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 the key causes of profit erosion and how to optimise for sustainable business growth.

Discover why increasing revenue doesn't always lead to profit growth. Learn the key causes of profit erosion and how to optimise for sustainable business growth.

Why growing revenue isn't the same as growing profit

Many business owners assume that growing revenue automatically means profit will grow at the same rate. More customers, more sales, more money. The logic makes sense but it’s not always the case.

It can often feel frustrating. You're working harder, revenue is climbing, and things seem like they're going really well, but your bottom line doesn't reflect that.

This is because revenue and profit are two very different metrics. A business can generate significantly more revenue and still see profit stagnate, shrink or even disappear entirely. Beneath the surface of revenue growth are often inefficiencies or other problems that quietly erode profit margins. When this happens, the business ends up in a weaker financial position even though it seems more successful from a revenue perspective.


What causes the gap between revenue growth and profit growth

When revenue increases but profit doesn’t keep pace, it usually comes down to one or more of the following:

Software and subscription costs that accumulate from needing additional software or user licenses

An increase in the cost of delivering your product/service

Rising customer acquisition costs from expanded advertising, market saturation or less efficient channels

Pricing not keeping pace with rising costs

Heavy discounting that generates sales volume but lowers profit margin per sale

Internal processes that haven’t scaled efficiently

Capacity constraints when demand exceeds what existing systems can handle

Extra admin and support burdens that can come from having more customers

Payroll growing at a faster rate than revenue

Taking on clients or projects that cost more to serve (i.e. more revisions, customisation, or support than your average customer)

Growth weighted towards lower-margin products or services rather than higher-margin ones

Increased product returns and refunds that add processing and admin costs

When a business is growing fast, it's easy for a few of these to compound at the same time. Sales are coming in and the product or service needs to be delivered, but the processes and costs behind it are under pressure to keep up. The combination of these pressures is often what creates the gap between revenue growth and profit growth.

They ramped up their advertising spend and offered frequent promotional discounts. Their sales volume climbed, resulting in revenue growing from $1,000,000 to $2,000,000. However, the extra volume pushed up fulfilment costs and return rates. The profit made was $140,000.

They reviewed their product mix, discontinued two low-margin lines, and streamlined the delivery process to cut out a step that was adding extra admin time to every job. Their revenue remained steady at $1,000,000 but the improvements to product mix and operations led to better overall margins. The profit made was $220,000.

Business A looks twice the size on paper, but Business B is the more profitable one. Business A retains 7 cents from every dollar of sales, where Business B retains 22 cents from every dollar of sales.

Business growth should always aim to improve your financial strength rather than just making you (and your team) busier. 

At a minimum, revenue and profit should grow at the same rate, so if revenue grows 5%, net profit also grows 5%. In a well-optimised business, profit should actually grow faster than revenue, so if revenue grows 5%, net profit might grow 7-8%. This is because the business is set up for sustainable growth which allows revenue to increase without negatively impacting margins.

To optimise your business for sustainable growth:

Build scalable systems and operating procedures that work well today and will easily hold up at double your current size

Track profitability by product, service or client type so you can focus on growth that’s actually worth having

Set strict boundaries around discounting and scope creep to protect net returns on every job/sale

Audit recurring costs quarterly or every six months (especially software subscriptions which are notorious for cost creep)


If you’re not sure where to start, your Beany accountant can help you understand what’s driving your profit and where your costs are creeping up. If you’re not working with an accountant or looking for a new one, get in touch with us for a chat about how we can support your business.

Beany Resources delivered straight to your inbox.

Why growing revenue is not the same as growing profit

Financial literacy

Businesses overpay on software by up to 30%. Uncover your hidden SaaS subscription costs and boost your net profit.

Overpaying for unused software seats or forgotten tools? Learn how to identify hidden subscription costs and boost your net profit without growing revenue.

5 hidden SaaS subscriptions draining your business profit margin

You don't always need to grow revenue to grow profit. Sometimes the fastest win is finding the money you're already losing.

Software is an expense line that is supposed to make businesses more efficient. However, many businesses experience what we call SaaS bleed, where recurring software charges eat into profit margin without anyone noticing. 

Studies have found that the average business overpays on software by as much as 30% thanks to unused seats, redundant tools and missed cancellation windows. The good news is that unlike most cost-cutting, this one doesn’t often require a painful trade-off. It just requires a closer look at where your subscription dollars are actually going. 

