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

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

Check that paperwork is in place for any in-specie contributions made to the super fund

Make sure trustee resolutions are in place in order to distribute trust income to beneficiaries

Check that all Tax File Numbers for beneficiaries have been received

10. Consider whether to make any personal contributions to your super fund

Personal concessional contributions are tax-deductible up to the yearly cap of $30,000 (including any employer contributions). If you have unused contributions from the last 5 years, you may be able to contribute more than the cap this financial year.

If you plan to make any personal concessional contributions, make sure the money is received by the fund before 30 June and that you've submitted a Notice of Intent to Claim prior to claiming the tax deduction.

11. Organise documents for the questions that always come up

Most delays with annual accounts are caused by missing or unclear documentation. Preparing these early saves time later and reduces back-and-forth during tax preparation. 

Loan and lease agreements entered during the year

If an expense is large, unusual, or new, expect it to be queried by your accountant.

We recommend keeping these sorts of documents stored in an easily accessible location to avoid any scramble to find them later.

12. Review your business and tax structures

Before year-end it’s a good time to review whether your current business structure is still the right fit. Do you need all those entities and tax structures? Maybe you need two companies and three trusts, maybe you don’t. Maybe it might be time to move from a sole trader to a company.

Reviewing this before year-end allows all compliance to be wrapped up for the current year, with any changes starting cleanly in the new year. Changing structures at another point in the year creates additional filing and reporting obligations for every structure that existed during that period, which is why year-end is the simplest and best time to make these decisions.

13. Reflect on performance and plan ahead 

Preparing to close off the financial year is also a chance to step back and assess how the business has performed. Reviewing income, costs, and cash flow patterns can highlight trends that are easy to overlook during the year. ​

Many business owners use this point to produce a high-level budget or forecast for the next financial year. Even a simple one can help guide decisions as the new year begins.

Getting ready for year-end does not have to be stressful. Beany works with Australian businesses to prepare accounts, handle filings, and keep everything compliant with the ATO. If you're looking for an accountant to support your business, get in touch or book a call with us today.

Beany Resources delivered straight to your inbox.

Year-end preparation for Australian business owners

Changing shareholders in your company? Make sure you know the key implications first.

BUSINESS ADVICE  •  18 MAY 2026  •  6 MIN READ

Shareholder changes come with real tax and legal risks. Here's what Australian business owners need to consider before transferring or issuing shares.

What you need to know before changing company shareholders

Bringing in a new partner into your business, rewarding a key employee with a stake, or passing the company down to the next generation are all exciting milestones. It's easy to get caught up in the moment and think that changing who owns the shares is as simple as updating a form. 

However, a change in shareholding is a major business decision with significant financial and legal implications. We've seen clients make a quick change, only to face unexpected tax bills or complications down the line. 

Before making any shareholder changes, it's crucial to understand what's involved. Getting it right from the start protects everyone involved and saves a lot of future headaches. Here's a simple rundown of the key things you need to consider.

Does your company have tax losses from previous years? Normally, you can carry these forward to reduce tax on future profits. However, if your company's ownership changes, you may lose the ability to use those losses. 

In Australia, companies must satisfy either the Continuity of Ownership Test (COT) or the Same Business Test (SBT) to retain access to prior year tax losses. Broadly, this means the same shareholders must hold more than 50% of the voting, dividend and capital rights, or the company must continue to operate the same business after the ownership change. 

If these tests are failed, the company may forfeit the ability to use carried forward tax losses.

Franking credits represent tax your company has already paid on its profits. When dividends are paid, these credits are attached to avoid double taxation and reduce the tax shareholders pay personally. 

If there is a significant change in shareholding or control, the company may fail the franking credit integrity rules, particularly the holding period rule and related payments rule, or trigger anti-avoidance provisions. In some cases, this can limit the ability of new shareholders to benefit from existing franking credits. 

You may think this is not relevant if you do not regularly pay dividends. However, retained profits are often distributed later, including on wind-up of the company. If franking credits cannot be effectively used, shareholders may end up paying tax at their full marginal rate.

Sorting shareholder loan accounts (Division 7A)

Often, shareholders lend money to the company or borrow from it. This is tracked through shareholder loan accounts. 

In Australia, these arrangements are closely monitored under Division 7A rules. If a shareholder owes money to the company and it is forgiven, written off, or not placed on a complying loan agreement, the amount may be treated as an unfranked dividend and become taxable in the shareholder's hands. 

