Accountant Connect Australia Resource Centre

Clearer questions. Better accountant conversations.

30 general guides, 30 focused tips and 30 common questions for Australians preparing to speak with an independent professional. This content is educational and is not accounting, tax, financial or legal advice.

Guides

Australian accounting guides

Use these general guides to organise your questions and records before you speak with an independent professional. For state, territory and approved local coverage, use our Australia-wide coverage pages.

30 guides shown

Tax compliance

Understanding Tax Compliance for New Businesses

A practical starting point for organising the registrations, records and reporting a new Australian business may need.

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Tax compliance

Record Keeping Fundamentals for Small Business

How a simple, consistent records process can make small-business reporting and decision-making easier.

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Tax compliance

Navigating GST Requirements for Australian Businesses

An educational overview of GST registration, invoicing and reporting questions business owners should understand.

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Tax compliance

End of Financial Year Preparation for Business Owners

A focused checklist for getting records, reconciliations and questions ready before the annual reporting cycle.

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Tax compliance

Understanding Payroll Obligations and Reporting

A general guide to the records, timing and oversight that support responsible payroll administration.

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Business advisory

Business Structures and Asset Protection: Questions to Consider

A general explanation of why structure reviews involve tax, commercial, legal and personal considerations.

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Business advisory

Cash Flow Management Strategies for Growing Businesses

How business owners can use timely financial information to plan cash needs and avoid surprises.

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Business advisory

Transitioning to a Trust Structure: An Educational Overview

Key concepts to understand before seeking professional advice about trust structures for a business or investment.

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Business advisory

Strategic Planning vs Daily Operations

Why growing businesses benefit from separate time for financial review and forward planning.

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Business advisory

Understanding Business Valuation Principles

An introduction to the factors and information commonly considered when assessing a business's value.

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SMSFs

Introduction to Self-Managed Super Funds

What prospective trustees should understand about the responsibility, administration and commitment involved in an SMSF.

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SMSFs

SMSF Trustee Compliance Obligations

A general overview of the governance, records and annual work that SMSF trustees need to manage.

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SMSFs

Understanding the SMSF Sole Purpose Test

Why SMSF decisions must be connected to providing retirement or death benefits for fund members.

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SMSFs

Property Investment Within an SMSF Structure

An educational look at the planning, evidence and compliance questions involved when an SMSF holds property.

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SMSFs

Winding Up a Self-Managed Super Fund

The practical records and coordination required when an SMSF is being brought to an orderly close.

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Cryptocurrency tax

Tax Implications of Digital Asset Investment

A general guide to the transaction records and classification questions Australian crypto investors should understand.

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Cryptocurrency tax

Record Keeping for Cryptocurrency Transactions

The practical data points that make a digital-asset reporting conversation more accurate and efficient.

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Cryptocurrency tax

Understanding Capital Gains on Digital Assets

An educational overview of why disposals, exchanges and transaction history can matter for crypto capital gains reporting.

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Cryptocurrency tax

Staking and DeFi Reporting: What to Document

A record-focused approach to complex crypto activity such as staking, lending and decentralised finance.

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Cryptocurrency tax

Crypto Trading vs Investing: Why the Facts Matter

Why transaction frequency, method and commercial context can affect how digital-asset activity is reviewed.

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ATO support

Responding to ATO Correspondence

A calm, organised approach to reviewing and responding to letters, notices or requests for information.

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ATO support

Managing Outstanding Lodgements

How to organise the information and priorities when business or personal lodgements have fallen behind.

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ATO support

Navigating Tax Payment Arrangements

Questions to prepare before discussing an arrangement to manage a tax debt or upcoming payment difficulty.

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ATO support

The Tax Review and Audit Process Explained

A general guide to the preparation, records and professional support that can assist during an ATO review.

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ATO support

Understanding Penalty Remission Requests

What evidence and circumstances may be relevant when seeking professional help with a penalty or interest issue.

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Personal tax

Personal Tax Preparation: A Practical Checklist

How individuals can organise income, expense and investment information for a more efficient tax-return conversation.

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Personal tax

Understanding Work-Related Expense Records

Why evidence, work connection and private-use adjustments matter when reviewing employee expense claims.

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Personal tax

Investment Income and Personal Taxation

An overview of the records individuals should retain for dividends, interest, distributions and investment activity.

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Personal tax

Navigating Capital Gains as an Individual

The purchase, ownership and sale records that can matter when an individual disposes of an investment asset.

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Choosing an accountant

What to Look for in a Business Accountant

A practical framework for assessing expertise, communication style and service fit before you engage an accountant.