Here are 5 types of SaaS subscriptions where unnecessary cost is hidden and what to do about each one.

Tools that charge per user can look affordable at the start, but the cost multiplies as teams grow, roles change and employees leave.

Wasted spend usually happens in two ways. Someone is given full paid access when guest-level permissions would have done the job, or a former employee or contractor’s account stays active for months (sometimes years) after they’ve left. Either way, you’re paying for an empty seat/user.

To stop paying for unused seats, implement a strict IT offboarding process that revokes licenses or archives accounts the moment someone leaves. While this won’t capture cost leakage related to people who’ve swapped roles or users who’re no longer using a particular tool, this will at least put a stop to paying for seats of departing team members.

Some software plans come with user, volume or usage thresholds that trigger significant automatic price increases once you cross them. The frustrating part is that this often happens through normal everyday growth. For example, a contact list expands from marketing activity, inactive users still count towards your total, or a misconfigured or old automation that’s executing tasks in the background.

To prevent these price jumps, regularly clean database lists to get rid of unengaged or bounced contacts, and set usage alerts or caps so you’re not pushed up a tier unnecessarily or without warning.

This one’s more common that most business owners realise. Different teams often buy software to solve an immediate problem without checking if an existing tool can do the job. This results in the business paying twice for the same capability.

To stop paying double, audit your tech stack by functionality and evaluate whether any existing software can be consolidated.

A niche tool gets bought for a one-off project or a single employee’s job, but the recurring charge continues long after the project ends or the employee no longer needs it (or worse has left the business entirely).

Individually, these charges might be small. $10 here, $40 somewhere else. Add them all together and they’re a real margin killer especially if no one is actively using what you’re paying for.

Design, prototyping or stock asset platforms

To catch these sneaky charges, conduct a quarterly review of recurring software expenses and confirm that each one is still genuinely needed.

Free trials and first-year discounts are great for testing whether a tool actually earns its place in the business. However, once the introductory period expires, most tools convert automatically to a full-price subscription or annual commitment. If no one actively reviews whether the tool is worth it, the new cost becomes permanent without ever being questioned.

To prevent this silent cost creep, keep a record of trial and promo ends dates, and set a precedent of reviewing these tools in advance so you can cancel, negotiate a second-year discount (if possible) or actually justify its ongoing use well before the full price comes into play.

For trials, you could even consider using a virtual card with a low spend limit (e.g. $1) so that if someone forgets to cancel, the payment simply declines instead of going through unannounced.

Recovering 10-20% of your software spend is one of the easiest ways to improve profit margin with minimal effort.

If you want to tackle all wasted spend at once, the place to start is by exporting the last 60 days of credit card statements and going through every recurring software charge line by line. Cancel unused software, consolidate redundant or duplicate tools, and remove unneeded paid seats.

It might be an hour or two’s work but those cost savings go straight to your bottom line.

The hidden subscription costs draining your profit margin

Business advice

Learn the difference between the Medicare levy and surcharge, and how private health insurance  affects what you pay.

FINANCIAL LITERACY  •  31 JULY 2026  •  5 MIN READ

Confused about Medicare on your tax return? Learn the difference between the levy and surcharge, and how private health insurance actually affects what you pay.

Why you still pay Medicare even with private health insurance

If you’re paying for private health insurance every month, it can feel like something doesn’t quite add up when your tax estimate shows Medicare charges on top. It might feel like you’re being charged twice for the same thing, but in reality you’re not.

What you're actually seeing on your tax estimate 

On your tax estimate or notice of assessment, there are two Medicare components listed under ‘Other liabilities’:

They're calculated differently, triggered by different rules, and don't respond to private health insurance in the same way.  

The Medicare Levy (the 2% you can't avoid) 

This is the part most people assume their private health insurance should cover, but it doesn't. The Medicare Levy is a standard contribution to Australia's public healthcare system. It helps fund things like public hospitals, GP visits, and subsidised medicines. Whether you use those services or not isn't the point, it's based on the idea that everyone contributes.  

For most taxpayers, it's calculated at 2% of your taxable income and having private health insurance doesn't remove this levy. You can have a full hospital cover, never use the public system, and still pay for it. This is because it's not tied to your personal usage or your insurance, but to your income.  

