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Tax Reporting With Square Loans

Using your online Square Dashboard reporting, you can view all your loan payments for a given year.

View your Loan Repayments

  1. Go to Money > Loans on your online Square Dashboard.

  2. Click the date-selector tool to choose the date range you’d like to view.

How much interest did I pay towards Square Loans?

With a loan through Square, payments are a fixed percentage of your business’s daily card sales and will vary with the amount your business processes daily. This repayment percentage is not an interest rate. In fact, there are no ongoing interest charges for your loan.

The total cost of the loan is a fixed fee. The fee is the difference between total owed and loan amount.

The actual loan amounts and payback percentages vary for each loan through Square. Here’s an example:

  • Amount deposited to your bank account (Square Loans offer): $10,000

  • Fixed Fee: $1,200

  • Total amount owed: $11,200

  • Percentage of your business’s daily card sales that go towards payment: 11%

  • Following the example above, Square would collect 11% of your business’s daily card payments until you’ve repaid $11,200 in full.

If you’d like to download a CSV file of all your Square Loans payments, you can download transfer details to view all of your payments.

Is the loan fee GST inclusive or exclusive? 

The loan fee that is added on top of your loan through Square is GST exclusive.

Download Your Loan Payment History

  1. Go to Money > Balance on your online Square Dashboard.

  2. Click Transfer Reports and click the date-selector tool to choose the date range you’d like to view.

  3. Click Export.

A spreadsheet will download to your computer as a CSV file, which you can open with your preferred spreadsheet software.

Square does not provide tax advice and this information is not intended to be tax advice. For more information on how Square Loans affects your tax reporting, please consult with a tax advisor.

All loans are issued by Square AU Pty Ltd. (ABN 38 167 106 176). Valid Australian bank account is required. Actual fee depends upon payment card processing history, loan amount and other eligibility factors. A minimum payment of 1/18th of the initial loan balance is required every 60 days and full loan repayment is required within 18 months. Loan eligibility is not guaranteed. Eligibility criteria include consistent and continuous payment card processing through Square. All loans are subject to credit approval. Terms and conditions apply.

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