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

GST is a tax everyone pays on goods and services while living out their day-to-day lives.  Businesses collect this on behalf of the government and forward it via BAS returns.

TAX  •  24 APRIL 2025  •  6 MIN READ

New to GST? Learn the essentials every Australian business owner needs to know about Goods and Services Tax, from registration to reporting. Get clear, practical guidance from Beany.

GST Basics for Australian Business Owners

GST (Goods and Services Tax) is a tax on most goods and services sold by businesses. While it feels like a tax on businesses, it really isn’t. Instead, it’s ultimately paid by people living out their day-to-day lives.

Businesses act like tax collectors for the government – charging an additional 10% on top of each sale, which they later forward to ATO.

A business’s process of reporting the GST to the government is called a Business Activity Statement (BAS).

When do businesses need to register for GST

We've got a whole article about GST registration if you want to dive into this topic.

If your turnover is over $75,000 per annum, you must register for GST. 

If your turnover is under $75,000 per annum, GST registration is voluntary. It could be a beneficial move for you if:

You want to claim back GST on a large asset purchase, and you’re fairly sure your sales will be over $75,000 at some point

Most of your sales are to overseas entities – you won’t collect GST on this income, but you can claim GST on the expenses you incur in Australia

For non-profit organisations where annual turnover exceeds $150,000 or if you're a taxi driver or ride-sharing driver (no matter your income), you will be required to register for GST.

Capturing your GST information – your GST basis

When you register for GST, you’ll need to select what’s called your GST basis. It’s how and when your GST records are entered into your BAS.

A Cash basis – Businesses with an aggregated turnover of less than $10 million can choose to account for their GST using the cash accounting method. Whenever cash is received into or paid from your bank account, your GST is entered into your BAS.

A Non-Cash basis – your GST calculation is based on the dates of invoices you send and receive, rather than what goes through your bank account

Once you’re registered for GST, you must charge it. 

If you send out invoices for more than $82.50 (including GST), you need to record the following:

your (the seller’s) identity (Company name or your name)

Your (the seller’s) Australian business number (ABN)

brief description of the items sold, including the quantity (if applicable) and the price

GST amount (if any) payable – this can be shown separately or, if the GST amount is exactly one-eleventh of the total price, as a statement which says 'Total price includes GST'

extent to which each sale on the invoice is a taxable sale

If your invoices are over $1,000, you also need to include:

The quantity of whatever they have purchased, with the GST exclusive and inclusive amounts separately noted

Use our handy GST calculator to get GST exclusive and inclusive price for goods or services.

If you’re using an accounting system for invoicing, it’s usually set up to capture all the information you need. 

You can claim GST on most transactions, and we’ll discuss in detail the situations when you can’t further down. Some of the transactions that commonly confuse business owners are outlined below.

You can claim GST on second-hand items even if the seller is not registered*

You can claim GST upfront on assets purchased on finance

GST can be claimed on the market values of existing assets you bring into the business

Subscriptions to overseas providers such as Microsoft, Spotify, Facebook, Google AdWords etc can be claimed for GST

Reimbursements to employees for business costs (including motor vehicle), but excluding mileage reimbursements

* If you claim GST on the purchase of second-hand assets, GST must be paid when it’s sold.

GST on property transactions (including land) is a complex area and you need specialised advice before signing any documents.

Transaction charges (known as financial services – which are all exempt from GST)

Goods purchased overseas (but you can claim any import duty charged by Customs)

Sales of investments such as shares, bonds and term deposits

Payments to suppliers who are not registered for GST (except for second-hand assets as described above)

For a more general application of what you cannot claim - refer to the ATO website.

If you purchase goods or services for both business and private use, you can only claim a GST credit for the part of the purchase relating to your business use.

If you later find your actual use differed from your intended use, you may need to adjust the amount of GST credits you have claimed.

If you are a small business, you may be able to account for the private portion of your business purchases once a year, rather than each time you lodge an activity statement. To do this you need to make an annual private apportionment election.

Example – comparing goods sold to a consumer and to a business

At the beginning of this post, we said that GST is ultimately paid by people living out their day-to-day lives. The example below shows how this happens.

How often does GST need to be filed (as part of a BAS return)?

Quarterly – if your GST turnover is less than $20 million – and the ATO have not told you that you must report monthly. 

Monthly – if your GST turnover is $20 million or more. 

Annually – if you are voluntarily registered for GST and your GST turnover is under $75,000 ($150,000 for not-for-profit bodies).

