GST Invoices and Taxpayer Information
Learn how to ensure that your taxpayer information is correct and up to date.
Do non-profit organisations receive a tax invoice?
Yes. Regardless of your business type or classification, Square will provide you with a GST tax invoice if you’ve processed card payments through Square in the previous month.
Does Square report my transaction data to the Australian Taxation Office (ATO)?
Yes. Legislation, introduced by the ATO, came into effect on 1 July 2017 establishing a new reporting system for business transactions made through all third-party payment systems operating in Australia. This legislation requires ALL Australian payment processors — including Square, banks and other payment providers — to report card transactions where a business has received a payment or provided a refund to a customer.
How do I update my account so it’s reported under my business name?
To receive an updated tax invoice, update your business taxpayer information by heading to the Receipt section in your Square Dashboard. After editing your information and clicking Save, the Tax Invoices section should automatically update. You can confirm this by downloading an invoice.
How do I receive a corrected tax invoice for a prior tax year?
Can I view my cost of acceptance in the monthly invoice?
Yes. In every monthly invoice, you can view the cost of acceptance as a dollar amount and percentage for all Square transactions. At the end of the financial year, you will receive a yearly cost of acceptance invoice.
You can use this information to identify your average cost of acceptance when determining what surcharge to pass on to customers for Square payments. Please see ACCC’s guidance on surcharging for more information.
Note: You cannot apply a surcharge to Afterpay in-person or online transactions.
If you are signing up for a Square account as a business or a company, you must use the true and accurate name of your business or company and supply the correct details of its Australian Business Number (ABN) or Australian Company Number (ACN). This name will appear on your customer's credit or debit card statements for all payments you accept.
How can I apply for an ABN?
Learn about how to apply for an ABN from the ABR.
Can I edit the ABN that appears on my Square account?
Your Square account is tied to the ABN provided during the account setup process.
To start taking payments under a new ABN, you'll need to sign up for a new Square account that will be tied to the new ABN. You can continue using your existing Square hardware to take payments. Simply sign out of your old account on the Point of Sale app and online Square Dashboard, and sign in to the new account to take payments for that ABN.
Note: You can keep your existing Square account for bookkeeping purposes, note you'll need to use a different email to create a new account.
Merchant ID Number
While Square is a credit and debit card processing company, we aren’t a typical merchant service. We don’t supply our account holders with individual merchant ID numbers, but your business is still designated as a merchant with Square.
Read more about GST Invoices.
Disclaimer: Please note that this guidance is general in nature and does not constitute legal, tax or any other type of professional advice. If you are unsure about your tax obligations or where to find the relevant information, we suggest that you consult with a professional.