Tax season tends to bring out the same routine for a lot of business owners—last-minute sorting, second-guessing what’s deductible, and trying to remember where that one receipt went. Even if you’re fairly organised, there are still a few details that slip by.
Having a small business accountant in Melbourne on your side can help, but being aware of what commonly gets missed makes the whole process smoother and less stressful for everyone involved.
Here are some of the things that are often forgotten at tax time—and how to stay on top of them.
1. Not Saving Digital Copies of Receipts
Paper receipts are easy to misplace. Even if you’ve kept everything, sorting through them later can be a hassle. Most people don’t realise the ATO accepts digital records, and having them saved in a cloud-based system makes things much simpler.
Often forgotten:
- Parking and tolls
- Stationery or tech bought quickly
- Tools, supplies, or meals during work trips
A simple solution is using apps that snap and store receipts in real time. It saves you time later and keeps your records cleaner.
2. Overlooking Business Use of Personal Items
It’s pretty common to use your own phone, internet, or even your car for work—but not everyone tracks or claims that business use. These can be partially deductible.
Common examples:
- Phone plans used for calls or apps
- Home Wi-Fi for admin, meetings, or marketing
- Driving to meetings or picking up supplies
A good accountant can help you figure out what’s reasonable and what records to keep without overcomplicating things.
3. Missing Out on Equipment Deductions
Government tax incentives—like asset write-offs—are useful but easy to miss. If you’ve bought equipment for work, there might be an opportunity to claim the full value.
Items that often qualify:
- Office chairs and desks
- Laptops, phones, or tablets
- Tools or machinery
These rules change from year to year, so it’s worth checking early if a planned purchase could have a tax benefit.
4. Assuming Bank Feeds Mean Everything’s Correct
If you’re using accounting software, it’s easy to assume that your bank feeds tell the full story. But transactions still need to be checked and reconciled properly.
Things that can go unnoticed:
- Duplicates
- Missing transactions
- Personal purchases coded as business expenses
If reconciling accounts isn’t something you enjoy—or if it’s falling behind—that’s one of the clearer signs you need an accountant to step in and help.
5. Paying Super Too Late
You can only claim superannuation as a deduction when it’s been received by the fund before June 30. Some business owners forget this and miss out on a deduction just because the payment was processed too late.
Tip: Make payments early to allow for bank processing times, especially in the final weeks of the financial year.
6. Confusing Capital with Regular Expenses
Not every business purchase gets treated the same way for tax. Operating costs like rent or electricity are typically deducted in the same year. But capital expenses—like vehicles or computers—usually need to be depreciated over time.
Getting this wrong can impact your deductions or trigger ATO follow-ups. Knowing the difference—and getting the advice to apply it correctly—is one of those cases where the right type of accounting services makes a real difference.
7. Overlooking Prepaid Expenses
If you pay for a 12-month insurance policy or a year’s worth of hosting in advance, it doesn’t always mean you can claim the whole amount right away. Some prepaid expenses need to be spread over the period they cover.
Make a note of invoice start and end dates when you get them—it’ll help your advisor work out what applies this financial year.
8. Forgetting to Declare Personal Use of Business Assets
If you’re using work equipment for personal tasks, like a laptop at home or a business vehicle for weekend trips, that needs to be factored in. Same goes for any employee perks that could be considered fringe benefits.
This doesn’t always mean extra tax—it just needs to be declared and handled properly to stay compliant.
9. Sticking With the Same Business Setup Year After Year
If your business has changed a lot in the last 12 months—more income, new services, extra staff—it’s worth checking if your business structure still makes sense.
You might be paying more tax than necessary or missing out on better protection. A quick check-in could lead to a smarter setup, especially if you’re planning ahead for growth or investment.
10. Leaving Financial Reports Until the Last Minute
Your tax return depends on solid reports. If your Profit & Loss or Balance Sheet isn’t accurate, the rest of your numbers might be off too.
Getting your books reviewed ahead of time gives you a better picture of where you stand—and it makes it easier to correct things before they’re submitted.
Conclusion
Most tax-time issues are avoidable. They usually come down to details being missed—not because you’re doing anything wrong, but because running a business means you’re juggling a lot at once.
If you’ve found yourself missing a few of these points more than once, it might be time to check in with someone who can help you get a system in place and keep things on track year-round.