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Practical tips

Small steps that improve clarity

Separate business money early

A dedicated business account makes it easier to identify transactions, reconcile records and explain how money moved through the business.

Reconcile on a routine, not at year-end

Set a regular time to match bank activity to invoices and receipts so missing documents are identified while the details are still easy to recover.

Review invoices before sending them

Make sure your invoices consistently show the information relevant to your GST treatment, including the correct business identity and amounts.

Keep a list of unusual transactions

Note items such as asset purchases, new loans, owner contributions or one-off payments as they occur, rather than relying on memory months later.

Keep payroll approvals visible

Use a simple approval trail for changes to pay, hours, bank details and leave so the business can confirm why each change was made.

Review structure when the business changes

Growth, new owners, valuable assets or a change in risk profile are useful prompts to review whether the existing arrangement still makes sense.

Watch the timing, not only the total

A cash forecast is most useful when it shows when money is expected to arrive and leave, not simply whether the year appears profitable overall.

Read the governing documents

Trust decisions should be considered against the actual deed and legal structure, not only a high-level description of what a trust can do.

Give every report a question

Before a monthly review, decide what you need to know: cash capacity, margin, customer concentration or the viability of a planned commitment.

Keep financial reports decision-ready

Consistent, reconciled reporting helps a future valuation conversation start with evidence rather than a lengthy reconstruction of past performance.

Treat trustee duties as ongoing work

An SMSF is not a set-and-forget structure. Trustees need time, records and a process for decisions throughout the life of the fund.

Document trustee decisions when they are made

Meeting minutes and decision records are more useful when prepared at the time of the decision rather than reconstructed later.

Pause before using fund assets

If an SMSF asset could provide a personal or related-party benefit, obtain advice before using it, leasing it or changing how it is held.

Keep property paperwork fund-specific

Store property contracts, rental records, invoices and funding documents with the SMSF records so the fund's position can be clearly evidenced.

Plan the exit before closing accounts

Do not rush to close bank accounts or dispose of records until the fund's assets, liabilities and final reporting steps have been checked.

Export exchange history regularly

Download reports while accounts are active, because platforms can change their access settings or limit how far back transaction data can be exported.

Label transfers between your own wallets

A clear note that links the sending and receiving wallet helps distinguish an internal movement from a transaction with another party.

Keep fees with the transaction record

Trading and network fees can be relevant to understanding a transaction, so store them with the corresponding trade or transfer evidence.

Record protocol activity as it happens

Complex on-chain activity is much easier to explain when each deposit, reward and withdrawal is documented at the time it occurs.

Do not rely on a platform label

An exchange may call activity trading, but the tax analysis can require a broader view of the facts and how the activity is conducted.

Keep the whole letter, not only the first page

Reference details, dates, requested actions and explanations can appear throughout a notice, so save the complete document with its attachments.

Make a period-by-period list

A simple register of outstanding periods, documents and next actions turns an unclear backlog into a practical sequence of work.

Prepare a realistic cash picture

Before discussing payment difficulty, map the income, essential costs and existing commitments that affect what can actually be paid.

Answer the request, not a guess

Match documents to the specific questions in the notice and keep a copy of everything supplied so the response can be checked later.

Build a dated timeline

A concise timeline supported by records is more useful than a broad explanation when a professional needs to understand what happened and when.

Create a tax folder throughout the year

Save documents as they arrive instead of looking for them at return time, especially investment statements and records of larger transactions.

Write the work reason on the receipt

A short note made at the time can make a receipt more meaningful months later, particularly where the purchase could also have a private use.

Save annual investment statements

Investment platforms and managed funds often issue end-of-year information that is useful for accurately understanding the income and activity for a period.

Keep purchase records after settlement

Do not discard acquisition documents once an investment is established; they may be needed long after the original purchase.

Prepare a one-page brief before calling

A short explanation of your business, current issue and timeframe makes it easier to assess whether a prospective accountant has the right experience.

Frequently asked questions

Common accounting questions

What should a new business organise before its first tax return?

Start with clear records of income, expenses, invoices, bank activity, registrations and any payroll activity. The exact requirements depend on the business structure and activities.

Why does record keeping matter if bookkeeping software is already in place?

Software records transactions, but it still relies on accurate inputs and supporting documents. Clear records help confirm what each transaction relates to and support the figures being reported.

Does every Australian business need to deal with GST?

No. Registration and reporting obligations depend on the business and its circumstances. A registered tax or BAS professional can explain how the rules apply to your activity.

What is the best way to prepare for year-end?

