If you can't prove it, lose it!

The EOFY is here, and yes, there’s a bit more admin than usual. The Tax Agent Services Act (TASA) has tightened expectations on how accountants operate, which means we now need to be EVEN MORE thorough with our documentation and engagement processes. ​

You’ll likely see updated engagement letters or extra forms — nothing dramatic, but when they land in your inbox, take a moment to review them. These aren’t just legal formalities — they’re part of staying compliant in a more heavily regulated environment.

Meanwhile, the ATO has stepped up its audit game. With advanced data-matching and AI tools, they’re spotting discrepancies faster than ever. Whether you’re an individual, business, or SMSF, the rule is simple: if you can’t prove it, you lose it. Keep the paperwork. Be ready to justify your claims.

Also, a reminder for business clients: ATO interest and general charges on overdue debts, as of July 1st are non deductible.

In preparation for compliance season, make sure:

• You’ve kept receipts and supporting documents for claims
• Your bank accounts and accounting software are reconciled
• Any new properties, vehicles, or finance agreements are disclosed
• Payroll and STP finalisation is complete

We’re doing our bit behind the scenes to keep things smooth — but some of this now sits with you. 
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If you are unsure if you can claim an expense, please contact us. We're always here to help! 😊

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