deposit any GST collected into a separate bank account. If this seems like a viable option for your business, compare the features of this type of account amongst a number of banks to make sure that the one you choose provides the least expense and inconvenience to you:
- Monthly account keeping fee. Bendigo Bank does not charge a monthly fee for the GST Management Account.
- Transaction rebate. This account comes with a $1.75 fee rebate to offset the cost of any transactions you make.
- Accessibility. The following transaction methods are available to give you access to the money in your GST Management Account; phone banking, e-banking, bulk payments, BPAY, Pay Anyone, automatic payments, business cheque and telegraphic transfers.
- Transaction fees. E-banking transactions including phone banking and BPAY withdrawals incur a charge of $0.40. Using your cheque facility to make a withdrawal will cost $0.70 per transaction.
- Hundreds of branches Australia wide
- Internet and Phone banking
- No monthly account fee
- No linked debit card
- Doesn't earn interest
How do I apply for the Bendigo Bank GST Management Account?
For their line of business banking products, Bendigo Bank has specialised business bankers to help in setting up your new accounts. You can contact one to set up an appointment by visiting a branch, calling or emailing the bank or by visiting their website and filling in an online enquiry form. This allows you to set a convenient time for a business banker to call you. Before your appointment, make sure that you are able to meet the eligibility requirements for this account:
- Minimum age. Bendigo Bank makes no mention of a minimum age requirement for this account, but you do have to be a registered owner or signatory of an Australian business in order to apply.
- Residency requirements. Not only will the business need to be registered to operate in Australia, all applicants must be residents for tax purposes.
- Depository requirements. A minimum deposit of one dollar is required in order for this account to be activated.
It will be helpful to have the following documentation with you when meeting with a business banker to help facilitate filling in your application:
- Tax file number. Your business tax file number (TFN) or exemption will be asked for in order to ensure that you are being subject to the correct tax rates.
- Identification. All applicants on the account must be able to provide photo identification documents such as a passport, driver’s licence or Medicare card.
- Business details. Your Australian Business Number (ABN) or company number (ACN) will be required to verify that your business is an Australian entity operating in compliance with the prevailing laws and regulations.
After having gone over the details provided in your application and determining whether this is the right account for your business needs, the Bendigo Bank business banker will establish your account and help you get started in depositing the applicable GST income.