Give your accountant complete, reconciled records and a short list of the business changes or unusual transactions from the year. Their requested checklist should guide the final handover.

Can payroll be managed from a spreadsheet?

Some businesses begin that way, but a spreadsheet still needs accurate records, secure handling and a process that meets current reporting obligations. Seek professional guidance before relying on a manual process.

Is a company always the best structure for asset protection?

No. Different structures carry different responsibilities and risks. The right approach depends on the business, its owners, contracts, assets and personal circumstances.

Why can a profitable business still experience cash pressure?

Income can be earned before it is received, while wages, suppliers and finance costs may need to be paid earlier. Timing differences are a common source of pressure.

Can a business simply move into a trust?

A change of structure can have legal, tax, finance and operational consequences. It should be planned with qualified professional advice rather than treated as a simple administrative transfer.

How often should a business review its financial position?

The right rhythm depends on the business, but regular reviews are generally more useful than waiting for annual accounts. Use a schedule that reflects how quickly the business changes.

Is business value based only on annual profit?

No. Profit can be one consideration, but assets, risks, agreements, customer concentration and market conditions may also affect how a business is assessed.

Is an SMSF suitable for everyone?

No. Suitability depends on a range of factors, including the members' circumstances, knowledge, willingness to take responsibility and ability to meet ongoing obligations.

Who is responsible for an SMSF's compliance?

The trustees or directors of the corporate trustee carry responsibility for the fund. Professional support can help, but it does not remove trustee duties.

Can an SMSF asset be used personally by a member?

Superannuation rules can restrict arrangements that create a present-day benefit. Seek qualified advice before any use of fund assets involving members or related parties.

Can an SMSF buy any property a member wants?

No. The investment needs to be considered against the fund's strategy and superannuation rules. Related-party, borrowing and use arrangements can require particular care.

Can an SMSF be closed immediately after assets are sold?

There are usually further administrative and reporting steps after a sale. Obtain a clear wind-up plan before closing accounts or disposing of records.

Do crypto transactions need records even if no cash was withdrawn?

Transaction history can be important even where an activity did not involve a bank withdrawal. The treatment depends on the nature of the transaction and the person's circumstances.

What records should a crypto investor keep?

Keep transaction dates, asset quantities, values, fees, exchange records and wallet information. The records needed can vary with the type of activity undertaken.

Can exchanging one digital asset for another matter for tax?

A swap can be relevant to tax reporting even if Australian dollars were not received. The outcome depends on the facts and should be reviewed with appropriate professional advice.

Are staking rewards the same as a simple crypto purchase?

They can raise different reporting questions because the activity and timing are different. Keep complete records and seek advice tailored to the platform and transaction facts.

How do I know whether my crypto activity is investing or trading?

The distinction can be fact-specific. Transaction patterns, intent, scale and how the activity is carried out may all be relevant, so seek tailored advice.

Should I ignore an ATO letter if I think it is a mistake?

No. Check the notice carefully and respond by the stated date or seek professional help promptly. A professional can help you understand the appropriate way to raise concerns.

Can I deal with all outstanding lodgements at once?

Some matters can be addressed together, but each period may need different records and checks. A professional can help prioritise the work and communicate appropriately.

What information is useful before discussing a tax payment issue?

Have current balances, lodgement information and a realistic view of cash flow or personal finances available. The relevant process depends on the specific circumstances.

Does an ATO review mean I have done something wrong?

Not necessarily. Reviews can arise for different reasons. Read the notice carefully and obtain help if you are unsure about the information requested.

Can every penalty be removed?

No. Whether a penalty or interest issue can be reviewed depends on the circumstances, evidence and applicable process. Seek advice before making assumptions about an outcome.

What should I bring to a personal tax appointment?

Bring records for all income sources, relevant expenses, investments and significant transactions. Your accountant may provide a tailored checklist for your situation.

Can I claim an expense because my employer did not reimburse it?

Not automatically. The expense still needs to meet the relevant requirements and be supported by records. Obtain tailored advice for your role and circumstances.

Do I need to mention small amounts of investment income?

All income sources should be considered when preparing a return. Keep the statements available and ask a professional how they apply to your reporting.

Why are old purchase documents important for an asset sale?

They can help establish the asset's history and support how the transaction is reviewed. The records required depend on the asset and circumstances.

What questions should I ask before engaging an accountant?

Ask about scope, relevant experience, registrations, communication, fees and what information they need from you. The right questions depend on the work you need completed.

Need an accountant for your situation?

Tell us the work you need, your timing and where you are based. We may introduce you to an independent accounting professional whose stated experience appears relevant. You decide whether to engage.

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