Question 1

What is Abundify?

Accepted Answer

Abundify is income, expense and GST tracking software built specifically for Australian sole traders and small businesses. It logs your income and expenses, works out GST automatically, and builds BAS-ready reports as you go — so you're not reconstructing a quarter's worth of numbers the week it's due.

Question 2

Who is Abundify for?

Accepted Answer

Sole traders, freelancers and small business owners who currently track income and expenses in spreadsheets, notebooks, or scattered receipts, and want a clearer, faster way to see where their business stands financially.

Question 3

Does Abundify replace my accountant or bookkeeper?

Accepted Answer

No. Abundify helps you capture and organise your numbers so they're accurate and ready when you need them — it doesn't replace the judgement of a registered BAS agent, tax agent or accountant, and it isn't a substitute for their advice.

Question 4

Is my data secure?

Accepted Answer

Your data is encrypted in transit and at rest, and it's never shared or sold. You can export or delete your data at any time.

Question 5

How much does Abundify cost?

Accepted Answer

You can create a free account and start tracking straight away — no credit card required. See the signup page for current details.

Question 6

What is GST?

Accepted Answer

GST (Goods and Services Tax) is a broad-based tax of 10% on most goods, services and other items sold or consumed in Australia. If your business is registered for GST, you generally add GST to what you charge and can claim credits for GST included in what you buy for the business.

Question 7

Do I need to register for GST?

Accepted Answer

Generally, you need to register for GST once your business's GST turnover reaches the ATO's registration threshold, or if you provide taxi, rideshare or limousine travel services regardless of turnover. Some businesses register voluntarily below the threshold. The current threshold and rules are set by the ATO — check ato.gov.au or ask a registered tax agent for your specific situation.

Question 8

How is GST calculated on a sale?

Accepted Answer

For a GST-inclusive price, the GST component is generally 1/11th of the total amount charged. For example, on a $110 GST-inclusive sale, $10 is GST and $100 is the sale value before GST.

Question 9

What's the difference between GST collected and GST paid?

Accepted Answer

GST collected (sometimes called GST on sales, or 1A) is the GST you've charged customers on taxable sales. GST paid (GST on purchases, or 1B) is the GST included in what you've bought for the business, which you may be able to claim as a credit. The difference between the two is roughly what you owe or are owed for that period.

Question 10

Can I claim GST credits on every business expense?

Accepted Answer

Only on purchases that are for a creditable purpose — used in running your business, from a GST-registered supplier, with a valid tax invoice for amounts over the ATO's threshold. Some purchases (like certain entertainment expenses or private-use portions of a mixed-use item) aren't fully claimable. This is exactly the kind of thing worth confirming with a registered tax agent for your circumstances.

Question 11

What happens if I charge GST but I'm not registered?

Accepted Answer

You shouldn't charge GST unless you're registered for it. If you're not registered, your prices shouldn't include a GST component, and you can't claim GST credits on your purchases either.

Question 12

What is a BAS?

Accepted Answer

A Business Activity Statement (BAS) is the form GST-registered businesses lodge with the ATO to report and pay GST (and often other obligations like PAYG withholding or instalments) for a reporting period — usually quarterly for small businesses.

Question 13

How often do I need to lodge a BAS?

Accepted Answer

Most small businesses lodge quarterly, though some lodge monthly or annually depending on turnover and registration choices. The ATO sets due dates for each period — check ato.gov.au or your registered agent for the dates that apply to you.

Question 14

What information do I need to lodge a BAS?

Accepted Answer

Broadly: total sales, GST collected on sales, total purchases, and GST paid on purchases for the period, plus any other obligations you report (like PAYG withholding). Having income and expenses categorised and reconciled as you go — rather than all at once — makes this much faster to pull together.

Question 15

What does 'BAS-ready' mean?

Accepted Answer

It means your income and expenses for the period are already categorised, GST has been calculated on each entry, and the totals you need for lodgement are ready to review rather than needing to be built from scratch.

Question 16

When should I record income — when I invoice, or when I get paid?

Accepted Answer

It depends on the accounting method you use. Cash basis records income when you actually receive payment; accruals basis records income when you issue the invoice or the sale occurs, regardless of when cash lands. Many small sole traders use cash basis, but the right method depends on your circumstances — a registered tax agent can confirm which applies to you.

Question 17

Is a deposit or part-payment counted as income?

Accepted Answer

Generally yes, once received under a cash-basis approach — it's money received for a taxable supply. How it should be categorised (and whether GST applies to it) depends on the nature of the arrangement, so it's worth checking against your specific contract terms.

Question 18

Do I need to record income I haven't been paid for yet?

Accepted Answer

If you're on an accruals basis, yes — income is generally recognised when invoiced or earned. If you're on a cash basis, you'd typically record it once payment is actually received, but you'll still want to track outstanding invoices so nothing falls through the cracks.

Question 19

Does all money coming into my business bank account count as income?

Accepted Answer

No — transfers between your own accounts, loan proceeds, and refunds aren't income. It's worth categorising every deposit deliberately rather than assuming every inbound transaction is a sale.

Question 20

What if a customer pays me in a different currency or via a platform that deducts fees?

Accepted Answer

You generally record the income at its Australian-dollar value, and the platform's fee is typically a separate deductible business expense rather than a reduction of the income itself. Keep both figures visible rather than netting them off silently.

Question 21

What counts as a business expense?

Accepted Answer

Broadly, a cost you incur in the course of earning your business income — supplies, software, travel for business purposes, professional fees, and similar. Personal expenses aren't deductible just because they were paid from a business account.

Question 22

What if something is used for both business and personal purposes?

Accepted Answer

Only the business-use portion is generally deductible — for example, a phone used 60% for business and 40% personally would typically only have the business portion claimed. Keeping a reasonable, consistent basis for that split matters if the ATO ever asks.

Question 23

Do I need a receipt for every expense?

Accepted Answer

You generally need evidence to support a claim — a receipt, tax invoice, or equivalent record. For GST credits specifically, purchases over the ATO's threshold require a valid tax invoice. Keeping records as you go is far easier than reconstructing them later.

Question 24

When should an expense be recorded — when I order it, or when I pay for it?

Accepted Answer

As with income, this depends on whether you're using cash or accruals accounting. Cash basis records the expense when paid; accruals basis records it when the cost is incurred (e.g. when the bill is received), regardless of payment timing.

Question 25

Are large purchases treated the same as everyday expenses?

Accepted Answer

Not always. Larger asset purchases (like equipment) may need to be depreciated over time rather than claimed in full immediately, depending on the asset and the rules that apply to your business. This is a good one to confirm with a tax agent before assuming full upfront deductibility.

Frequently asked questions

About Abundify

About GST

About BAS

About income recognition

About expense recognition