Quick answer
Before you call a lender, ask your accountant eight things: whether BAS and tax returns are lodged, your exact ATO balance and any payment plan, your latest profit and turnover figures, how the business is structured, what the books say about existing debts, whether financial statements are up to date, what the numbers suggest you can afford to repay, and anything a lender might query. The answers make your first lender call faster and more accurate.
Key points
- Lodgement status and the ATO balance are the two answers lenders care about most.
- Ask for turnover as monthly deposits, the way a lender will see it.
- Confirm the structure: who owns what, and who would sign or guarantee.
- Ask your accountant what a lender might question, so nothing surprises you.
- Your accountant can also join a lender call if your finances are complex.
Why a ten-minute call with your accountant pays off
Most business owners know their business inside out, but not always the specific numbers a lender will ask about. Your accountant or bookkeeper usually does. A short conversation before you ring a lender turns guesses into facts, flags anything awkward, and means your first lender call can move straight to options instead of stalling on “I’ll have to check”.
business.gov.au goes further, suggesting that owners with complex finances consider bringing their accountant or business adviser into the loan conversation itself. For most owners, though, a quick check-in beforehand is enough.
Book the call for a time when your accountant has your file open, or send the questions by email a day ahead so the answers are ready. Most accountants are glad to help, because a well-prepared loan is far easier for them to support later if the lender asks for figures or a letter.
Here are the eight questions worth asking.
1. “Are all our BAS and tax returns lodged?”
This is the question lenders care about more than almost anything else in your tax affairs. Unlodged returns mean nobody, including you, knows the true position. Some lenders won’t proceed until lodgements are up to date; others will, with conditions.
Ask for a plain yes or no, and if it’s no, which periods are outstanding and when they’ll be done. For quarterly BAS lodgers, the due dates are 28 October, 28 February, 28 April and 28 July; monthly lodgers are due on the 21st of the following month.
2. “What exactly do we owe the ATO, and is there a payment plan?”
Get the precise balance and what it’s made of: GST, PAYG withholding, income tax, super guarantee charge. Ask whether a payment plan is in place and whether it’s being met.
You can check this yourself too. The ATO’s online services for business show account balances, transactions, payment reference numbers and any overdue amounts under Accounts and payments. Businesses owing $200,000 or less can usually set up a payment plan there themselves. Our page on owing the ATO explains how to describe it to a lender.
3. “What’s our turnover, in the form a lender will see it?”
Your accountant will think in annual revenue and profit. A lender assessing unsecured options will often think in monthly deposits into the business bank account. Ask for both:
- Last financial year’s revenue and net profit, for context.
- Average monthly deposits over the last three to six months, which is what bank statements will show.
Ask, too, about any unusual items: a big one-off payment, a GST refund, a transfer between accounts. Our guide to describing turnover explains why these matter.
4. “How is the business structured, and who owns what?”
Sole trader, partnership, company, trust, or a mix? Which entity would borrow? Who are the directors or trustees? Who owns any property that might be used as security?
This determines who signs, who might guarantee, and sometimes which lenders suit. If there’s a trust or more than one entity, ask your accountant to sketch it for you on a single page.
5. “What debts do the books show?”
Ask your accountant to list every business liability: loans, equipment finance, credit cards, overdrafts, director loans, ATO arrangements. It’s easy to forget one, and lenders will find it in statements or credit checks anyway. Our page on existing business debts shows how to present the list.
6. “Are our financial statements up to date, and could you provide them?”
For larger loans, longer terms or some secured options, lenders may ask for recent financial statements, tax returns or an accountant’s letter confirming figures. business.gov.au lists financial reports, cash flow statements and forecasts among the documents to prepare when applying.
Ask how current the latest statements are, whether management accounts are available for the months since, and how quickly your accountant could produce something if a lender asks.
7. “Based on the numbers, what could we comfortably repay?”
