What Your Accountant Actually Needs From You (And What They Don't)

As accountants, we often hear the same thing every year:

"I've sent everything through."

The funny thing is, sometimes you have.

And sometimes you've sent us seventeen separate emails, three screenshots, a blurry photo of a receipt, half a rental statement and a message saying, "I'll send the rest later."

We understand. Life is busy.

But if there's one thing we've learnt from helping hundreds of clients through tax season each year, it's that the smoother the flow of information, the smoother the entire process becomes.

Tax Time Starts Long Before July

One of the biggest misconceptions about tax returns is that they start at tax time.

In reality, the easiest tax returns are often prepared by clients who keep good records throughout the year.

Good record keeping doesn't have to be complicated.

It simply means keeping important information somewhere safe, knowing where to find it, and having a process that works for you.

Whether that's a digital folder, a filing cabinet, a shoebox, or our online submission system doesn't really matter.

What matters is that the information exists when we need it.

What We Actually Need

The answer depends on your circumstances.

Employees

For many individuals, the majority of information we can already access via the ATO Tax Agent Portal; like your income statements and certain Centrelink payments (Paid Parental Leave, Single Parenting Payment, Newstart & Age Pension).

But depending on your circumstances we will require information such as:

• Private health insurance statement showing days & level of coverage

• Donation receipts

• Union fees and memberships

• Work-related expenses

• Investment income information (Rental properties, Share holdings, Managed Fund investments, Crypto holdings)

Rental Property Owners

If you own an investment property, useful records may include:

• Property manager annual statements

• Loan interest summaries

• Insurance documents

• Council and water rates

• Repair and maintenance invoices

• Capital improvement details, records and receipts

Business Owners

Business clients may need to provide:

• Accounting software files or reports

• Bank account information (including any new bank accounts or credit cards)

• Loan statements

• Asset purchases

• Payroll information

• Motor vehicle records

• Stock information

The more complete the information, the easier it is for us to identify opportunities, ask meaningful questions and ensure everything has been captured correctly.

What We Don't Need

Contrary to popular belief, more information isn't always better information.

Here are a few things your accountant generally doesn't need:

❌ Thirty separate emails with one attachment each.

❌ A text message saying, "I think I spent about $5,000."

❌ Screenshots with no explanation.

❌ Every supermarket receipt you've collected for the last twelve months.

❌ Documents sent through three different channels.

And while we appreciate enthusiasm, sending information one document at a time over several months can make it surprisingly difficult to manage efficiently.

Why We Love Receiving Everything In One Place

Let's put this into perspective.

Imagine trying to prepare tax returns and financial statements for hundreds of clients while receiving documents individually over several months.

One receipt arrives in April.

Another arrives in June.

A loan statement appears in August.

A property manager statement arrives after we've already started the work.

It happens more often than you might think. This is one of the reasons we've invested in improving our information collection systems. Our goal isn't to make life harder for clients. It's actually the opposite.

When information is provided in one place, we can:

✔ See what's been provided

✔ See what's missing

✔ Ask questions more efficiently

✔ Reduce email traffic

✔ Complete work faster

✔ Minimise the risk of something being overlooked

Ultimately, it creates a better experience for everyone.

A Peek Behind The Curtain

Many clients understandably assume that once information is submitted, the tax return is ready to go. The reality is there's usually quite a bit happening behind the scenes.

A typical process may look something like this:

• Information received.

• Documents reviewed.

• Missing items identified.

• Questions raised.

• Responses received.

• Work prepared.

• Internal checks completed.

• Review undertaken.

• Return finalised.

• Client approval obtained.

• Lodgement completed.

The better the information received at the beginning, the smoother each of these steps becomes.

But We Still Love Paper

Before anyone starts panicking, let's be clear.

We're not trying to force everyone into the digital age.

While we've invested heavily in online systems and secure document collection, we're still perfectly happy to receive information the traditional way.

If you prefer dropping a folder into the office, that's absolutely fine.

If you like paper, we like paper too.

Our goal isn't to change how you work.

Our goal is simply to receive complete information in a way that allows us to help you efficiently.

The Biggest Mistakes We See

A few common themes appear every tax season:

• Missing rental property information

• Forgotten investment income

• Unreported cryptocurrency transactions

• No supporting documentation

• Guessing figures rather than checking them

• Leaving everything until the last minute

The challenge here is that the ATO is becoming increasingly sophisticated with data matching and information sharing, which means missing information is becoming much easier for them to identify.

How Long Should You Keep Records?

As a general rule, the ATO requires most tax records to be retained for at least five years.

Some records may need to be kept longer depending on the asset, investment or transaction involved.

The good news is that digital copies are generally acceptable, provided they remain clear, accessible and complete.

If you're ever unsure whether something should be kept, our advice is simple:

Keep it.

It's much easier to delete something later than recreate it years after the event.

A Simple Tax Time Checklist

Before sending information to your accountant, ask yourself:

✔ Have I included all income information?

✔ Have I included investment income?

✔ Have I included rental property information?

✔ Have I included private health insurance details?

✔ Have I included Centrelink or Family Tax Benefit information?

✔ Have I included all relevant deductions and supporting documents?

✔ Have I provided everything in one place where possible?

If the answer is yes, you're already making your accountant's life significantly easier.

Good records don't just help your accountant.

They help you.

They create certainty, reduce stress, minimise delays and help ensure you're meeting your obligations while claiming everything you're entitled to.

Mel