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End of Financial Year Checklist for Business Owners
Everything you need to do before 30 June to maximise deductions and start the new financial year strong.
Before 30 June — Tax Planning
- Review your income: Estimate your taxable income for the year. If it's higher than expected, consider strategies to bring forward deductions.
- Pre-pay expenses: Pay upcoming bills before 30 June — insurance premiums, subscriptions, rent, and professional memberships are all deductible in the year they're paid.
- Purchase assets: The instant asset write-off allows eligible businesses to immediately deduct the cost of assets. Check the current threshold and consider purchasing needed equipment before year-end.
- Write off bad debts: Review outstanding invoices. If any debts are genuinely unrecoverable, write them off before 30 June to claim the deduction.
- Make super contributions: Personal super contributions may be tax-deductible. Ensure contributions are received by your fund before 30 June.
- Pay employee super: Ensure Q4 super (April–June) is paid before 30 June if you want to claim the deduction this financial year (the actual due date is 28 July).
Reconciliation Checklist
- Reconcile all bank accounts and credit cards
- Review and reconcile accounts receivable (money owed to you)
- Review and reconcile accounts payable (money you owe)
- Reconcile payroll records with STP reports
- Review loan balances and interest payments
- Conduct a stocktake if you hold inventory
Record Keeping
- Ensure all receipts and invoices are filed (digitally or physically)
- Back up your accounting data
- Update your asset register with any new purchases or disposals
- File motor vehicle logbooks if applicable
- Gather donation receipts for any charitable contributions
After 30 June
- Finalise STP reporting by 14 July
- Pay Q4 super by 28 July
- Prepare financial statements
- Lodge your tax return (or engage your accountant to do so)
- Review your business structure and plan for the year ahead
Let Us Handle Your EOFY
Our team can manage the entire end-of-year process — from tax planning strategies to lodgement. Don't leave money on the table.
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