Before any shareholder exits, these balances must be properly reviewed and settled.

All share transactions must be recorded at a realistic price for tax purposes. Even if you're passing shares to a family member, the ATO expects the transaction to reflect market value. 

This is particularly important for Capital Gains Tax (CGT) purposes. Transferring shares below market value can still trigger a CGT event based on the market value of the shares at the time of transfer.

When you reward employees with shares in the company, this often falls under Employee Share Scheme (ESS) rules, which have their own tax treatment. 

If shares are provided at a discount to market value, that discount is generally treated as taxable income for the employee, even if no cash changes hands. There are specific concessions and deferral rules available under ESS legislation, but these schemes must be structured carefully.

While the tax and accounting side is critical, there are a few other things to be aware of when changing shareholders.

Any change in shareholding must be reflected in your company register and reported to ASIC within the required timeframe. 

If you have a shareholder agreement, it is a legally binding document that must be followed. It should outline what happens if a shareholder wants to sell, passes away, or if a dispute arises. If you don't have one, this is a good time to speak with a lawyer. 

If a shareholding change results in a foreign individual or entity acquiring a substantial interest in your company, you may need approval from the Foreign Investment Review Board (FIRB) before the transfer takes place. 

This commonly applies where a foreign person acquires 20% or more of the company, or where multiple foreign persons together hold 40% or more. Different thresholds and additional rules can also apply if your business operates in sensitive sectors such as land, infrastructure, data, energy, or media. 

This is not a tax issue, but a legal approval requirement. Failing to obtain FIRB approval before the transaction can lead to serious penalties and the transaction being unwound. 

While your accountant handles valuation and tax implications, a lawyer should manage the legal paperwork, including share transfer forms, updates to the constitution, and any changes required to existing agreements. 

As you can see, there's a lot to consider. Getting professional advice before making any shareholder changes helps ensure the process is smooth, compliant, and free of costly surprises later.

Important considerations before changing your company shareholders

Business advice

What counts as RESC, what doesn't and how incorrect reporting can affect your employees income, benefits and repayments.

PAYROLL & SUPER  •  18 MAY 2026  •  1 MIN READ

Understand what counts as RESC, what doesn’t, and how incorrect reporting can affect your employees’ income, benefits, and repayments.

What are Reportable Employer Super Contributions (RESC) and are you getting it right?

Reportable Employer Superannuation Contributions (RESC) is a term that shows up in payroll and year-end reporting, but it's not always clear what actually falls into it. The confusion is usually about what should be reported in the first place.  

Not all super contributions are treated the same. Some need to be included as RESC, while others don't. The difference comes down to how the contribution is structured and whether the employee had any influence over it.  

When that line gets blurred, it can affect how an employee's income is assessed for things like HECS repayments or government benefits, even though nothing has changed in their take-home pay.  

That's why it's important to understand what counts as RESC and what doesn't.

A super contribution is generally considered RESC when both of the following apply:  

It is more than the compulsory Super Guarantee: For the 2025-26 financial year, this is 12% of employee's Ordinary Time Earnings (OTE).  

The employee influenced the contribution: This includes situations where the employee has negotiated, requested, or directed how part of their pay is contributed to super.  

The second point is what usually determines whether a contribution is reportable. Two contributions of the same amount can be treated differently depending on how the arrangement was set up. 

In practice, RESC usually comes up in a few specific situations where the employee has some level of control over how their income is directed into super:  

Salary sacrifice arrangements: Where an employee chooses to contribute part of their pre-tax salary into super instead of receiving it as take-home pay.  

Individually negotiated super rates: For example, agreeing to pay a higher super rate, such as 15%, as part of an employee's contract.  

Bonuses directed into super: When an employee requests that a bonus or incentive payment is contributed to super rather than paid in cash. 

In each case, the contribution is not just an employer decision. It is linked to an individual choice or agreement, which is what makes it reportable.  

Not all super contributions need to be reported as RESC, even if they are above the minimum.  

The following are generally not considered reportable:  

Compulsory Super Guarantee (SG): The standard 12% contribution is not reportable. However, this is often incorrectly mapped as RESC in payroll systems, which can lead to reporting errors. 

Contributions under industrial agreements: Payments required by an award or enterprise agreement, where the employee has no individual control, are not reportable.  

After-tax personal contributions: Contributions made from an employee's take-home pay are not employer contributions and do not fall under RESC.  

