Tax time is easier when your practice’s records are complete, consistent, and easy to trace. Before lodging, gather details of income, operating costs, staff payments, equipment purchases, and any GST reporting. Brisbane practices may also need to check how their business structure and mix of services affect their records. Use this checklist to identify gaps early, ask your accountant specific questions, and reduce the risk of overlooking transactions or supporting documents.
Reconcile income and bank records
Bring together income from all sources, including patient fees, health fund payments, Medicare-related receipts, and other services. Compare your practice-management reports with bank deposits and accounting records. Note timing differences, refunds, write-offs, and payments received after treatment so your accountant can understand how each amount was recorded.
Keep records that support the figures, such as invoices, receipts, settlement reports, and remittance statements. If several practitioners work through the practice, make sure reports clearly distinguish practice income from amounts collected on behalf of individual clinicians. Investigate unexplained differences before lodging rather than relying on estimates.
Gather expenses and GST details
Collect invoices and receipts for rent, utilities, consumables, software, insurance, professional fees, repairs, and other business costs. Record the supplier, date, amount, business purpose, and GST shown on each document. Separate private or mixed-use costs, and flag any large or unusual transactions for review.
Medical services can have different GST treatment depending on the service and circumstances. Compare your GST reports with sales and purchase records, and keep evidence for the treatment applied. Do not assume every service is GST-free or every purchase qualifies for a GST credit; ask your tax professional to review uncertain items.
Check payroll and contractor records
Prepare payroll summaries, employee details, superannuation records, leave balances, and records of any reimbursements or allowances. Check that payroll information agrees with amounts paid and that required reporting has been completed. Keep timesheets or other supporting records where relevant, and list any corrections made during the year.
For contractors and visiting practitioners, gather contracts, invoices, payment summaries, and details of how each arrangement operates. The label used in an agreement does not alone determine a worker’s tax or superannuation treatment. Ask your adviser to review arrangements that have changed or are unclear, and confirm whether any reporting obligations apply.
Review assets, loans, and year-end items
List equipment and other business assets purchased, sold, or disposed of during the year. Include purchase documents, dates, amounts, financing details, and the business-use proportion where an item also has private use. Flag substantial upgrades and repairs separately so your accountant can assess how each should be treated.
Prepare loan statements, credit card statements, and details of owner or partner contributions and withdrawals. Reconcile accounts through the end of the financial year, and identify unpaid bills, income received in advance, or transactions posted to suspense accounts. A short note explaining unusual entries can save time during review.
Start with a records checklist, reconcile it against your accounting system, and mark anything missing or uncertain. Keep documents together in a secure, clearly labeled folder and share them through your accountant’s preferred channel. Practice Ledger can help Brisbane medical practices review their tax-time records and prepare questions for their tax professional.