This is the question most owners skip, and it’s one of the most valuable. Your accountant can look at cash flow and suggest a repayment the business could carry without strain. business.gov.au also recommends working out your maximum affordable repayment before you apply.
Knowing this changes the lender conversation from “how much can I get?” to “what structure fits what we can afford?” It also helps you work out how much to ask for.
8. “Is there anything a lender is likely to question?”
Accountants see the business from the outside, like a lender would. Ask them directly: “If you were lending to us, what would worry you?” Common answers:
- a loss in the last financial year, even if there’s a good reason
- a big drop in turnover in one quarter
- large drawings or director loans
- related-party transactions
- personal credit issues for a director
Whatever comes up, you’re better off knowing before the lender asks. If personal credit history might be an issue, you can get a free copy of your credit report from each credit reporting body every three months. Our page on past credit problems shows how to explain it.
Questions your accountant might ask you back
A good accountant will have questions of their own before you borrow. Expect some of these, and treat them as useful rather than obstructive:
- “What exactly is the money for, and how will it be repaid?” They’ll want to see the loan makes sense for the business, not just that you can get it.
- “Have you compared the total cost?” Including fees, not only the regular repayment.
- “Is the right entity borrowing?” Particularly where there’s a trust or several companies.
- “What’s the tax treatment?” Interest and some costs may be deductible for business purposes; your accountant will advise on your situation.
- “What happens if things don’t go to plan?” A sensible buffer and a clear exit matter.
These are good questions to bring into your lender conversation as well. Our list of questions to ask a lender on the phone covers costs, security and the “what ifs” in detail. If a guarantee is likely, ask your accountant or solicitor to explain what it means for you personally before you sign anything.
Turning the answers into a better lender call
Once you’ve got the answers, you have everything a specialist will ask about in the first few minutes. Jot them on a single page:
| Topic | Your answer |
|---|---|
| Lodgements | Up to date / behind (which periods) |
| ATO balance and plan | Amount, components, plan status |
| Monthly deposits | Average over last 3–6 months |
| Annual revenue and profit | Last financial year |
| Structure | Entity, directors, property owners |
| Existing debts | Lender, balance, repayment, status |
| Affordable repayment | Monthly figure |
| Possible concerns | Anything your accountant flagged |
With that sheet, a first lender call can be done in ten minutes. See the questions a specialist will ask to check nothing’s missing.
When your accountant should be on the call
For straightforward situations, you’ll be fine on your own. Consider having your accountant join if:
- there are several entities or a trust involved
- the ATO position is complicated
- the loan is large or involves restructuring existing debt
- you’d simply feel more confident with them there
Our page on calling a lender for a client explains how that works from the accountant’s side.
Ready when you are
With your accountant’s answers in hand, you’re well prepared. Ring 03 4059 1829 during Melbourne business hours, or start the 60-second enquiry and we’ll call you. There’s no credit check when you first enquire, your details stay with one team instead of being passed around, and a real specialist works through the numbers with you. Bringing accurate figures from your accountant is the surest way to get matched to the right option first time.
Frequently asked questions
Do I need to talk to my accountant before applying for a business loan?
It isn't required, but a short conversation helps. Your accountant can confirm lodgement status, the ATO balance and your latest figures, which are the details lenders focus on.
What documents might my accountant need to provide?
It depends on the loan. Larger or longer loans may need financial statements, tax returns and sometimes an accountant's letter. Many unsecured options rely mainly on bank statements. The lender will say exactly what's needed.
Can my accountant speak to the lender for me?
Yes, with your permission. Many owners have their accountant join a call or send figures directly once they've decided to proceed.
How do I check my ATO balance myself?
Log in to the ATO's online services for business and select Accounts and payments. You can see balances, transactions and any overdue amounts.
What if my accountant says the books aren't up to date?
Ask how long it would take to catch up and tell the lender. Some options can proceed on bank statements while lodgements are completed; others need lodgements first.