Company-wide super policies: If you choose to pay a higher super rate across the business, and employees cannot vary or opt out of it, this is typically not reportable.  

The distinction comes back to influence. If the employee does not have a say in the arrangement, it is unlikely to be classified as RESC.  

RESC is not included in an employee's taxable income, which is why it often gets less attention. However, it is included in adjusted income calculations used by the ATO and other government agencies. In effect, it is added back to determine what an employee is considered to have earned.  

Eligibility for Family Tax Benefit and Child Care Subsidy 

From the employee's perspective, this can change their financial position without any change to their take-home pay. They may be assessed as earning more, which can reduce benefits or increase repayment obligations. 

Most issues with RESC come down to how payroll is set up rather than the contributions themselves.  

A common issue is how super categories are configured in payroll software. In some cases, standard SG contributions end up being reported as RESC because of how pay items are created or mapped. This can happen when categories are duplicated, default settings are carried over, or all super contributions are grouped under a single reporting line. 

Another issue is how additional super is treated. Contributions above the standard rate are not all the same, but payroll systems do not always reflect that distinction. For example, a higher super rate applied across the business may be set up the same way as a salary sacrifice arrangement, even though one is employer-driven and the other is employee-directed. In practice, the system ends up treating all additional contributions as reportable, even when they are not. 

These errors can flow through to Single Touch Payroll (STP) reporting and into the employee's income statement. By the time they are picked up, they may already have affected benefit assessments or repayment calculations.

With the move toward payday super from July 2026, super contributions are processed and reported alongside wages rather than being handled quarterly. That removes the delay between payroll, payment, and reporting.  

If something is classified correctly, it flows through straight away. The same errors can repeat every pay cycle, and the impact on employee income reporting builds over time. That's why it's worth reviewing how RESC is being handled now, before reporting becomes more frequent and less forgiving. 

There are a few key obligations to keep in mind when making contributions that fall under RESC:  

Report RESC correctly through STP: This can be done during the payroll process or reflected in the employee's income statement at year end.  

Attribute contributions to the correct financial year: Report the RESC in the year it relates to, even if the payment is processed shortly after.  

Maintain proper documentation: Keep salary sacrifice agreements and any records showing employee influence over the contribution.  

Retain records for at least 5 years: This supports your reporting if reviewed. 

Ensure payroll categories are set up correctly: Incorrect mapping will lead to incorrect reporting, regardless of the crucial contribution.

If you're unsure whether RESC is being reported correctly, it's worth reviewing a few key areas in your payroll setup:  

How super categories are mapped: Check that standard Super Guarantee (SG) is not being classified as RESC and that only the correct contributions are flagged as reportable.  

Salary sacrifice arrangements: Confirm that these are set up and reported separately from ordinary super contributions.  

Any individually negotiated super rates: Identify employees with customised packages and ensure they are treated correctly.  

Company-wide super policies: If you offer a higher rate across the board, make sure it is not incorrectly marked as reportable.  

Year-end reporting outputs: Review income statements to see what is being captured under RESC before it reaches employees and the ATO. 

A quick review now can help avoid issues that are harder to unwind later.

Getting RESC right before it becomes a problem 

RESC is a small part of payroll on the surface, but it carries wider implications than most businesses expect. The challenge is knowing what should and should not be included in the first place. That distinction affects how employee income is assessed beyond tax, which can influence repayments, benefits, and entitlements.  

Taking the time to get that classification right helps avoid issues that often only show up after reporting has already been finalised.

 Reportable Employer Super Contributions (RESC) and why it matters for your employees

Payroll & Super

The key talking points from the 2026/27 Federal budget and what it might mean for you.

Industry  News  •  14 MAY 2026  •  5 MIN READ

A quick summary of the main talking points from the 2026/27 Federal budget and what it might mean for you, your business and your taxes.

What the Federal Budget 2026/27 means for Australian businesses

On 12th May 2026, Treasurer Jim Chalmers handed down the 2026/27 Federal Budget and for Australian small business owners, there is a lot to unpack. From permanent tax relief to big structural changes around discretionary and testamentary trusts, the measures will shape how thousands of businesses plan, invest and grow from 1 July onwards.

We have pulled it all apart so you do not have to.

The $20,000 Instant Asset Write-Off is now permanent

This is a big win for small businesses, with the write-off available for those with a turnover of less than $10 million.

