tax planning review checklist

Tax planning review checklist you can use year‑round

This article gives you a practical, reusable tax planning review checklist designed for business owners, contractors, property investors, and salaried individuals who want a consistent way to prepare for tax time without the last‑minute scramble. Use it as a living framework you revisit during the year to surface issues early, capture deductions properly, and make informed decisions when there’s still time to act.

Important: The information below is educational and general in nature. It is not financial or tax advice. Circumstances differ and tax rules evolve. For decisions about your situation, consult a qualified tax professional.

How to use this checklist

Instead of treating tax as a once‑a‑year task, schedule short reviews throughout the year. That’s where this checklist fits: a structured agenda you can complete in 30–60 minutes with your records at hand. If you run a business, invite your bookkeeper or finance lead. If you’re an individual, keep your payslips, statements, and receipts nearby.

  • Monthly: Reconcile bank feeds and capture receipts while details are fresh.
  • Quarterly: Run the full checklist (income, deductions, payroll and superannuation obligations, BAS/GST if applicable, and planning actions).
  • Pre‑year‑end: Do a deeper pass to consider timing decisions and documentation.
  • Post‑year‑end: Close out, file, and set your plan for the new period.

Tip: Save a copy of this checklist in your finance folder. Date‑stamp each quarter’s review and keep notes on any actions, who owns them, and target dates.

Core categories to review each quarter

Work through these categories in order. They’re designed to help you confirm what’s changed, what’s incomplete, and what needs attention before deadlines arrive.

1) Income and changes in circumstances

  • Business income: Compare year‑to‑date sales to the same period last year. Note unusual spikes or drops and why.
  • Other income: Interest, dividends, distributions, rent, grants, royalties, one‑off asset sales. Capture supporting statements.
  • Personal changes: New job, changed hours, started or ceased contracting, added a side business, relocated, or changed family circumstances. Note dates and documentation.
  • Entity changes: New companies, trusts, or partnerships. Record establishment documents and ownership percentages.

2) Deductible expenses and substantiation

  • Operating costs: Advertising, software, subscriptions, insurance, professional fees, bank and merchant fees, utilities.
  • Motor vehicle and travel: Keep logbooks or travel notes as required for the method you use. Record dates, purpose, and distances.
  • Home office and equipment: Track work‑related use, retain invoices, and note any apportionment basis.
  • Repairs vs improvements: Flag items that may need classification review. Keep invoices and before/after descriptions.
  • Prepayments and timing: Note any prepaid expenses or upcoming renewals you may time within the rules that apply to you.

3) Capital assets and depreciation

  • Asset register: Add new assets acquired, with cost, date, and description.
  • Disposals: Record the date, sale proceeds, and any selling costs if you sold or scrapped assets.
  • Projects in progress: Capture spend to date on capital works and expected completion timing.

4) Payroll, Single Touch Payroll (STP), and superannuation

  • Employee records: Confirm employee details, pay categories, leave, and year‑to‑date totals align with payroll reports.
  • STP submissions: Check that submissions are complete for each pay cycle in the period.
  • Superannuation: Reconcile contributions paid vs due for employees and owners as relevant. Keep clearing house receipts.
  • Contractors: Note contractor payments and which ones are subject to reporting.

5) BAS/GST and other lodgements (if applicable)

  • Reconciliations: Match GST on sales and purchases to your general ledger and source documents.
  • Adjustments: Flag mixed‑use expenses or private apportionment adjustments you apply consistently.
  • Lodgement tracking: Record which activity statements are lodged and paid, with confirmation numbers.

6) Cash flow, funding, and commitments

  • Receivables: Identify overdue invoices and recovery steps. Note any potential write‑offs to review.
  • Payables: Confirm supplier balances and planned payment dates.
  • Loans and leases: Reconcile statements, interest, and principal movements. File updated schedules.
  • Planned purchases: Note timing of material equipment or inventory buys.

7) Records, controls, and year‑end readiness

  • Bank and credit cards: Ensure feeds and reconciliations are up to date. Investigate uncoded or suspense items.
  • Document capture: File receipts and contracts. Ensure naming conventions are consistent.
  • Workpapers: Maintain a simple index of the schedules you’ll need at year‑end.
  • Audit trail: Keep a change log of corrections or reclassifications.

8) Planning actions and decisions

  • Timing choices: List discretionary items you may bring forward or defer within applicable rules.
  • Structure questions: Note any plans that could affect your entity or ownership.
  • Superannuation strategies: Record proposed contribution amounts and timing to discuss with a qualified adviser.
  • Risk review: Capture any emerging issues (e.g., documentation gaps) and assign owners and due dates.

A simple quarterly rhythm that keeps you on track

Consistency beats intensity. The outline below turns the tax planning review checklist into a manageable habit. Adjust the months to your financial year.

  • Quarter 1 review: Baseline your year. Confirm opening balances, update your asset register, and capture any early changes in income or employment.
  • Quarter 2 review: Focus on payroll, superannuation, and BAS/GST reconciliations if relevant. Tighten receipt capture and revisit logbooks.
  • Quarter 3 review: Start pre‑year‑end planning. List timing decisions, review capital projects, and draft your document request list.
  • Quarter 4 review (pre‑year‑end): Finalise actions you can complete before year‑end. Confirm reconciliations and prepare for year‑end processes.