The dates for BAS returns differ based on the above filing frequency and entity size.

View our key dates page to find the relevant dates for your business/entity.

Failure to lodge (FLT) on time penalties are set by the Australian Tax Office. The penalty will depend on the size of your  entity and the period of time since the due date for lodgement.

Find out more about FLT penalties from the ATO's website.

Best practices for managing GST effectively

Managing GST efficiently is crucial for maintaining compliance and optimising cash flow. Here are some best practices to ensure your GST processes run smoothly:​

Stay organised: Ensure you keep a record of all transactions, including supporting evidence such as sales invoices and purchase receipts or invoices. Maintaining up-to-date records will help ensure your BAS returns are accurate.

Use accounting software: Accounting software like Xero or MYOB can automate much of the GST management process, making it easier to track GST on sales and purchases and file your returns. These tools can help generate GST reports, calculate GST due, and ensure you're always on top of your GST obligations. 

Regular reconciliation: Ensure your BAS returns align with your financial statements. Reconcile your GST records regularly with your bank statements, sales data, and purchase invoices to identify any inconsistencies before filing your return.

Stay on top of deadlines: Set reminders in your calendar for key BAS deadlines. This helps ensure your VAT returns are filed on time, avoiding late fees or penalties.

By using accounting software like Xero or MYOB and following these best practices, managing GST becomes more efficient, less stressful, and ensures you stay compliant with ATO regulations.

Do you need an accountant to submit your BAS?

You don’t necessarily need an accountant or tax agent to file your BAS. However, tax compliance can be complex and time-consuming. Managing tax obligations on your own can also add unnecessary stress. Working with a professional can make the process easier, help you avoid costly errors, and free up your time.

Beany's team of accounting and tax experts can help with your BAS and everything else accounting related. Book a call if you want to discuss your accounting requirements and how we can help your business.​

At Beany, we help people make smarter decisions for their business and lifestyle through our responsive, friendly expertise.

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GST essentials for business owners in Australia

We provide a breakdown of key areas from that budget impacting businesses and individual taxpayers.

INDUSTRY NEWS  •  26 MARCH 2025  •  2 MIN READ

The 2025/26 Federal Budget brings modest tax cuts, changes to HELP debt, and a ban on non-compete clauses. Explore the key updates affecting Australian businesses and individuals.

Federal Budget 2025/26: Key Tax Cuts, Business Impacts & Economic Outlook

Noted as the budget for voter appeal, the 2025/26 budget released by the Albanese government yesterday includes measures such as tax cuts for individuals and extensions to existing measures.

Here’s a breakdown of key areas impacting businesses and individual taxpayers.

While a big headline of this year’s Federal budget, in reality these cuts deliver a very modest saving.

From 1 July 2026, the proposed tax rate for the $18,201 - $45,000 income tax bracket will reduce from 16% to 15%, further reducing to 14% from 1 July 2027. This cut has been deemed ‘modest’ as the individual saving represents a maximum of $268 in the 26/27 financial year and $536 from the 27/28 year.

Medicare levy low-income thresholds increased

The low-income threshold for Medicare levy exemption will increase, impacting tax returns from the current 2024/25 year onwards. The increase ensures that low-income earners continue to be exempt from paying the Medicare levy.

The threshold for a single individual will change from $26,000 to $27,222, and for families from $43,846 to $45,907.

Changes to the Higher Education Loan Program (HELP)

The 25/26 budget provides a 20% cut to existing student debt, and increases the repayment threshold from $54,435 to $67,000 in the 2025/26 financial year.

Banning non-compete clauses for low and middle income employees

The Government will ban non-compete clauses that apply to workers earning less than the high income threshold in the Fair Work Act (currently $175,000). Non-compete clauses are conditions in employment contracts that prevent or restrict an employee from moving to a competitor.

Competition law changes will also prevent businesses from:

Fixing wages through anti-competitive arrangements that cap workers’ pay and conditions without the worker’s consent

Using ‘no-poach’ agreements to block staff from being hired by competitors

Indexation on draught beer excise and excise equivalent customs duty rates will be paused for two years from August 2025, resuming in August 2027.

Excise remission and WET producer rebate caps will increase from $350,000 to $400,000 for eligible brewers, distillers and wine producers from 1 July 2026.

Eligible households and small businesses will receive two $75 rebates between 1 July 2025 and 31 December 2025.

