The Ultimate Tax Checklist for Small Business Owners in Liverpool, Sydney NSW

Tax time doesn’t have to be a headache. With the right checklist and a bit of preparation, small business owners in Liverpool can make the process simple and stress-free.

Whether you're a sole trader, run a small team, or just launched your first business, this guide will help you stay organised and compliant with the ATO.

1. Gather All Income Records

Start with your income. This includes:

• Sales invoices
  
  

• Bank statements
  
  

• Cash payments received
  
  

• Other business income (freelance, online platforms, etc.)
  
  

Keep these records up to date throughout the year to avoid last-minute scrambling.

2. Organise Expense Receipts

Next, gather proof of your business expenses:

• Office supplies
  
  

• Rent and utilities
  
  

• Marketing and advertising costs
  
  

• Subscriptions and software
  
  

• Business travel and fuel
  
  

These can be claimed as deductions—just make sure you keep receipts.

3. Track Employee and Contractor Payments

If you employ staff or work with contractors, make sure you have:

• PAYG summaries
  
  

• Superannuation payments
  
  

• Contractor invoices
  
  

• Tax File Numbers and ABN records
  
  

Accurate reporting of wages and super is crucial.

4. Log Vehicle and Travel Use

If you use a car for business, track:

• Kilometres driven
  
  

• Fuel and servicing costs
  
  

• Tolls and parking
  
  

Make sure to separate personal and business use, as only business travel is deductible.

5. Record Asset Purchases

Bought any new equipment or furniture for your business?

Assets like computers, printers, or office desks should be logged separately. You may be eligible for depreciation deductions or instant asset write-offs.

6. Check GST and BAS Records

If you're registered for GST:

• Ensure your Business Activity Statements (BAS) are complete
  
  

• Reconcile GST collected and paid
  
  

• Match figures against your income and expense reports
  
  

This is a key part of staying compliant and avoiding penalties.

7. Review Loans and Liabilities

If you’ve taken out business loans or have outstanding debts, make sure to:

• Record interest paid
  
  

• Log repayments
  
  

• Note any early repayment fees
  
  

An experienced business tax accountant in Liverpool can help you correctly report and deduct interest payments on eligible loans.

8. Super and Insurance Contributions

Record any:

• Super contributions you’ve made for yourself or staff
  
  

• Business insurance expenses (public liability, professional indemnity, etc.)
  
  

These are often tax-deductible and should be included in your return.

9. Prepare Financial Statements

Make sure your:

• Profit and loss statement
  
  

• Balance sheet
  
  

• Cash flow report
  
  

...are accurate and ready. These are usually required when lodging your return or applying for business finance.

10. Lodge On Time

Mark the key dates in your calendar. Most business returns are due by 31 October unless you use a registered tax agent, who can extend the deadline.

Don’t delay—late lodgement can attract penalties from the ATO.

Final Thoughts

Tax time doesn’t need to be stressful. Use this checklist as a guide to stay on top of things throughout the year.

And if it still feels like too much? Don’t worry. A local expert can help simplify the whole process.

A tax accountant in Liverpool, Sydney NSW can make sure you’re claiming all the right deductions, staying compliant, and keeping more money in your pocket.