End-of-Year Tax Preparation Guide by a Tax Accountant in Liverpool, Sydney NSW

As the end of the financial year approaches, many individuals and small business owners in Liverpool start to feel the pressure. But don’t worry—tax time doesn’t have to be stressful.

With the right tips and a little planning, you can stay organised, avoid costly mistakes, and even boost your refund.

Here’s a simple guide from a local tax accountant to help you prepare for the end of the financial year like a pro.

1. Organise Your Records Early

The best time to start sorting your documents is now—not the week before your return is due.

Gather everything you’ll need: income statements, invoices, receipts for work-related expenses, car logs, superannuation records, and anything else related to your finances.

A clean paper trail makes tax prep quicker and keeps the ATO happy.

2. Track All Deductible Expenses

Don’t wait until June to remember what you spent in July last year.

Make a list of your work-related or business-related expenses: tools, uniforms, home office costs, travel, internet, and phone bills.

Even small expenses add up. The better your records, the more you could claim—legally and confidently.

3. Check Super Contributions

If you’re self-employed or running a small business, you might be eligible to make personal super contributions before 30 June.

This can lower your taxable income while helping you save for retirement. Just make sure your payments are received by your fund on time.

If you're unsure how this works, speaking with a business tax accountant in Liverpool can help you make the most of your options before the deadline.

4. Reconcile Bank and Accounting Records

For business owners, it’s important to ensure your books match your bank records.

Go through your accounting software or spreadsheets and reconcile them with your statements. Fix any errors now—don’t leave them for the ATO to find.

Keeping your books tidy also makes things easier for your accountant.

5. Review Outstanding Invoices and Debts

If you have unpaid invoices or bad debts, now’s the time to deal with them.

You might be able to write off bad debts before the end of the year, which could reduce your taxable income.

Chasing payments early can also improve your cash flow heading into the new financial year.

6. Know What You Owe

Get a clear picture of your tax obligations: GST, PAYG installments, and income tax. Knowing your position now gives you time to plan and budget.

If you’re unsure, reach out to a professional for help. It’s better to ask questions now than pay late fees later.

Final Thoughts

Preparing for tax time doesn’t have to be a mad rush. With some planning, the right support, and up-to-date records, it can be a straightforward process.

Whether you’re a sole trader, small business owner, or just want to get your return right, working with a local tax expert in Liverpool can make a big difference.

A little help now can save you a lot of stress—and money—later.