The additional 35% tariffs on goods produced or manufactured in Russia or Belarus will continue in support of Ukraine.

Two measures from last year’s budget remain in the 2025/26 budget but have stalled in Parliament:

A 30% tax on future earnings for Super balances above $3 million

The $20,000 instant asset write-off for small businesses in the 2024/25 financial year

 If they are not approved before the election, these measures will lapse.

Australia’s economy is expected to grow at a rate of 2.25% in 2025/2026 and 2.5% in 2026/2027.

The cash balance will be a deficit of -$42.1 billion in 2025/2026. This is expected to improve but with a continued deficit for several years.

Unemployment has stayed low but is expected to peak at 4.25%.

Annual real wages have grown for five consecutive quarters and are forecast to grow by 0.5% in 2024/2025.

Inflation is expected to be 2.5% throughout the year to the June 2025 quarter.

Global trade tensions are affecting economic conditions, with indirect tariff impacts estimated to be nearly four times greater than the direct effect on Australia, reflecting the relative importance of affected trade between Australia, China and the US.

Industry news

Providing perks to employees and other associates can come at a cost in the form of FBT. Learn about the essentials of FBT in this guide.

TAX  •  17 MARCH 2025  •  4 MIN READ

Discover the essentials of Fringe Benefits Tax (FBT) for Australian employers, including exemptions, reportable amounts, and filing deadlines. Beany breaks it down in plain English.

Fringe Benefits Tax in Australia

​As a business owner, providing extra perks to your employees like a company car, entertainment, or even discounted goods can be a great way to attract talent. However, these perks can come with additional tax obligations, specifically Fringe Benefits Tax (FBT).

FBT is separate from income tax and can be complex if you're not familiar with the rules. In this guide, we’ll break down the essentials of FBT including what it is, when it applies, and how to stay compliant while offering benefits to your team.

A fringe benefit is where an employee, director, trust beneficiary or their associates (like a family member) receive an extra benefit in their role, in addition to their wages or salary. It can also be a benefit in return for foregoing some of their salary under a salary sacrifice arrangement. 

A leased vehicle for your personal use (under a ‘novated lease’ arrangement)

The company paying health and other insurances

Entertainment expenses – free/discounted food, cinema tickets, accommodation

These benefits are subject to fringe benefits tax (FBT) which is separate to income tax and calculated on the taxable value of the fringe benefit. 

FBT exists to prevent employers reducing the tax liability (i.e. PAYG) of employees by providing benefits not recognised as income.

Here’s a simple example showing the difference between two employees receiving the same remuneration value ($85,000), but in different forms.

Jane receives a gross salary of $85,000. Before it gets into her hands, the employer has deducted $18,092 PAYG and paid it directly to the ATO.

The employer claims the expense of $85,000.

The ATO receives $18,092 in the form of Jane's income tax.

John receives a salary of only $65,000 but has the use of a company vehicle valued at $20,000. The employer has deducted $11,567 PAYG and paid it directly to the ATO.

John receives a net salary of $53,433. He also has the use of the vehicle.

The employer can claim expenses for his $65,000 wages and costs associated with owning the vehicle – including fuel, insurance, loan and interest payments, maintenance, and repairs.

The ATO has received $11,567 in the form of John's income tax.

Is the difference in tax between the two employees fair?

The ATO thinks it's not, so Fringe Benefits Tax aims to square things up.

Employers who provide fringe benefits are responsible for registering and paying FBT.

The ATO provides a step-by-step guide on how to calculate FBT.

FBT payable to ATO = Taxable Value of benefit provided x Gross Up Rate (Type 1 or Type 2) x FBT Rate of 47%.

There are two different gross-up rates to calculate fringe benefits taxable amounts:

Type 1 - GST paid on the benefit provided to employee =  2.0802

Type 2 - No GST paid on benefit provided to employee 1.8868

For some benefits, the 'taxable value' is calculated using a statutory formula (e.g. car benefits), which doesn’t necessarily reflect the actual cost to your employer. It’s used simply to work out FBT and any reportable fringe benefit amount.

If an employee receives a gym membership worth $1000 (including GST) from their employer, the FBT payable would be calculated as follows:

FBT payable =  $1,000 x 2.0802 x 47% = $977.69

$977.69 is what the employer pays to the ATO.

A minor benefit is a benefit provided to an employee or their associate (such as a spouse) that is infrequent or irregular, not a reward for services, and costs less than $300 (including GST) per benefit. When these conditions are met, the benefit is generally exempt from FBT.

