Your Small Business EOFY Checklist: What to Do Before 30 June
The end of financial year catches more business owners off guard than it should. June approaches quickly, and with it comes a range of tax, compliance and reporting obligations that are easy to overlook when you’re focused on running a business day to day.
This checklist covers the key areas to work through before 30 June so you can close out the financial year with confidence rather than scrambling to catch up.
Review Your Income and Expenses
Start by pulling together a clear picture of your revenue and expenses for the year. Check that all income has been recorded accurately and that expenses are supported by receipts or documentation. This is the time to identify anything that may have been missed or misclassified before your tax return is prepared.
If you use cloud accounting software, run a profit and loss report and review it for any figures that look unusual. Sorting these out now saves time later and helps ensure your tax return reflects your actual position.
Check Your Outstanding Invoices and Debtors
Outstanding invoices affect both your cash flow and your tax position. Before 30 June, review what remains unpaid. If you have debtors unlikely to pay, you may be able to write these off as bad debts, but the process needs to happen before the financial year closes.
This is also a good time to follow up on overdue accounts and bring your receivables up to date.
Review Asset Purchases and Depreciation
If your business has purchased equipment, tools, vehicles or other assets during the year, these need to be recorded correctly. Depending on the asset and the relevant tax rules, you may be eligible to claim an immediate deduction or depreciate the cost over time.
Speak with your accountant before 30 June if you’re planning to purchase any new assets. Timing can affect when and how the deduction applies.
Reconcile Your Bank Accounts and Credit Cards
Every business bank account and credit card should be reconciled before the end of the financial year. This means matching all transactions in your accounting system to your actual bank statements and resolving any discrepancies.
Unreconciled accounts lead to inaccurate financial statements and can create complications when your tax return is prepared. Getting this done early makes the process much smoother.
Confirm Superannuation Contributions
To claim a tax deduction for superannuation contributions in the current financial year, payments must be received by the superannuation fund before 30 June, not simply lodged or initiated. This is a common point where businesses miss out on deductions because contributions are made too late.
Check your records and confirm that all required superannuation for your employees has been paid and received on time.
Review Your Business Structure
EOFY is a reasonable time to step back and consider whether your current business structure is still appropriate. As businesses grow, circumstances change, and the structure that worked in earlier stages may not be the best fit now.
If you operate through a trust, company or sole trader arrangement, a conversation with your accountant can help you understand whether anything warrants review before the new financial year begins.
Get Your Documents Ready for Your Accountant
The more organised your records, the faster and more straightforward your tax return preparation will be. Gather your bank statements, payroll records, BAS lodgements, loan statements and any relevant contracts or agreements. If your accountant has asked you for specific documents in previous years, use those requests as a guide.
Being prepared ahead of your appointment means less back-and-forth and a more efficient process overall.
Don't Wait Until July
Many of the actions on this list need to happen before 30 June, not after. Waiting until the new financial year to address EOFY matters means some opportunities are already gone.
If you’re not sure where to start or want to make sure you haven’t missed anything, speaking with your accountant in May or early June gives you time to act where it matters.
At Elev8, we work with Melbourne small businesses throughout the year, not just at tax time. If you’d like to talk through your EOFY position or prepare for the year ahead, reach out to our team today.