The only time this amount reduces or disappears is if your income falls below certain thresholds or you qualify for a specific exemption. Otherwise, it applies across the board.  

The Medicare Levy Surcharge (the part you can avoid) 

This is the one that actually connects to your private health insurance. The Medicare Levy Surcharge is an additional tax that applies if your income is above a certain threshold, and you don't have the right level of private hospital cover. It's designed to encourage higher earners to take the pressure off the public system by going private.  

Unlike the standard levy, this isn't automatic. It only kicks in when both of these conditions are met:  

Your income exceeds the threshold (currently $105,000 for singles and $210,000 for couples/families for FY27)

You don't have qualifying hospital cover 

The rate ranges from 1% to 1.5% of your income, depending on how much you earn. This is where private health insurance makes a difference. If you have an appropriate hospital policy in place for the full financial year, the surcharge doesn't apply.  

That's why this part is often described as avoidable. You're effectively choosing between paying the surcharge or holding a level of insurance cover that meets the requirements.  

What counts as 'valid' private health insurance 

Having private health insurance doesn't automatically mean you've avoided the surcharge. The policy has to meet specific criteria.  

It needs to be hospital cover. Extras cover on its own, like dental, physio, or optical, doesn't count toward avoiding the surcharge. 

The policy must also fall within the allowed excess limits:  

If your excess is higher than this, the policy won't qualify for MLS purposes.  

You also need to be covered for the entire financial year. Even a short gap, like switching providers or starting a policy later, can trigger the surcharge for those uncovered days.  

It's really just about having the right type of cover, with the right structure, and in place for the full year.  

Why you might still be charged the surcharge 

If you're seeing an MLS on your tax assessment despite having insurance, there’s usually a specific reason behind it. 

Your insurance is for extras cover only. These policies are useful for everyday healthcare, but they don't count toward avoiding the surcharge. Without hospital cover, the MLS still applies.  

Your policy excess is above the allowed limits. Even if it's hospital cover, going over the $750 or $1,500 threshold means it doesn't qualify.  

There were gaps in cover. If there were any days during the year where you weren't covered (even briefly while switching providers), the surcharge can apply proportionally for those days.  

Reporting issues. If your private health insurance details weren't correctly pre-filled or recorded, the ATO may calculate the surcharge as if you had no cover.  

If something doesn't look right, it's worth checking these areas first before assuming the charge is correct.  

The decision most higher-earners are making 

For those that fall within the MLS thresholds, it often comes down to a simple trade-off. Do you pay the MLS, or do you pay for a level of private hospital cover that removes it?  

In many cases, a basic hospital policy can cost less than the surcharge itself. That's why some people take out cover. Not necessarily for the benefits, but to avoid the extra tax.  

It's one of the few areas where the system gives you a choice. You either pay the government through the surcharge, or redirect that cost toward private cover that meets the requirements.  

What to do if you opt for insurance cover

Make sure your policy includes hospital cover not just extras

Set your excess level to less than $750 (for singles) or $1500 (for couples or families)

If you switch insurance providers, make sure there’s no gaps in cover i.e. one policy finishes and the other starts on the same day.

Ensure that your insurance details are correctly reported to the ATO each year

If you're unsure whether your setup is working in your favour, check with your Beany accountant. We'll walk through your tax position, check the details, and make sure there are no surprises when your return is finalised.

Missing an ASIC obligation may seem like a small thing but it can easily escalate into a much bigger issue if it doesn't get resolved.

FINANCIAL LITERACY  •  30 JUNE 2026  •  4 MIN READ

Missing an ASIC obligation may seem like a small thing but it can easily escalate into a much bigger issue (even a legal one) if it doesn't get resolved.

What happens if you don't pay your ASIC fees (or meet any other ASIC obligations)?

Every registered Australian company has an ongoing obligation to pay fees to the Australian Securities and Investments Commission (ASIC). Miss a payment, and the consequences start small. Leave them long enough, and they can threaten the legal existence of your business entirely.

What actually happens when you don't pay?

The day after your fee is due, ASIC applies a late fee automatically. From that point, the longer you leave it, the more expensive it becomes.