The ATO has clarified that to qualify as 'infrequent', the benefit should be provided less than 12 times in a year.

Unlike the financial year (1 July – 30 June), the FBT year is 1 April – 31 March.

An annual FBT return needs to be lodged and paid by 21 May each year. However, if you use a registered tax agent and they lodge your return electronically, the due date may be extended to 25 June.

If your FBT liability in the previous year was $3,000 or more, you’ll need to pay quarterly instalments. These instalments are based on the amount reported in your prior year’s FBT return..

What is a Reportable Fringe Benefits Amount (RFBA)?

If you provide certain fringe benefits to an individual with a total taxable value exceeding $2,000 during the FBT year, you are required to report a Reportable Fringe Benefits Amount (RFBA).

This means you must report the grossed-up taxable value of these benefits on the employee’s income statement (formerly called a payment summary) for the corresponding income year. The RFBA is not subject to income tax, but it is used by government agencies to assess eligibility for various benefits and obligations.

It’s important to note that not all fringe benefits are reportable. For example, minor benefits and certain items like car parking may be exempt from RFBA reporting.

As the employer, you are responsible for calculating and reporting this amount.

We're an online accounting firm in Australia with a team of highly experienced accountants and client support.

Our accounting package covers year-end compliance, which includes end-of-year financial statements and tax returns, tax minimisation, and unlimited support for day-to-day queries.​

We also provide additional services to our clients such as bookkeeping, payroll, BAS returns, FBT returns, budgets, cashflow forecasts, advisory and more.​

Beany also operates in New Zealand and the UK with local teams in each region.

Fringe Benefits Tax guide for Australian businesses

Beany is thrilled to be named a winner at the SME London Business Awards 2025.

BEANY NEWS  •  3 MARCH 2025  •  1 MIN READ

Last Thursday night, Charlotte and Kate attended the 2025 London Chamber of Commerce and Industry SME London Business Awards.

We're delighted to share that Beany took home two awards - Gold for Website of the Year 
and Silver for Online Business of the Year 🎉

This adds to the Silver award we won for Best New Business in 2024.

Winning gold for Website of the Year also makes us a finalist for the 2025 SME National Business Awards that will be held later this year.

This is a fantastic achievement for our UK team and the clients who help make everything we do possible.

Beany wins double at the SME London Business Awards 2025

Beany news

Super beneficiaries, valid death benefit nominations and more.

FINANCIAL LITERACY  •  03 MARCH 2025  •  2 MIN READ

Superannuation death benefit payments can be delayed due to complex trustee decisions. Learn how proper nominations can simplify the process and ensure your loved ones receive their entitlements smoothly.

How to Navigate Superannuation Death Benefit Nominations and Ensure Smooth Payouts

The Government is planning mandatory standards for large super funds to improve how they handle death benefits. But why is this needed?

When you die the super doesn’t automatically go to your estate. Instead, it’s paid to eligible beneficiaries by the fund trustee according to the fund rules, super laws, and any death benefit nomination you made. 

The problem is that super laws only state that benefits should be paid to beneficiaries “as soon as practicable” which can be open to interpretation. While most are paid within 3 months, some can take over a year. 

Common reasons for the delays include: no death benefit nomination, invalid/expired nominations, or multiple potential claimants.

Legal representative e.g. executor of the will

Someone you have an interdependency relationship with i.e. they depend on you for financial support or care

To ensure your super goes to the right place, you should have a valid death benefit nomination. A valid nomination must be in writing, signed and dated by you and a witness. The wording must also be clear and use correct legal terminology.

The type of death benefit nominations include:

Binding Death Benefit Nomination
Directs your super to your nominated eligible beneficiary. The trustee is legally required to pay your super to that person. This type of nomination generally lapses after 3 years.

Non-lapsing Binding Death Benefit Nomination
Similar to the first type, but it remains in place unless you cancel or change it.

Non-binding Nomination
A guide for trustees as to who should receive your super, but the trustee retains control/discretion over who it’s paid to.

Reversionary Beneficiary
If you’re taking an income (e.g. pension) from your super at the time of your death, the payments can automatically go to your nominated beneficiary. Please note, only certain dependants can receive this type. Generally, it’s a spouse or children under 18.

If you don’t make a death benefit nomination or it’s invalid/expired at the time of your death, the superfund trustee will decide who receives your super based on state or territory laws. Typically, this will be a dependant or the legal representative of your estate.

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