Get Your Business Records Ready for Your Tax Return 2023

Organising your documents now will mean you can work with your Tax Agent to get your tax return completed earlier and access any refunds due or start planning for tax payments.

Getting your business records up to date and accurate will allow us to work with you and your Tax Agent proactively to plan for the coming year.

What Records do you Need to Have Ready for the Tax Agent?

• Have you bought or sold assets? If so, you need full details of acquisitions and disposals.
• Have you taken out a new loan or other finance? You must have details of the finance arrangements and statements of monies owing at 30 June.
• Check that any bonds or deposits paid or received have been allocated correctly.
• Have you prepaid for insurance or other large business expenses that need to be apportioned to the following financial year? Make note of the portion applicable to the current financial year.
• Do you carry stock? If so, you need to perform a full stocktake at 30 June (unless you qualify for the simplified trading stock rules).
  List any doubtful or bad debts to be written off.
• Review your debtors and creditors (accounts payable and receivable). Is the list current and correct?
• Do you have loans with related entities? Reconcile the loans to and from each entity to ensure the same value is reported in the accounts of both entities.
• Ensure that all payments to company directors have been correctly captured.
• Provide records of any government grants received during the year.
• Contact details of business owners and key personnel if any have changed.

We will let you know if there are other matters to discuss with your Tax Agent before completing your tax return, such as cryptocurrency transactions, capital gains, vehicle usage, private usage apportionment or superannuation. There may also be new elements to discuss if you have received grants, refunds, credits or deferrals of business expenses and liabilities.

Remember you need to keep all your business records for seven years, so store everything securely and where possible electronically for safety and ease. We recommend integrating Apps, such as Dext, into your cloud accounting. Talk to us about integrating Dext into your business.

Once you have all your records for the 2023 financial year, make an appointment with your Tax Agent to schedule in your tax return for prompt lodgement.