A 12-month plan designed for new business owners who may want some extra guidance around business structure, accounting software setup and training, and more.

We will provide you with guidance and support on what you'll need to do to establish and commence running your new business

We can provide advice on the best business structure for your needs and take care of establishment and registrations

Set up your Xero file so it's optimised for you and give you initial training so you start off in the right way

Preparation of a budget tailored to your business and input into Xero so you can track how you're going

Starter pack

We prepare your BAS returns ready for you to review and pay. We also remind you of when and how much to pay, and even send an alert if you forget! Requires Xero.

Prepare BAS

If you would rather be doing something else, let us do your bookkeeping for you. We love coding and checking and you can relax knowing it's all done right, and on time. Requires Xero.

Bank reconciliation

Input and review of crypto investments per report generated by platform. If not managed/self-managed, please get in touch with our support team for further details.

Crypto

We'll set up your Xero file from scratch, then give you the training you need to use it to its full potential.

Xero setup & training

Input and review of rental activity per agent statement and additional receipts not included in statement e.g. home loan statements, depreciation report. 

If not managed/self-managed, speak to our support team for further details.

Property

Don't know what fringe benefit tax is? Learn about it in our FBT guide.

FBT return (annual)

We set you up with the right Xero subscription and manage your payments.

Xero monthly subscription

We set up your Xero file so it is optimised for you and your business.

Xero setup

An hour of training on how to use Xero to it's full potential.

Xero training

If you would rather be doing something else, let us do your bookkeeping for you. We love coding and checking and you can relax knowing it's all done right, and on time.

Large bank reconciliation

Learn how Payday Super will tighten employer obligations in 2026.

INDUSTRY NEWS  •  8 DECEMBER 2025  •  1 MIN READ

Learn how Payday Super will tighten employer obligations in 2026, including the new seven-day fund-receipt rule and the significant four-month transition cost impacting business cashflow.

Payday Super will demand faster payments and stronger cashflow planning

From 1 July 2026, the way Australian employers pay superannuation will fundamentally change. Under the new Payday Super system, employers will no longer follow quarterly payment schedules. Instead, Super will need to align with each pay cycle.

These changes will have major cashflow and compliance implications for businesses, particularly smaller-sized operations. Here’s what’s changing and how to prepare.

How quarterly super currently works and why it has given businesses breathing room

The current structure has long provided a practical buffer for small businesses, allowing them to process wages, wait for incoming revenue, and manage fluctuations in cashflow before meeting the Super Guarantee (SG) deadline. The three-month window also absorbs delays caused by late invoices, seasonal downturns, and administrative catch-up. 

That quarterly cycle has been an essential part of maintaining stable cashflow. However, that buffer will disappear under Payday Super.

From the start date, employers will no longer wait until the end of the quarter to pay SG. Super will need to be paid in line with each payroll cycle.

The new seven-day fund-receipt requirement

The most significant compliance change is the seven-day rule, which requires the employee's super fund to receive the super contributions within seven days of payday.  

If a clearing house takes several days to process a contribution, that delay still counts against the employer. This shortens the deadline considerably. 

The transition will be financially demanding. 

The full June quarter (three months), and 

This creates a one-off obligation to fund four months of super almost all at once. Businesses operating with tight margins may feel this cashflow pressure the most. 

Once Payday Super begins, late payments trigger immediate compliance actions: 

Interest charges applied by the Australian Taxation Office

Loss of tax deductibility for the late super


This reform also changes the consequences of mistakes. Under the quarterly cycle, errors in hours, pay rates, or super calculations could be corrected later without penalty. However, under the new rule any error that delays the super payment risks missing the seven-day window.

Plan early for the four-month transition cost: Start reserving funds for the June 2026 quarter and July's payday super to prevent cashflow strain.

Model superannuation timing into cashflow forecasts: Treat super like wages and assess whether payment terms or billing habits need to be adjusted. 

Check processing times for your clearing house: Some take several days, which reduces the already tight seven-day window. 

Standardise how hours or changes are submitted: Having a clear process reduces the errors that can delay super payments.

