Your EOFY Checklist: Get Organised Before 30 June

As the end of financial year approaches, many business owners start to feel the pressure. Deadlines are looming, paperwork piles up, and the question becomes: “Have I done everything I need to?” (closely followed by: “Where did I put that receipt?”).

The good news? EOFY doesn’t have to be stressful.

With a bit of planning and the right guidance, it can actually be one of the most valuable times of the year. An opportunity to minimise tax, tidy up your finances, and set yourself up for success in the year ahead.

Here’s your essential EOFY checklist to help you stay on track.

Start With Your Records

Before you can make smart decisions, your numbers need to be accurate.

Take the time to ensure your bookkeeping is up to date and your accounts are reconciled. This includes checking bank accounts, organising receipts and invoices, and reviewing payroll records.

Clean, accurate records don’t just make tax time easier, they give you confidence in your financial position.

Don’t Miss Out on Deductions

EOFY is your last chance to capture deductions for the current financial year.

This might include prepaying expenses like rent, insurance, or subscriptions, or making necessary business purchases before 30 June. If you use your vehicle for work or incur travel expenses, make sure your logs and records are complete.

Many people miss legitimate deductions simply because they don’t review things in time, so this step is key.

Review Any Asset Purchases

If you’ve purchased equipment, tools, or vehicles this year, now is the time to review how they’re treated for tax.

You may be eligible for concessions like the instant asset write-off, depending on your situation. Timing also matters, bringing forward or delaying a purchase by even a few days can impact your tax outcome.

Stay on Top of Payroll and Super

For businesses with employees, EOFY comes with extra responsibilities.

Make sure all wages are finalised, superannuation is paid on time, and your reporting (including Single Touch Payroll) is up to date. Getting this right ensures compliance and avoids unnecessary penalties.

It’s also important to be aware of upcoming changes. From 1 July 2026, Payday Super is coming into effect, meaning super will need to be paid at the same time as wages instead of quarterly.

While this change isn’t in place just yet, EOFY is the perfect time to start preparing. Reviewing your payroll processes now can help you avoid a scramble later. Ensure you stay compliant when the new rules kick in.

Take a Step Back and Review Performance

EOFY isn’t just about ticking boxes, it’s also a chance to reflect.

How did your business perform this year? Did you meet your targets? Where are your most profitable areas?

Looking at your numbers from a strategic perspective can reveal opportunities for improvement and growth going forward.

Get Advice Early

One of the biggest mistakes people make is leaving EOFY planning until the last minute.

Meeting with your accountant before 30 June gives you options, whether that’s reducing your tax liability, improving cash flow, or structuring things more effectively.

After EOFY, those opportunities are often gone.

Look Ahead to the New Financial Year

EOFY is also a natural reset point.

It’s the perfect time to set new financial goals, review your business structure, and plan for the next 12 months. Whether you’re focused on growth, profitability, or stability, a clear plan makes all the difference.

Take control of your EOFY. Book a strategy session with our team and maximise your tax position before the deadline hits.