What Your Accountant Really Wants You to Know Before EOFY

Every year as we approach 30 June, I see the same pattern unfold with clients in a mad dash to pull their tax documents together, hoping to “maximise their return.” While I love helping people get the most out of their tax time, I thought it might be helpful to share a few truths from an accountant’s perspective.

Let’s start with a myth

One of the most common mistakes I see is people asking me to “claim the maximum” on a particular deduction. The reality is there’s no set maximum. You can only claim up to the value of your actual, valid deductions. The ATO doesn’t deal in ballpark guesses, so everything must be supported by proper records.

What would make your accountant’s life easier?

There are a few things I wish landed in my inbox a little earlier each year:

• Receipts for large work-related purchases over $300
• Logbooks for working-from-home hours or vehicle use
• For those with investment properties, any expenses not handled by your property manager, such as land tax, emergency services levy, mortgage interest, or additional repairs

The tip I give every small business client

Set aside a portion of your income regularly for tax. It sounds simple, but it’s one of the best ways to avoid cash flow stress later. Open a separate account just for this purpose and consistently allocate a reasonable percentage of your income. If you are not sure how much that should be, we can help you calculate it based on your business structure and obligations.

EOFY is a process, not a one-day event

Many clients are eager to lodge their tax returns as soon as July begins, but employers and financial institutions don’t usually finalise their reporting to the ATO until mid or late July. While you wait, it’s a great time to start pulling together your receipts and reviewing what you might be able to claim.

How I prepare for EOFY myself

Throughout the year, I save all relevant tax documents to a personal folder, update a spreadsheet with running totals, and then download my investment statements once they become available. It’s not flashy, but it keeps everything in one place and makes tax time a lot easier.

Need a checklist or tool?

We provide EOFY checklists tailored for individuals and investment property owners to help you cover all bases. If you’re a sole trader or small business owner, Excel is still a great option. For more complex needs, bookkeeping tools like Xero or MYOB are worth considering and can make the process far more efficient.

EOFY doesn’t need to be stressful. With a bit of preparation and the right guidance, you can get through it smoothly and confidently.

If you want this EOFY to be your easiest yet, get in touch. We’re here to help!!