Choose pay dates that provide enough time for payment to reach the fund: Mid-week pay cycles often give more breathing room than Friday pay runs. 

Make sure the person handling payroll understands the new rules: Whether you manage payroll yourself or have an admin assistant, ensure the person responsible understands the new deadlines and consequences of late payments.

Review your payroll software setup: Ensure rates, super categories, pay items, and employee fund details are correct so super calculates accurately. 

Watch for updates from your payroll software: Systems will change to support Payday Super, but employers remain responsible for compliance. Keep an eye out for any updates on system upgrades or required changes within your payroll system.

Payday Super represents one of the most significant changes to employer obligations in recent years. The seven-day requirement and the four-month transition will change how small businesses manage cashflow and compliance. With early planning and a simple, consistent process, employers can avoid SG Statements, penalties, and unnecessary financial strain, and step confidently into the new system.

Beany Resources delivered straight to your inbox.

 Payday Super will demand faster payments and stronger cashflow planning

Industry news

You may want to show your appreciation by giving employees or clients gifts during the festive season. However, here are some FBT and tax rules you need to follow.

EXPENSES  •  25 NOVEMBER 2025  •  3 MIN READ

You may want to show your appreciation by giving employees or clients gifts during the festive season. However, here are some FBT and tax rules you should follow.

Business gift-giving: tax rules for clients and employees

As the song goes, “it’s the most wonderful time of the year” and you may want to show your appreciation by giving employees or clients gifts during the festive season.

However, when a business gives a gift, two main tax questions arise:

Is there Fringe Benefits Tax (FBT) to worry about?

These depend on who the gift is for (employee vs client), the gift's nature, and the value.

Gifts to employees and associates (e.g. family members) are tax-deductible, and in many cases can be exempt from Fringe Benefits Tax (FBT) if they qualify under the minor benefit rule.

A minor benefit is one that is provided to an employee (or their associate)

Is given on an “infrequent” or “irregular” basis

Costs less than $300 (inclusive of GST) per benefit

Where something is deemed to be a minor benefit, FBT won't apply, but the business can still claim it as a tax deduction.

Examples of gifts that may qualify include Christmas presents or a gift for a special occasion.

Giving gifts to clients at the end of the year is always popular and may help you retain clients and generate more income for your business. However, the tax treatment differs from employee gifts.

Non-entertainment gifts such as products, flowers, hampers and gift vouchers are tax-deductible

Recreational gifts such as tickets to a sporting event, movie or theatre are not tax-deductible

Tax-deductible gifts for employees and clients

Tickets to a sporting event, concert, or movie

Recreational experiences (e.g. bowling, spa treatment, or a ticket to a tourist attraction)

As a golden rule of thumb, stick to non-entertainment gifts that are less than $300 per person. This makes it simple to remember without having to consider the different tax treatment for employee vs client gifts.

Expenses

Go beyond annual accounts. Use management reports to track performance and make smarter decisions.

FINANCIAL LITERACY  •  31 OCTOBER 2025  •  5 MIN READ

Discover how regular management reports can help you track performance, improve cash flow, and make confident, data-driven decisions.

What are Management Accounts?

Many businesses only look at their financial position once a year, when the annual accounts are finalised. The problem? By then, the data is historical. Relying on this alone is like only getting a health check-up from your doctor once a year and receiving the results months later. The information is valuable, but not timely. A lot can change in a year and you can’t make choices based on old news.

Monthly or quarterly management accounts bridge the gap, giving you timely insights into performance so you can make decisions before opportunities pass or problems escalate. Think of them as your business’s regular health check-up that reviews the vital signs.

Management accounts bring together key financial data into a concise, decision-making tool. While every business’s management accounts will look slightly different depending on industry and goals, they often cover:

Profit and Loss statement - revenue, expenses and profitability

Balance sheet - assets, liabilities and equity snapshot

Cash flow statement - movement of cash in and out of the business, ensuring you have the funds to operate smoothly

Key Performance Indicators (KPIs) - metrics aligned to your goals, such as gross profit margin, customer acquisition cost, or revenue per employee

Variance analysis - where the magic happens, comparing actuals against budget or prior periods to answer the critical question ”are we on track?”

