The accounting body has urged businesses to take extra care before lodging returns, particularly where income information, payroll data or bank feeds have not yet been finalised. The Australian Taxation Office generally expects pre-filled information to be more complete later in July, which means lodging too early can increase the risk of omissions, amendments or processing delays. For SMEs relying on tax outcomes to manage working capital, that timing matters.

There is also a finance-readiness angle. Lenders commonly look for consistency across tax returns, business activity statements, bank statements and management accounts when assessing a business loan application. If a return is lodged with errors, or later amended, it may create extra questions during credit assessment. That does not automatically prevent approval, but it can slow the process and make it harder for a lender to form a clear view of revenue, profitability and debt-servicing capacity.

The fraud risk should not be underestimated either. Tax-time scams often impersonate the ATO, accountants or payment platforms through emails, texts and phone calls. A compromised business account can quickly become more than an inconvenience: it can interrupt supplier payments, expose customer data, damage trust and create emergency cash demands. SMEs should avoid clicking unsolicited links, verify payment instructions through official channels, and ensure staff know how to identify suspicious requests.

For business owners planning to apply for finance this quarter, the practical takeaway is to treat tax preparation as part of the funding process, not a separate task. Before lodging, consider whether you have:

• Reconciled bank transactions, loan repayments and merchant income against accounting records.
• Checked payroll, superannuation and contractor payments for completeness.
• Separated business and personal expenses clearly.
• Reviewed any ATO debt or repayment plans that may need to be explained to a lender.
• Kept evidence of major one-off costs, unusual revenue changes or seasonal trading impacts.

Where cash flow is tight while you wait for records to be finalised, it may be worth using that time to model short-term repayments and compare the cost of different funding structures. A careful tax return can reduce friction later, while a rushed one may create the very delays SMEs are trying to avoid.