End of financial year hits every business owner the same way each year quickly, and often with less preparation time than you’d like. However, working through a structured checklist in the weeks before June 30 turns EOFY from a stressful scramble into a routine, manageable process.
Reconcile all accounts. Bank accounts, credit cards, and loans should be fully reconciled in your accounting software before you start pulling together figures for your return.
Review outstanding invoices. Chase up unpaid invoices where realistic, and identify any genuinely bad debts that should be written off before June 30.
Complete a stocktake. If your business holds inventory, an accurate physical stocktake ensures your reported figures reflect what’s actually on hand.
Review asset purchases. Check whether equipment, technology, or vehicle purchases during the year qualify for an immediate deduction or need to be depreciated.
Consider bringing forward planned purchases. If you were going to buy equipment soon anyway, purchasing before June 30 rather than in July can bring the deduction into the current financial year.
Gather deduction records. Vehicle logs, home office records, insurance premiums, and professional development receipts should all be pulled together ahead of time.
Pay superannuation before the deadline. Contributions are only deductible in the year they’re actually received by the fund, so payments need to clear before June 30 to count.
Reconcile payroll. Ensure wages, PAYG withholding, and superannuation guarantee amounts are accurate and up to date across the full financial year.
Check employee entitlements. Confirm leave balances and any outstanding entitlements are correctly recorded.
Confirm BAS and IAS lodgements are current. Outstanding lodgements should be brought up to date before EOFY to avoid complications with your annual return.
Review your business structure. If your business has grown significantly, it’s worth checking whether your current structure is still the most tax-effective option.
Check GST registration status. If your turnover has changed significantly, confirm whether your GST registration obligations have changed as well.
Set a budget for the new financial year. EOFY is a natural point to review the past year’s performance and set realistic goals and budgets for the year ahead.
Review pricing and costs. Rising costs are easy to absorb quietly throughout the year EOFY is a good checkpoint to review whether pricing still reflects your actual costs.
Book your EOFY appointment early. Leaving this until the last week of June limits how much planning can actually be actioned before the deadline.
Most of the genuine tax planning opportunities available to a business only work if they’re actioned before June 30, not after. Therefore, the businesses that prepare early are consistently the ones that get the most value out of EOFY, rather than simply surviving it.
EBATS supports business owners through EOFY with bookkeeping reviews, tax planning, BAS and payroll checks, and clear, practical advice.
📍 Suite 2.2/47 Queen St, Campbelltown NSW 2560, Australia 📞 0404 471 816 🌐 www.ebats.com.au 📧 [email protected]
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