Understanding the key difference in how year-end and management accounts are used is a crucial part of running a business.

Annual accounts are essential for meeting tax obligations and local regulatory requirements but they are primarily historical records.

Management accounts focus on recent performance. They help you see trends, understand the drivers behind your numbers, and make adjustments while there’s time to influence outcomes.

Management accounts aren’t just about reporting numbers, they’re a strategic tool.

Informed decision-making - insights to guide growth, investments and costs

Improve cash flow management - anticipate shortages or surpluses before they impact operations

Spotting trends or problems early - identify rising costs, falling margins or seasonal changes and take corrective action

Stakeholder confidence - provides up-to-date information for investors, lenders, and partners

Tax planning - stay on top of obligations and optimise your tax position before year-end

Performance tracking - compare actual results against budgets or forecasts

The true value of management reports is in interpreting them. Clear analysis, relevant commentary and actionable recommendations are what turn the data into a useful roadmap.

At Beany, our accountants help you understand the story behind your numbers. We turn your financial data into a practical conversation, giving you confidence and clarity to make better decisions for your business.

If you’re already a client, get in touch with your accountant for further information on cost, reporting frequency and what metrics will be the best fit for your business and goals.

New to Beany? Book a free consultation to discuss your compliance accounting requirements and explore valuable add-on services like management reports.

Financial literacy

Learn the difference between financial and management reports,

FINANCIAL LITERACY  •  30 OCTOBER 2025  •  5 MIN READ

One report is for tax authorities, the other is for you. We break down the key differences between financial statements and management reports for Australian business owners.

Management Accounts vs Financial Statements

Financial reports are a fundamental part of running a business. However, not all reports are created equal. The key to decision-making is understanding the difference between the official financial statements prepared after year-end and the timely management reports needed to steer your business on a day-to-day basis.

Understanding both is essential. Financial statements are like a map showing the route you've travelled, recording where you've been and how far you've come. Management reports are like your GPPS, guiding you on your journey and alerting you when you need to change course. One ensures compliance and reflects where you’ve been, the other provides the insight you need to decide where you’re going.

In this article, we highlight the key features of each.

Financial statements are the official, formal record of your company’s financial performance and position for a particular financial year.  

Provide a high-level, trustworthy overview for external groups like ATO, banks and investors

Are strictly governed by Financial Reporting Standards and Company Law

Present a historical view, showing a clear account of what has already happened

Are prepared annually primarily for compliance with tax and legal requirements

Year-end financial statements include the Profit and Loss, Balance Sheet and Cash Flow Statement, and are fundamental to your business’s official reporting.

Management reports are internal, customised reports created specifically to help business owners and their team run the business more effectively.

Provide a customisable and tailored view of your business, often including operational data

Unlike official statements, they are flexible and not regulated so can be adapted to focus on the information you need most

Are prepared monthly or quarterly, giving you an up-to-date view of recent performance

Management reports often include Profit and Loss, Balance Sheet, and Cash Flow Statements on a smaller scale, but also operational metrics and variance analysis.

Think of it this way, the financial statements are the birds-eye view of your business, while the management reports are the zoomed-in street view.

These two types of reports are not mutually exclusive. You can use your official financial statements to set high-level goals, then use your management reports to track the monthly/quarterly progress and daily actions needed to achieve that goal.

Top tip: don’t just wait for your annual financial statements, but use regular management reports to keep your finger on the pulse of your business’s financials and the metrics that matter most.

Is your reporting giving you the full picture?

If you’re already a client, get in touch with your accountant to discuss your reporting strategy and how our management reports service can help keep track of your key metrics and goals.

New to Beany? Book a free consultation to discuss your compliance accounting requirements, and explore valuable add-on services like management reports.

Financial statements vs management reports

 It’s important to understand the position of the ATO on crypto tax and the consequences of owning cryptocurrencies. In this blog, we’ll go through everything you need to know.

