Ensure a smoother, smarter tax return this financial year
As we approach the end of the financial year (EOFY), preparation is key and one of the most effective ways to stay ahead is by providing your accountant with the right information.
Whether you’re an individual, a sole trader, or running a small business, being proactive and organised can help you maximise deductions, stay compliant, and avoid delays with the ATO.
So, what exactly should you share with your accountant? Here’s your EOFY checklist:
✅ 1. Update Your Personal Details
Changes in your personal situation can impact your tax return, so it’s important to inform your accountant if you have:
- Changed your address, email, or phone number
- Updated your marital status or family structure
- New or updated Medicare and private health insurance details
- Changes to your bank account (for ATO refunds)
✅ 2. Report All Income Sources
To ensure accurate reporting and avoid ATO discrepancies, share complete details of all income, including:
- PAYG summaries (or Income Statements via myGov)
- Multiple employer income
- Centrelink or government payments
- Investment income (interest, dividends, capital gains)
- Rental property income and expenses
- Any freelance, side hustle, or hobby income
✅ 3. Organise Your Deductions & Claims
Deductions can significantly reduce your taxable income. Make sure you provide receipts or evidence for:
- Work-related expenses (tools, training, uniforms, etc.)
- Vehicle and travel expenses (logbooks, tolls, fuel)
- Home office costs (especially for remote or hybrid workers)
- Self-education or professional development courses
- Charitable donations to registered organisations
✅ 4. Superannuation Contributions
If you’ve made personal contributions to your super fund, be sure to:
- Provide proof of contributions
- Submit a ‘Notice of Intent to Claim a Deduction’
- Understand eligibility rules for deductions or government co-contributions
This helps ensure you receive any applicable tax benefits while staying within your contribution caps.
✅ 5. Business Owners: Additional Essentials
If you operate a business or are a sole trader, you’ll need to provide more detailed financials, including:
- Business income and expenses
- BAS lodgements and GST records
- Payroll summaries and superannuation payments
- Records of asset purchases or disposals
- Outstanding invoices or bad debts
Having accurate records will help your accountant finalise your business statements, ensure compliance, and explore tax minimisation opportunities.
✅ 6.Final Tip: Be Early & Organised
Providing your information early especially for BAS or EOFY tax returns allows your accountant time to review and follow up, helping you:
- Avoid ATO penalties or interest
- Maximise available deductions
- Lodge your return smoothly and confidently
Need Help This EOFY?
At Pisani Group, our experienced team is here to support you with personalised advice and proactive accounting solutions whether you’re managing personal finances or running a growing business.
👉 Learn more or get in touch with our team today: info@pisanigroup.com.au
