Part of Business accountants

Second opinion tax return review

Not sure your last two returns were right? We review them for missed deductions, structural problems and overpaid tax, with a report in about seven days. Quoted before we start.

Book a free call Quoted review; report in about seven days from receiving your returns

A second set of eyes on the last two returns

Owners rarely know whether their tax return was done well. The return was lodged, the bill was paid, and there was no one to compare it with. A second opinion review is a senior accountant going back through your last two lodged returns and financial statements with fresh eyes: deductions and concessions that were missed, a structure that no longer fits the business, complex events that were treated conservatively, and compliance gaps that could become an ATO problem.

You do not need to be a New Wave client to have one done, it is quoted up front as a project, and it does not oblige you to move your accounting to us. Some owners use the report to go back to their current accountant with better questions.

What we review

Deductions and concessions

Instant asset write-off and depreciation choices, motor vehicle and home office treatment, prepayments, bad debts, small business concessions and offsets. Generic coding in the bookkeeping is the usual reason these are missed.

Structure

Whether the entity mix still fits: income trapped at the wrong rate, trust distributions not optimised, Division 7A loans building up, a business that has outgrown a sole trader structure. See business structuring.

Complex events

Asset and business sales, capital gains and the small business CGT concessions, payroll tax thresholds, restructures and property transactions. These are where conservative treatment costs the most.

Compliance risk

Items that are more likely to attract an ATO review than to save tax: contractor treatment, private use, related-party transactions, GST on mixed supplies. A good review tells you about both sides.

What you get

A written report within about seven days of receiving your returns, financials and a Xero export.
The findings, the estimated financial impact of each, and which prior years can still be amended. Small businesses generally have two years from the notice of assessment to amend a return.
A meeting to walk through it and decide what to do.

If there are amendments worth lodging, that work is quoted separately and you decide whether to proceed. If the review finds nothing material, we will say so. That is a useful answer too.

Who it is for

An established business with at least one lodged return, usually two.
Owners whose tax bill does not seem to match the profit or the cash.
Businesses that have had a capital gains event, a payroll tax issue or a restructure.
Owners who have outgrown their current accountant and want evidence before they move.

How it runs

A free 30-minute discovery call with a New Wave team member to understand the business and what prompted the question.
A quote agreed up front and a short document list: the last two returns, financial statements and a Xero export.
The review, the written report in about seven days, and a meeting to go through it.

Before you ask

Second opinion tax return review: the questions we get.

How far back can a small business amend a tax return?

Generally two years from the day the notice of assessment was issued for small business entities, and four years for others, with longer periods in some circumstances. That window is why the review looks at the last two lodged returns: anything worth amending is usually still open. We confirm the exact dates for your entities as part of the review rather than assuming.

Will a second opinion tax review create problems with my current accountant?

It does not have to. The review is confidential and does not oblige you to move. Some owners take the report back to their current accountant and use it to ask better questions, and some stay. If the review finds nothing material we say so, and that is a useful answer. If it finds something significant, you decide what to do with it.

What documents do you need for a second opinion review?

The last two lodged tax returns for each entity, the financial statements behind them, and a Xero or other accounting file export for the same periods. If there was a significant event in those years, such as a property or business sale, a restructure or a payroll tax matter, the related paperwork helps. The report follows in about seven days from receiving them.

What is most commonly missed on a business tax return?

In our experience: depreciation and instant asset write-off choices, small business concessions, prepayments, motor vehicle and home office treatment, bad debts never written off, trust distribution resolutions not optimised, Division 7A loans left to build up, and structures that stopped fitting the business years ago. Generic coding in the bookkeeping is behind most of them, which is why the review reads the file as well as the return.

Ready when you are

Stop paying for the dinosaur.

Book a free discovery call. Thirty minutes with a New Wave team member on where the business is and where you want it. If we are not the right firm for you, we will tell you who is.

Book a free discovery call Call (07) 5504 1999