End of financial year has a habit of arriving faster than expected. For many small business owners, it turns into a last-minute scramble for receipts, reconciliations, and answers. A clear checklist, tackled in the weeks before June 30, makes EOFY far more manageable and far less costly.
A rushed EOFY often means missed deductions, avoidable errors, and a tax bill that’s larger than it needs to be. The businesses that prepare early are the ones best placed to make strategic decisions like timing a purchase or a payment before the deadline. Wait until after, and the opportunity has already passed.
Reconcile your accounts. Before anything else, reconcile your bank accounts, credit cards, and loan accounts in your bookkeeping software. This way, you catch discrepancies early instead of letting them compound into a bigger problem at tax time.
Review outstanding invoices and debts. Chase up unpaid invoices where possible. Also decide whether to write off any bad debts before June 30, so you can claim them in the correct financial year.
Check your stock take. If your business holds inventory, run a physical stock take at year end. This confirms your figures match what’s actually on the shelves, which directly affects your reported profit.
Review asset purchases and depreciation. Look at any equipment, vehicles, or technology you bought during the year. Confirm you’ve correctly recorded each item for depreciation or instant asset write-off, where eligible.
Superannuation contributions. Superannuation only counts as a deduction in the year you actually pay it, not just accrue it. Get contributions to the fund before June 30 so they count for that financial year.
Review your business structure. Check whether your current structure sole trader, company, trust, or partnership still suits where your business is now. This matters most if revenue has grown significantly.
Gather records for deductions. Work-related expenses, vehicle logbooks, home office costs, and professional development all need supporting records. Pull these together early to avoid a scramble later.
Confirm BAS and IAS lodgments are current. Bring any outstanding BAS or IAS lodgments up to date before EOFY. Unresolved lodgments can complicate your annual return and attract ATO attention.
Some of the biggest tax planning opportunities like bringing forward a deductible expense or delaying invoicing income only work if you act before June 30. Leave EOFY planning until July, and those opportunities disappear for the year.
EBATS provides end-to-end tax, accounting, and business advisory services for businesses across Australia from registered tax agent services and BAS lodgments to structuring and tax planning. Trusted since 2011.
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