Preparing yourself for tax return – what your accountant needs from you

If you’re running a business, your accountant will rely on the information you provide.

The basics

Before your appointment, make sure you have:

• photo ID
• your ABN details
• access to your financial records

If you’re using accounting software, ensure your data is up to date.

Income and expenses

Your accountant needs a clear picture of how your business is performing.

This means having a summary of your total income and your business expenses. It doesn’t have to be complex, but it does need to be accurate.

You can prepare this using accounting software (what we recommend), a spreadsheet, or a simple list — as long as everything is included and clearly organised.

Other income

Make sure all sources of business income are included.

This often gets missed when income comes from different places — for example, additional services, online platforms, or side activities under the same ABN.

Even if the amounts are small, they should still be recorded.

Business expenses

Expenses should relate directly to running your business.

This includes things like tools, subscriptions, travel between work locations, and professional fees. If an expense is partly personal, only the business portion should be included.

It’s better to include more detail at this stage — your accountant can help determine what can be claimed.

Assets and larger purchases

If you’ve purchased equipment or other higher-value items, make sure these are clearly listed.

Include the purchase date, cost, and how the item is used in your business. These are often treated differently from regular expenses, so they need to be identified early.

Record keeping

You don’t need to bring every receipt to the meeting, but you do need to have them stored properly.

As a general approach:

• keep records for at least five years
• ensure larger expenses are properly supported
• digital copies are usually easier to manage and access when needed

If records are incomplete, it can limit what can be claimed and may require additional work later.

Systems

If you use software to run your business, these costs can usually be claimed as business expenses.

This may include accounting, invoicing, communication, or task management tools — as long as they are used for business purposes.

Keeping a record of these subscriptions throughout the year makes it easier to include them in your tax return.

Final note

Your accountant works from your data.

The more complete and organised it is, the smoother the process will be — and the fewer adjustments will be needed later.