Tax time comes around every year, and yet, for many business owners, it still manages to sneak up.
Whether you’re super organised or a little last-minute, you can do a few simple things to make your accountant’s job easier – and your tax outcome better.
Here’s what your accountant really wishes you’d bring to your tax appointment (and why it matters).
1. Accurate, Up-to-Date Records
It might sound obvious, but neat, current records are gold. This includes:
- Your income and expense reports
- Bank statements (especially if you’re not using cloud accounting software)
- Payroll summaries
- Asset purchase details
- Loan statements
If your records are digital and well-organised, it saves your accountant time (and saves you money on billable hours).
2. Receipts for Business Expenses
Even if you’ve already entered the amounts in your accounting software, having access to receipts helps confirm:
- The expenses are legitimate and deductible
- There’s no missing or duplicated data
- You can back up claims if the ATO asks questions later
A folder—digital or physical—with clearly labelled receipts is more helpful than a shoebox full of crumpled dockets.
3. A List of Any Big Changes
Did you:
- Buy or sell a major asset?
- Hire or let go of staff?
- Start a new product line or open another location?
- Change business structure or register for GST?
Big changes can have tax implications, so flagging them helps your accountant give accurate advice and plan ahead.
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Details of Private Use
Using a car, phone, or home internet for both business and personal use? Your accountant needs to know the split to get the deduction right. An estimate (based on a logbook or past usage) is much better than a guess.
5. Questions and Goals
Tax time isn’t just about wrapping up the past year—it’s a chance to plan the year ahead. Let your accountant know:
- If you’re saving for something big
- Thinking about expanding
- Wanting to reduce your tax bill next year
- Or just feeling confused about cash flow
The more they understand your goals, the more helpful their advice can be.
Your accountant isn’t just there to tick boxes—they’re your partner in building a better, more profitable business. By bringing the right information to your appointment, you’re giving them the tools to help you make smarter decisions (and maybe even get a better result at tax time).
So this year, don’t wait until June to start digging through files. A little preparation now can make a big difference later.