Previously legislated on a year-by-year basis, the permanence provides greater certainty and capacity for businesses to be able to plan their capital spending.

The government estimates this will save small businesses around $32 million per year in compliance costs alone.

Loss Carry-Back is back and it’s powerful

From 1 July 2026, the government is permanently reintroducing the two-year loss carry-back for companies with a turnover of up to $1 billion. This means that if your company makes a tax loss in the 2026/27 financial year, you can offset it against tax you have already paid in the previous two years and receive a cash refund.

Up to 85,000 Australian companies are expected to benefit, with the majority being small businesses.

What to do: If your company has paid tax in the past two years and you are planning significant investment or facing a tough trading period, speak to your accountant about whether this measure will apply to you.

30% minimum tax rate coming to Discretionary and Testamentary Trust Distributions

From 1 July 2028, the government will introduce a minimum 30% tax rate on distributions from Discretionary and Testamentary trusts.

Currently, trust distributions can be spread across beneficiaries and taxed at each individual's marginal rate. Under the new rules, a baseline 30% tax will apply regardless of the recipient's marginal rate, with some exemptions including primary production income, charitable trusts, special disability trusts and complying superannuation funds. This means that taxpayers who are in lower marginal tax brackets will pay more tax.

To support businesses that need to restructure, the government is providing rollover relief for three years from 1 July 2027. However, stamp duty may be payable on these restructures.

What to do: While the rollover window gives you time to assess your structure, we’d recommend booking in a conversation with your accountant sooner rather than later. This is the type of decision that can be useful to make early rather than leaving it until the new rules come into effect.

If you’re a sole trader or have employees, the budget also delivers some relief.

For the 2026/27 financial year, workers can claim an automatic tax deduction of up to $1000 of work-related expenses without needing to keep receipts (although we recommend keeping them in case you end up wanting to claim more)

From the 2027/28 financial year, a new permanent Working Australians Tax Offset (WATO) of up to $250 per year is set to benefit more than 13 million workers (resident employees or sole traders).

Medicare levy thresholds have increased by 2.9%, benefiting lower-income employees. This will be reflected from the 2025/26 tax returns onwards.

From 1 July 2027, the 50% CGT discount for individuals, trusts and partnerships will be replaced by CPI cost base indexation plus a 30% minimum tax rate on real capital gains for assets held for longer than 12 months.

Capital gains on pre-1985 assets arising before 1 July 2027 will remain exempt, while there is no impact to the exemptions for main place of residence.

From 1 July 2027, negative gearing for residential property will be limited to new builds. Properties held before budget night (7.30pm AEST on 12 May 2026) will be exempt, meaning existing investors won’t be impacted by the changes.

Changes to the FBT exemption for electric vehicles

The 100% FBT exemption for electric cars will be replaced with a 25% discount from 1 April 2029.

All electric vehicles with a value less than $75,000 provided before 1 April 2029 will continue to be 100% FBT-exempt, while vehicles (up to the LCT fuel-efficient threshold) valued over $75,000 provided between 1 April 2027 and 1 April 2029 will have the new 25% FBT discount.

From 1 April 2029, all eligible electric cars will have the 25% FBT discount applied.

Updates to the Research and Development tax incentive

From 1 July 2028, changes to R&D offsets are aimed at incentivising core research and development that benefits the broader economy.

Increasing the offset rate for core experimental R&D activities to provide a 48% rebate

Removal of eligibility for expenditure for supporting activities

Greater support to young, fast‑growing firms (operating less than 10 years) by increasing the turnover threshold for the higher, refundable offset to $50 million. Older firms will be eligible for an equivalent, non‑refundable offset.

Increasing the maximum expenditure cap to $200 million

Improving assurance by increasing the minimum expenditure threshold to $50,000. R&D below this must be undertaken with a Research Service Provider or Cooperative Research Centre.

While the permanent instant asset write-off and the return of loss carry-back are meaningful wins for small and medium business owners, changes to discretionary and testamentary trusts and capital gains tax require greater planning and decision-making.

At Beany, we are already across all of it. If any of this has raised questions, get in touch with your Beany accountant. If you’re not yet a client and looking for a new accountant, book a discovery call to find out more about working with us.

Please note that budget measures are only proposals until they have been formally passed into law. This can take months and sometimes even years, depending on planned implementation dates and timeframes.

For all official information from the 2026/27 Federal Budget visit budget.gov.au

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