If the fees continue to go unpaid, ASIC will send notices to your registered agent, your company's portal account or your registered office address. If those go ignored, final letters are sent directly to each director's residential address. At that point, ASIC is not providing a friendly nudge. They’re formally notifying you that your company is at risk.

For companies that remain non-compliant for twelve months or more, ASIC can begin deregistration proceedings. Once deregistration is complete, your company no longer exists as a legal entity, any contracts it held may become unenforceable, and any assets the business held are claimed by the Australian Government. On top of that, the personal liability protection that comes with operating as a company structure disappears. If the business continues to operate after deregistration, directors can find themselves personally responsible for any debts and obligations incurred.

Beyond the legal exposure, there is a reputational dimension that is easy to underestimate. Lenders, investors and business partners regularly check ASIC's public register. A visible history of non-compliance can affect loan applications, tender eligibility and the confidence of people you want to do business with.

Paying ASIC fees on time is not just a tick-box exercise. It acts as a signal that a business is being run properly.

ASIC late fees apply any time a company misses a deadline, whether that is a payment, a document lodgement or an update to company details. There are more ways to trigger a late fee than most business owners realise.

Miss the two-month window to pay your annual review fee after your company's anniversary date

Do not correct or update details shown on your annual statement within 28 days of it being issued

Fail to notify ASIC of changes to company details such as a new director, a change of address or a share structure update within 28 days of the change occurring

Do not lodge required ASIC documents on time

Allow your registered contact details to become outdated, meaning you never receive your annual statement (the obligation and the late fee still apply even if the notice never reached you)

Assume that because your company is not actively trading it has no obligations. Until a company is formally wound up or deregistered, all annual requirements remain in place

Once a deadline is missed, ASIC applies an automatic late fee of $102 (applied the day after the due date). If the obligation remains unpaid (or unlodged) beyond one month, that rises to $428. These fees apply per missed obligation, so missing multiple deadlines means multiple late fees.

For companies subject to an industry funding levy, a penalty of 20% per annum of the overdue amount is charged for each month the payment remains outstanding.

To show how quickly this adds up, say your annual review fee is $342 and you also missed lodging a director update, and both are more than one month overdue. You are looking at the original $342 fee plus 2 lots of $428 in late penalties across the two obligations, totalling $1,198. What started as routine admin has become a four-figure cost.

Note: ASIC fees are indexed annually on 1 July. In the above example, we've used the figures that apply from 1 July 2026. Always check the current fee schedule on the ASIC website to confirm the rate that applies to your company.

In short, rarely. ASIC applies late fees automatically and the bar for having them removed is extremely high.

Waivers are only considered in genuinely exceptional circumstances where something entirely outside the company's control made compliance impossible. This includes situations such as a natural disaster destroying business records, a serious illness or death of a sole director, a confirmed cyberattack that prevented lodgement, court delays affecting required documentation or a processing error on ASIC's own end.

What will not qualify is a much longer list. Forgetting a deadline, not receiving the annual statement because contact details were out of date, cash flow problems, staff shortages, being busy or travelling. None of these will result in a waiver. 

ASIC's position is that compliance is the company's responsibility regardless of circumstance, and that position is applied consistently.

If you do believe you have genuine grounds for a waiver, you will need to apply through ASIC Connect and provide supporting evidence. ASIC aims to review applications within 28 days.

ASIC compliance is one of those things that can slip down the priority list when you are busy. The tips below can help make sure it does not catch you off guard.

The review date is the anniversary of your registration and it never changes, which means you can plan around it well in advance. Set calendar reminders and treat it like any other non-negotiable business deadline.

If your registered email address or office address is out of date, annual statements and payment notices may never reach you. That does not remove your obligation to pay, so it’s worth always keeping your details up to date.

When everyone assumes someone else is handling it, things get missed. Whether that is you or another team member, one person should be responsible for tracking deadlines and making sure lodgements and payments are completed on time.

Do not wait until your annual review to notify ASIC of changes. Directors, addresses and share structures need to be updated within 28 days of a change occurring. Building a habit of lodging changes promptly removes the risk of late lodgement fees stacking up alongside your annual review obligations.

Budget for ASIC fees as a regular business cost

Fees are indexed annually on 1 July, so it is worth checking the current rate each year and setting funds aside so the payment is never a surprise.