TAX  •  29 SEPTEMBER 2025  •  6 MIN READ

It’s important to understand the position of the ATO on crypto tax and the consequences of owning cryptocurrencies. In this blog, we’ll go through everything you need to know.

Cryptocurrency: The ATO and Crypto Tax

You may be surprised to find around a third of Australians own crypto - and this number is growing as the types of crypto develop and evolve. With the growing number owning crypto, it’s important to understand the position of the ATO on crypto tax and the consequences of owning crypto assets.

Tax treatment of using and transacting with crypto

Crypto assets are an asset class which includes cryptocurrency, digital tokens and coins. They are not physical assets like coins or notes, but rather digital tokens stored in a digital ‘wallet’. These digital tokens rely on cryptography and technology such as blockchain for security and other features.

 There are different types of crypto assets. Here are some of the more popular ones at the moment:​

Assets that are designed to act as a medium of exchange with transfer enabled on blockchains. Cryptocurrencies have no intrinsic value and are worth as much as people are willing to pay for them.

This is an individual crypto asset which cannot be replicated – it’s one of a kind. An example is a piece of artwork in digital form. The global NFT market was around $36.23 billion (USD) in 2024 and is predicted to increase to $703.47 billion by 2034.

Examples: In-game avatars, digital/ non-digital collectables, tickets, and domain names.

A marketing term for crypto that uses a specified asset or basket of assets to maintain a stable value. These assets include such things as a currency like the USD, gold, equities, bond or other crypto.

Examples: Tether, USDC, TrueAUD, and DAI.

DeFi (decentralised finance) coins or DeFi tokens are digital assets that can be bought, sold, and traded using decentralized solutions called DApps.

Tax treatment of using and transacting with crypto assets

For tax purposes, crypto assets are not a form of money. Crypto assets are seen as property and fall under the Capital Gains Tax (CGT) regime. The way you use or transact with crypto assets will determine how you treat them for tax purposes.

Crypto assets are taxed as CGT assets, including for self-managed super funds (SMSFs) investing in crypto assets

Rewards for staking crypto are ordinary income for tax purposes

If you acquire a crypto asset as an investment, transactions such as disposal, exchange, or swap are a CGT event that must be recorded in your tax return.

You can't deduct a net capital loss from your other income. You may be able to reduce capital gains using the CGT discount.

In general, a CGT event happens when you dispose of a CGT asset. For the purposes of crypto assets, this could be when you:

Trade, exchange or swap one crypto asset for another

Convert a crypto asset to Australian or foreign currency

Buy goods or services with a crypto asset

Common tax questions on the ATO and crypto

Does the ATO know about my cryptocurrency?

Yes, as the ATO has crypto tax data-matching programs which receive information from share registries and crypto asset exchanges.

The data is used to identify the buyers and sellers of crypto assets, including addresses, phone numbers, names, bank accounts, transaction dates and coin types.

Do I have to pay tax if I transfer crypto from one wallet to another?

As long as both wallets are under your name then there’s no tax to pay on your personal transfers. However, you have to keep track of the original cost of the transferred coins and have sufficient proof of it.

Moving coins between wallets won’t hide the original amount you paid from your records and won’t change your total capital gains or losses.

 As an investor, can I claim a capital loss on crypto?

Capital losses on crypto can be offset against capital gains made in the same financial year or carried forward to be offset against future capital gains. Capital losses can be carried forward indefinitely until they are used (it’s important to declare these on your tax return).

You can’t use capital losses to offset against other forms of income such as salary or wages.

Are crypto-to-crypto trades or swaps taxed?

Yes, any swap or exchange of cryptocurrencies is a taxable event in Australia. For example, if you exchange Litecoin for Ripple, the ATO and other tax agencies will treat this as a sale (disposal) of Bitcoin at the market price you received at the time.

What if my crypto is held in foreign currency?

You will need to value your crypto asset in Australian dollars to calculate the capital gain or loss.

