Get tax-ready: your year-end checklist

The season of spreadsheets, receipts, and “where did I save that?” is upon us! With the end of the financial year nearly here, now’s the time to pull together key information, double-check expense claims, and give your record-keeping a quick health check.

We know tax prep isn’t anyone’s favourite job, but a little housekeeping now can keep costs down, reduce back-and-forth, and help us prepare your return more efficiently.

Below is a simple EOFY checklist, followed by a closer look at a few areas that commonly confuse (and frustrate!) when it’s time to submit your return.

Use this list as a starter to flag anything relevant to your business, gather the right information, and avoid last-minute surprises.

●     Provisional tax

If you’re paying provisional tax, please check that your instalments are up to date. And if your income this year was significantly higher or lower than expected, let us know: this could affect your provisional tax eligibility. Depending on your situation, tax pooling may also be worth considering to manage provisional tax obligations.

●     Capital expenses

Have you bought anything for the business that will be used for more than one year (think: vehicles, equipment, machinery)? If so, let us know, and we’ll determine whether it should be depreciated (including considering new the 20% investment boost deduction) or treated as an expense.

●     Business loans

If you have any business lending, including remaining Small Business Cashflow (SBC) loans, please let us know about any repayments or recent changes so we can record interest and balances accurately.

●     FBT (Fringe Benefit Tax)

Do you offer non-cash perks to your staff, like a company car, a fuel card, or entertainment vouchers? These benefits fall under FBT and are reported separately from income tax.

●     Rental properties

Own a rental property? Make sure your interest and expense records are complete up to 31 March 2026, particularly now that residential interest deductibility has been fully restored for the 2026 income year.  Let us know about any sales of properties during the year, as well as any rental properties owned that are offshore.

●     Food and fun

Entertainment and meals are two of the most common sources of confusion at EOFY. Check that your records are clear, correctly categorised, and supported by receipts. Unsure what’s deductible? Just ask: that’s what we’re here for.

●     Trust income

With trust income subject to tax at 39%, talk to us about distributions and other considerations around trust ownership of assets.