Act as soon as your annual statement arrives

When your statement arrives, review it and pay promptly rather than waiting for the deadline to approach. This leaves a buffer for any technical issues with payment processing and reduces the chance of an avoidable late fee from a last-minute oversight.

Consider working with an accountant or registered ASIC agent

For businesses that find compliance admin difficult to keep on top of, having someone manage it means deadlines are monitored and lodgements are handled without it falling through the cracks. At Beany, our clients receive a heads-up when their annual review is due as part of their accounting service.

Not working with an accountant? Beany is an online accounting and business advisory firm with clients across Australia. Our team are based nationwide, from Auckland to the deep South. Get in touch or book a free discovery call to discuss how we can help your business.

Be ready for year-end with our EOFY preparation checklist.

A practical EOFY preparation checklist for Australian businesses to organise finances, reduce tax risk, and file with confidence.

Year-End Preparation for Australian Business Owners

Preparing for year-end isn't just about closing the books. It also sets the clock ticking on filing and tax obligations.

To help you prepare, we've put together a checklist of key areas that are worth reviewing before the financial year comes to a close.

As you approach year-end, your bookkeeping should be fully up to date. Check that all sales invoices for the year have been raised and all expenses have been accurately recorded.​

This includes reconciling bank accounts, ensuring receipts are uploaded or attached, and checking that transactions are categorised correctly. Incomplete records can destroy your profit figure and create delays when accounts are being prepared.

Outstanding invoices count as income, even if the money has not been received. This can inflate profit and tax. 

Before year-end, assess whether outstanding debts are genuinely recoverable. If a customer has gone quiet, is in financial trouble, or has shown no progress despite follow-up, it may no longer be appropriate to treat that invoice as income. 

Would you still expect to collect this in six months?

Is this a genuine receivable or simply optimism?

Bad debts usually need to be written off before EOFY to be tax-deductible. Waiting until later can mean paying tax on income you never receive. 

Missed creditors are one of the most common errors and often leads to overstated profit. 

Check whether all bills incurred before 30 June have been entered, including professional fees, interest or supplier invoices received late. Accurate liabilities help ensure your tax position reflects reality. 

Fixed asset registers often contain items that no longer exist or are no longer used. For example, old electronics that are obsolete or have been upgraded.

Go through the list and check whether assets have been sold, upgraded, scrapped, or are no longer in use. Removing obsolete assets can unlock deductions and simplify depreciation in future years. 

5. Treat stocktake as a financial exercise

For businesses holding stock, year-end stock values directly affect taxable income. This is the time to identify obsolete, damaged, or slow-moving stock and make sure it’s valued appropriately. Overstated stock is one of the fastest ways to overstate profit. 

6. Confirm vehicle claims are properly supported

If you claim vehicle expenses, EOFY is when usage assumptions are tested. 

Check that your logbook is still valid and up to date, that business-use percentages still reflect reality, and that any changes in use are documented. Without proper records, you will be limited to the cents per km method, which caps claims at a maximum of 5,000 business kilometres per vehicle. This can make a big difference to your tax return.

Reminder: a logbook should record all business and personal travel for at least 12 weeks, and can be used for up to 5 years provided there’s no significant change in the vehicle’s use.

Read more: claiming motor vehicle expenses

7. Check that BAS lodgements are up to date

All Business Activity Statements covering the financial year should be submitted and aligned with your bookkeeping.

Missed lodgements, inconsistencies, or missing documentation can delay accounts preparation and trigger follow-up work.

Payroll records should be reviewed ahead of year-end. This includes checking that payroll reports are complete and employee records are accurate. You should also ensure that all payruns have been filed with the ATO to meet Single Touch Payroll (STP) requirements.

If you want superannuation for employees to be deductible in the current financial year, you should also make sure the payment is received by their super fund before 30 June. Otherwise, it will fall into the next year (provided you pay by the 28 July payment deadline).

Review shareholder loan accounts and make minimum loan repayments. You may also need to declare dividends (ask your accountant about this).

Ensure contributions are made and received by 30 June

Where applicable, make sure minimum pension payments have been withdrawn from the fund’s bank account by 30 June

Budgeting & Forecasting

Budgets

Cashflow Forecasts

How it helps your business

When is a good time to create a budget and forecast?

Connected services for complete clarity

Tax compliance

Management Reporting

Bookkeeping and Payroll

Business Advisory

Services

Company

Support