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

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.

Beany Resources delivered straight to your inbox.

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.

Travel from home may be treated as business-related if the vehicle is taken home to begin a work trip the next day without first going to the regular workplace. The trip home the previous night is incidental to the journey the next morning. 

This exemption does not apply where someone has regular use of the car.

Example: Jordan is a civil engineer employed by a construction firm based in Melbourne. One afternoon he takes the employer-provided vehicle home instead of returning it to the office. This is because the next morning he must travel directly from his home in Geelong to a remote construction site in Ballarat to supervise works. He'll spend the entire day at the site before driving home that evening. The trip from Geelong to Ballarat is business-related as Jordan is travelling from home to a temporary work site to perform his duties. The drive home the night before is incidental to the start of the business journey the following day.

This is a high bar to meet. It means your home is genuinely a primary place where you must do your work because of the nature of the job itself, not just because you prefer to work from home.

Are there strong business reasons for you to work from home (i.e. is it
necessary for your role, not just convenient?)

Do you carry out a significant amount of work at home?

Do you store a significant amount of business goods or equipment at home?

Is a significant space in your home dedicated solely to work activities?

Are the activities you do at home closely linked to the business?

Simply choosing to work from home or allowing your employees to (even to save rent) is generally not enough to make your home a "workplace" for FBT purposes if the job could be done entirely in an office (or location outside of the home).

Example: A self-employed electrician, Sam, runs his business from home. He stores tools, equipment, and materials in his home garage and completes all his job scheduling, quoting, and invoicing from a dedicated home office. Each day, Sam drives from home directly to different customer sites to carry out electrical work.

Taking a vehicle home for security or charging

Simply taking a work vehicle home for security, convenience or to charge an electric vehicle does not make the travel work-related. The journey still serves the private purpose of getting to and from work.

Unlike some income tax rules, carrying tools or equipment in a vehicle for work purposes does not automatically make home-to-work travel exempt from FBT. Unless the travel falls within the ATO's recognised exceptions, it is still considered private use.

There are also specific statutory exclusions that can apply, meaning FBT won't be charged in certain situations, such as:

Eligible commercial vehicles: certain utes, panel vans and other vehicles not designed to carry passengers, provided private use is limited.

Emergency service vehicles: clearly marked and fitted with flashing lights or sirens, where private use is restricted to emergencies.

Minor benefits: low-value benefits (under $300) that are provided infrequently and irregularly.

In most cases, the daily trip between home and your place of work is considered private travel and will attract FBT if the work vehicle is available for that use.

For further information, you can access the whole Tax Ruling from the ATO at https://www.ato.gov.au/law/view/document?docid=MTR/MT2027/NAT/ATO/00001

When is travel between home and work subject to FBT?

NDIS providers face unique GST obligations. Learn the essentials in this informative guide.

TAX  •  18 SEPTEMBER 2025  •  5 MIN READ

Understand GST-free NDIS supplies, registration requirements, mixed supplies, common pitfalls, and key tips to manage your business with confidence.

GST Rules for NDIS Providers: What Applies and When?

As an NDIS provider, your focus is on delivering essential support to participants. However, while you’re managing the needs of your clients, you also have to navigate the complexities of business administration. One of the most common challenges is understanding your obligations around Goods and Services Tax (GST).

The rules can seem confusing, but getting them right is crucial for your compliance and cash flow. In this guide, we'll explain how GST applies to NDIS services, how it impacts your business, and what you need to know to operate with confidence.

Understanding when NDIS services are GST-free

To ensure support remains accessible and affordable, many NDIS services are classified as GST-free under Australian tax law. This means you don’t add GST to your invoices for these services.

However, for a service to qualify as GST-free, four conditions must be met:

1. The participant must have an active NDIS plan

Your client’s plan must be current and approved by the National Disability Insurance Agency (NDIA).

2. The support must be ‘reasonable and necessary’

The service you provide must be specified in the participant’s NDIS plan as 'reasonable and necessary' support. Any support supplied beyond the amount or scope outlined in the plan is not GST-free.

You must have a written agreement with the participant or their representative (like a plan manager or guardian). This doesn't have to be a single formal document - it can be a combination of letters, invoices, and electronic communications that show an obligation for you to supply the support.

4. The supply is covered by one of the tables in the official 2021 government determination

The service you provide must be listed in ‘A New Tax System (Goods and Services Tax) (GST-free Supply - National Disability Insurance Scheme Supports) Determination 2021’.

Core support e.g. assistance with daily personal activities, household tasks, and community participation

Capacity building e.g. therapeutic supports, behavioural support, and skills development

Capital support e.g. home modifications and assistive technology

Other support e.g. plan management, interpreting services, and specialist disability accommodation

When does GST apply? (the important exceptions)

While it’s important to understand when a supply is GST-free, it’s equally important to recognise when GST does apply.

One or more GST-free criteria are not met

Services supplied are not directly connected to a specific participant's plan 

Goods or services fall outside the scope of the NDIS (e.g. general lifestyle services or non-essential add-ons)

Services are supplied to an organisation rather than directly to an NDIS participant

Many NDIS providers offer a combination of GST-free and taxable goods or services, known as mixed supplies. This can make compliance tricky.

Having a system that correctly handles both is crucial to avoid errors in invoicing and reporting. Here are a few tips for navigating mixed-supply invoicing:

Itemise GST-free and taxable items separately and clearly

Use accurate descriptions, referencing the participant's NDIS plan or the determination category of your service (where possible)

Be cautious of bundling taxable items with GST-free services. In some situations, ‘incidental’ items may be GST-free as part of supplying the service, but strict ATO rules apply

Keep clear records. Your accounting system should track GST-free and taxable supplies separately for accurate reporting on yur

Thank you!

Latest Beany articles

What are management accounts?

Financial statements vs management reports

Cryptocurrency: the ATO and crypto tax

When is travel between home and work subject to FBT?

Navigating GST as an NDIS provider

Financial compliance for NDIS providers

How to take money out of your company and avoid Division 7A

What is depreciation (and why does it matter)?

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