01/11/2026
What To Do When Your Accountant Sends Your Tax Return for Review and Signing
Many business owners see their tax return arrive in their inbox, sign it, and move on. But this is one of the most valuable opportunities of the year to better understand your business, improve your records, and potentially reduce future accounting costs.
Before you sign, take the time to review and discuss the information with your accountant.
1. Review the Tax Return Carefully
Your tax return tells the story of your financial year. Review the income, expenses, and any adjustments made before signing. If there's something you don't understand, ask questions.
Remember, you are ultimately responsible for the information lodged with the ATO, so it's important that you're comfortable with what is being reported.
2. Review the Profit and Loss Statement
Your Profit and Loss report shows how your business performed during the year.
Ask yourself:
• Did revenue meet expectations?
• Which expenses increased significantly?
• Was the business profitable?
• Are there areas where costs could be reduced?
This review often reveals trends that may otherwise go unnoticed and provides valuable insights for planning the next financial year.
3. Understand the Tax Adjustments
The profit shown in your accounting software is not always the same as the taxable profit reported to the ATO.
Ask your accountant to explain any tax adjustments, such as:
• Depreciation of assets
• Private use adjustments
• Motor vehicle adjustments
• Non-deductible expenses
• Prepaid expenses
Understanding these adjustments helps you make more informed business decisions and improves your financial literacy.
4. Update Your Accounting Software
Once the financial statements and tax return are finalised, ensure your accounting software is updated to match the final Balance Sheet.
If journals or year-end adjustments have been processed by your accountant, have these entered into your software so your records agree with the signed financial statements. This creates a clean starting point for the new financial year and ensures your reporting remains accurate.
5. Discuss What Changed and Why
One of the most valuable questions you can ask is:
"What adjustments did you make and why?"
Understanding the changes made by your accountant helps you identify bookkeeping errors, coding issues, or processes that may need improvement.
The more you learn from these adjustments, the fewer corrections will be required in future years.
6. Ask How You Can Make Their Job Easier
This simple question can save you money:
"What can I do differently this year to make the year-end process smoother?"
Better record-keeping means less time spent correcting errors, lower accounting fees, and more reliable financial reports throughout the year.
Your tax return is more than a compliance document. It is an opportunity to learn about your business, improve your financial systems, and strengthen your relationship with your accountant.
Don't just sign and file it away. Review it, discuss it, understand it, and use it as a tool to make better business decisions in the year ahead.
Wellness Tip for the week
When I lost all of my excuses, I found my results, - Anon
What is one small action you can take this week to give yourself some loving care?