How to Set Up a Business Bank Account (For Independent NDIS Support Providers)

Using a business bank account can make tax time a lot easier by keeping personal and business expenses seperate.

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Disclaimer:

The information provided is for educational/informational purposes only, it should not be construed as professional advice.

Always seek professional advice before making legal, financial or tax decisions!

Once you’ve got your ABN and business name, the next important step may be opening a business bank account.

Having a separate account makes your finances clearer, helps with tax time, and keeps your NDIS income and expenses organised.

1. Why You May Want a Business Bank Account

Even if you’re a sole trader, it can be smart to keep your business money separate from your personal spending.

This makes it easier to:

  • Track your income and expenses
  • Prepare for BAS or tax returns

It’s not a legal requirement for sole traders but it can make your life easier down the track.

2. What You’ll Need to Open One

To open a business bank account, you’ll usually need:

  • Your ABN (Australian Business Number)
  • Your business name registration (if applicable)
  • Proof of identity (e.g. driver’s licence or passport)
  • Your contact details and business address

Most banks let you apply online, over the phone, or you can often visit a branch.

3. Choosing the Right Account

Look for an account that suits small businesses and sole traders, and has features important to you.

These may include:

  • No monthly or yearly admin fees
  • Easy to use mobile app
  • OSKO payments

Some commonly used options in Australia include:

  • CommBank Business Transaction Account
  • NAB Business Everyday Account
  • ANZ Business Essentials
  • Up Bank (great mobile app, easy setup although it is not technically for business)

Each bank has slightly different features, so compare before applying.

5. Keeping It Simple

Once your account is set up:

  • Use it only for business-related income and expenses
  • Transfer your “pay” to your personal account weekly/monthly
  • Keep receipts for all business purchases
  • Log expenses into Kareroo frequently to ensure you are up-to-date.