Golden Opportunity: Get Your Business Records Tax Return Ready
Polish your paperwork now for a stress-free tax season.
Tax Time Shouldn’t Be a Rush Job
Tax time isn’t just about ticking boxes — it’s a golden chance to gain insight into your business and set yourself up for success. When your records are clean and complete, everything runs smoother.
You can lodge your return faster, receive any refund sooner, and make confident decisions for the year ahead. With rising costs and changing business conditions, now’s the time to be proactive.
Why Being Prepared Pays Off
Think of EOFY like gold panning: the clearer the stream, the easier it is to find the good stuff.
Getting your tax records ready means:
- Early access to tax refunds or clarity on payments
- Fewer errors, adjustments, and stress
- A stronger position to plan and forecast for next year
Important: While you can prepare early, the ATO recommends waiting until late July before lodging to ensure all pre-filled information is available. Lodging too early can result in mistakes and delays. – Read more from the ATO
What Records Should You Gather?
Here’s your go-to EOFY checklist:
– Asset Purchases and Sales
Keep full details of any business assets bought or sold, including contracts, dates, and sale/purchase values.
– Loans and Finance
If you’ve taken out finance, gather loan agreements and end-of-year balances as at 30 June.
– Prepaid Expenses
Include insurance, leases, or services you paid in advance. These often need to be apportioned across financial years.
– Stocktake (if applicable)
Businesses holding stock must conduct a 30 June stocktake, unless exempt under simplified trading stock rules. – ATO’s stocktake rules
– Debtors and Creditors
Check your accounts receivable and payable. Ensure they’re accurate and up to date.
– Bad Debts
List any outstanding debts you’ve decided to write off as uncollectable.
– Loans to/from Related Entities
If you trade with or loan to related businesses or trusts, reconcile these records for accuracy on both ends.
– Director Payments
Make sure any payments to directors are documented properly. Speak to your accountant if any were made in late June.
Government Grants
Declare any government funding received during the year, including COVID-19 or natural disaster support.
– Fringe Benefits for Staff
Non-cash benefits like gym memberships or pandemic-related perks may attract fringe benefits tax (FBT).
– Contact Information
Let your accountant know if your address, email, or phone number has changed.
Golden Rules for Recordkeeping
You must keep business records for at least five years, from when the document is prepared, obtained, or the transaction is completed — whichever is latest.
Some records (like CGT assets or depreciation schedules) need to be held longer.
👉 ATO: Record-keeping requirements
Tips for stress-free storage:
- Save digital copies in secure cloud systems
- Regularly back up data
- Use bookkeeping software (like Xero or MYOB)
- Keep physical records in a dry, safe place if needed
Expert Insight: “If you can’t substantiate it, you can’t claim it.”— Mark Chapman, Director of Tax Communications at H&R Block
Let’s Strike Gold This Tax Season
Being organised now gives you more control, less stress, and a better chance of making the most of your tax return.
Whether you’re expecting a refund or preparing for a bill, up-to-date records help you and your accountant plan smart and stay compliant.
Don’t leave it to the last minute. Book your EOFY appointment with DJ Grigg Financial today — and let’s make this tax season a golden success.