To work out your capital gain or loss, it is important to keep records for each crypto asset and your transactions. The ATO provides a detailed list here. 

Crypto is largely not regulated - the platform in which you purchase cyber assets may or may not be regulated by ASIC, so if the platform fails, you have no protection.

There tends to be more volatility and fluctuations in the value when compared with fiat currency. Media perception and hype can affect the value as well as the qualities of the assets such as how easy it is to trade and the blockchain technology used.

Your money could be stolen - your digital wallet can be stolen by hackers. Since there is no central data bank, if a hacker gets to your crypto, you have little hope of getting it back.

They can be difficult to understand - many crypto assets do not have product disclosure statements or prospectuses to explain clearly about the asset.

The number of scams involving crypto is increasing as money can be very hard to trace.

As we mentioned earlier, there is currently no specific legislation or case law on crypto assets. You can bet it’s coming though. Here are some of the links to ATO literature. We don’t expect you to read them (all) – just get an idea of the work involved when calculating your taxable income from crypto assets.​

Capital gains calculation of crypto assets - ATO

TD 2014/25 Income tax: is bitcoin a ‘foreign currency’ for the purposes of Division 775 of the Income Tax Assessment Act 1997 (ITAA 1997)?

TD 2014/26 Income tax: is bitcoin a CGT asset for the purposes of subsection 108-5(1) of the Income Tax Assessment Act 1997 (ITAA 1997)?

TD 2014/27 Income tax: is bitcoin trading stock for the purposes of subsection 70-10(1) of the Income Tax Assessment Act 1997 (ITAA 1997)?

Using a business vehicle to travel between home and work? Find out when this might trigger Fringe Benefit Tax (FBT) and what exceptions may apply.

Travelling between home and work in your business vehicle? The ATO may consider this a fringe benefit. Learn when FBT applies and what exceptions are allowed.

Is Home‑to‑Work Travel Subject to Fringe Benefit Tax (FBT) in Australia?


In Australia, Fringe Benefit Tax can apply when a work vehicle is used for private purposes. The Australian Tax Office’s MT 2027 ruling outlines how travel between home and work is treated for FBT purposes, and the limited situations where it is considered business use not private.

We’ve pulled together a summary to give you the crucial details on when the commute between home and work may be classified as a ‘fringe benefit’ and the key exceptions.

What is a ‘Fringe Benefit’ in this context?

We have a whole article on Fringe Benefit Tax, but in this context, if you have a work vehicle that is available for ‘private use’, then there is usually a fringe benefit.

‘Private use’ includes not only travel that benefits you personally, such as driving to/from the supermarket, or driving to social engagements/activities, but also includes your daily commute between home and work.

As a general rule, travel between your home and workplace is considered a personal expense.

Key exceptions when home-to-work travel is not deemed private use

Even though the general rule says home-to-work travel is private, there are specific situations where it's treated as work-related travel and won't be subject to FBT.

If you must use the vehicle to carry tools, instruments, or other essential work items that you need for work, both at home and at your workplace, and these items are too bulky, valuable, or sensitive to transport otherwise, then your travel is likely not private use. Your own transportation is considered "incidental" to moving the equipment.

Example: A musician who transports bulky instruments between their home (where they practice) and a concert hall (where they perform) in an employer-provided vehicle, especially if the vehicle is only for this purpose.

If your job inherently involves a lot of travel to different workplaces throughout the day and there is no fixed workplace, then travel from home to your first job, and from your last job back home is considered work-related.

It is impractical to perform the work duties without the use of a car

Example: A community nurse visits several patients each day across different suburbs, starting and ending the day at home. Their patient list constantly changes and travel is essential to their duties.

If you are required to respond to emergency calls from home, and your responsibility for the task begins before you leave home, then the travel to the emergency and back home is not private use.

Example: A person on-call for responding to and assisting with vehicle breakdowns receives a call and begins diagnosing the problem over the phone before driving to the site.

Someone simply on call, who won’t commence work until they arrive at the workplace is not covered under this exemption as the travel would still be considered private in nature.

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