After year‑end, complete your close‑out review. Archive final statements, lock prior periods in your accounting software, and document any post‑year‑end adjustments with clear notes.

Documents to gather (and keep tidy)

Great documentation makes tax time faster and less stressful. Use this list to pre‑assemble what you’ll likely need. Add or remove items to fit your situation.

  • Identification and profile: Current ID, tax file/identification details where applicable, updated address.
  • Income: Payslips, payment summaries, bank interest statements, dividend/distribution statements, rental statements, grant letters, and any sale contracts.
  • Business records: Sales and expense ledgers, invoices, receipts, merchant summaries, e‑commerce reports, and stock/inventory counts.
  • Assets: Purchase invoices, financing agreements, proof of payment, and disposal documentation (including agent invoices and legal costs).
  • Motor vehicle: Logbooks for the chosen method, fuel and maintenance receipts, registration and insurance documents.
  • Home office and equipment: Apportionment notes, floor plans or workspace evidence if relevant, and invoices.
  • Payroll and STP: Employee details, payroll reports, superannuation payment confirmations, and contractor summaries.
  • BAS/GST: Lodgement confirmations, working papers supporting GST collected and GST paid, and any adjustment calculations.
  • Loans and leases: Statements, opening/closing balances, and amortisation schedules.
  • Insurance and compliance: Policy schedules, certificates, and correspondence on claims.
  • Other: Legal agreements, grants, or one‑off transactions with supporting notes.

Common pitfalls the checklist helps you avoid

Here are frequent issues that surface when reviews are left to the last minute. Use the checklist to spot them early and resolve them calmly.

  • Missing or faded receipts: Capture and back up receipts promptly; avoid relying on memory months later.
  • Unreconciled accounts: Suspense or uncoded transactions distort results and delay lodgements.
  • Incorrect expense classification: Repairs vs improvements and personal vs business portions need consistent treatment supported by notes.
  • Logbook gaps: Incomplete or outdated vehicle usage records can undermine claims.
  • Contractor confusion: Not distinguishing contractor payments that require reporting can lead to remedial work.
  • Superannuation timing: Contributions recorded in software but not cleared or receipted create mismatches.
  • Late adjustments: Leaving stock counts, write‑offs, or asset disposals until year‑end reduces your planning options.

A simple scoring method to prioritise actions

After you complete each section of the tax planning review checklist, assign a quick status to prioritise follow‑ups:

  • Green: Complete and documented. No action needed.
  • Amber: Mostly complete. Minor documents or reconciliations outstanding.
  • Red: Gaps or uncertainty. Schedule a focused session to fix.

For red items, add a one‑line problem statement, the action owner, the next step, and a due date. Keep this micro‑plan in the same folder as your quarterly checklist notes so you can track progress across the year.

The tax planning review checklist (copy, adapt, repeat)

Use the list below as your working template. Tailor it to your business, employment, or investment mix.

  • Income
    • Business sales and other income reconciled to bank and platform reports
    • Personal income sources captured with statements
    • Changes in employment, contracting, or entity structure documented
  • Expenses and deductions
    • Operating costs reviewed and substantiated with receipts
    • Motor vehicle usage method selected and supported (e.g., logbook basis)
    • Home office and equipment apportionments noted
    • Repairs vs improvements flagged for review
    • Prepayments and timing opportunities listed for discussion
  • Capital assets
    • Asset register updated for additions and disposals
    • Capital projects tracked with progress documentation
  • Payroll, STP, and superannuation (if applicable)
    • Employee and contractor records up to date
    • STP submissions sent for each pay cycle
    • Superannuation contributions reconciled and receipted
  • BAS/GST and other lodgements (if applicable)
    • GST collected and paid reconciled to ledgers and source documents
    • Adjustments and apportionments documented
    • Lodgement and payment confirmations filed
  • Cash flow and commitments
    • Receivables follow‑ups in place; doubtful debts reviewed
    • Supplier balances confirmed and scheduled
    • Loan and lease statements reconciled
    • Upcoming purchases and funding needs listed
  • Records and controls
    • Bank and credit card reconciliations are current
    • Receipt capture is complete and backed up
    • Workpaper index updated with supporting schedules
    • Change log maintained for reclassifications and corrections
  • Planning and next steps
    • Timing decisions considered within applicable rules
    • Structure or ownership questions noted for professional advice
    • Superannuation strategy placeholders documented for advice
    • Action list prepared with owners and deadlines

FAQ

How often should I run a tax planning review?

Quarterly works well for most people and businesses. It’s frequent enough to catch issues early but light enough to fit alongside normal operations. Add a short pre‑year‑end review for timing decisions and a post‑year‑end close to tidy records.

Can I use this checklist if I’m an employee and not a business owner?

Yes. Focus on income statements, work‑related expenses you can substantiate, home office or equipment apportionments as relevant, and any investment or rental records. Keep payslips, year‑to‑date summaries, and receipts organised.

What’s the best way to keep receipts and records?

Pick a single, simple system and stick to it. Many people use cloud storage with date‑stamped folders and phone‑based receipt scanners. Name files consistently (date‑vendor‑amount‑purpose). Back up periodically and lock prior periods once reconciled.

Next steps

Reminder: This article is general information only and not tax, financial, or legal advice. Seek advice from a qualified professional before acting on the ideas discussed.

A practical next step

To discuss the options that apply to your situation, contact Advanced Accounting Taxation & Business Services and request the relevant details before moving forward.