Key Takeaways
- Monthly business account fees are 100% tax-deductible.
- Apportionment is mandatory for personal vs work travel.
- Keep the monthly bank statement for all fee expenditures.
- Annual fees for business credit cards are fully deductible.
The Short Answer
A Big Yes! The ATO recognizes that paying monthly fees and transaction costs for business-related accounts is a legitimate business expenditure. Whether you're paying a monthly fee for a business account or an annual fee for a business credit card, you can claim a deduction for the full account fees you've paid.
Who CAN Claim?
A deduction is only available if there is a direct connection between your job and the account fees. This includes any business where a specialized account is a requirement, such as:
- Sole traders and small business owners (e.g., monthly business account fees)
- Consultants and freelancers (e.g., specialized business credit cards)
- Real estate agents (e.g., account fees for specialized trust accounts)
- Anyone who needs a specialized account for their daily business role
Wait—What is NOT Deductible?
A deduction is NOT available for monthly account fees on personal accounts or personal credit cards that are not related to your income-earning activities. For instance, if you're a standard employee and you pay a monthly fee for a personal checking account, that is NOT tax-deductible.
Supporting Evidence 2026
Keep your monthly bank statement for all account fee and credit card annual fee payments. If you use the account for both business and personal expenses, you must apportion your claim based on that dual use.
The 2026 Audit Ready Tip
Ensure your tax return specifically mentions "Business Account Fees" as a legitimate business expense. If you're a high-volume transactor, keep a copy of your bank's fee schedule to justify the total fees for the financial year.
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