EOFY preparation is a fundamental task for small businesses. It’s a chance to review your finances, comply with all requirements, and strategically plan for the future. Following a formal EOFY checklist will help business owners organise their reporting process and never miss a thing.
Review Your Financial Records
Begin by making sure your finances are accurate and current. Reconcile bank accounts, check your profit and loss statements, and verify there are no discrepancies in your ledgers. It’s a great time to complete all invoices, mark down overdue payments, and verify expenses are appropriately accounted for.
For companies that have accounting software such as Xero or MYOB, preparing reports can be an easy task. If you’re still doing finances the old-fashioned way, now is perhaps the time to start looking into making the change to a computer program. Not only does this speed things up, but it also eliminates the chance of human error.
Prepare and Lodge Your BAS
If your business is registered for GST, ensure all Business Activity Statements (BAS) for the year are lodged and paid. Late lodgements can attract penalties and interest charges. Also, take the time to review GST on income and expenses to confirm everything has been properly reported.
This step is especially important for service providers like electricians, graphic designers, and home builders in Melbourne, who often work on a project basis and may deal with variable invoicing.
Check Superannuation Contributions
Superannuation must be paid at least quarterly, but many businesses choose to make more frequent contributions. Before EOFY, double-check that all payments have been made on time and meet the minimum SG (Superannuation Guarantee) requirements. Remember, super contributions are only tax-deductible in the year they are paid, not when they are accrued.
Additionally, if you’re considering topping up your own superannuation as a business owner, consult with a financial advisor to make the most of concessional contributions.
Identify Tax-Deductible Expenses
Take advantage of available deductions to minimise your taxable income. This might include office supplies, equipment purchases, work-related travel, or professional fees. If you’re considering upgrading technology or investing in tools, doing so before EOFY could help you claim an immediate deduction under the instant asset write-off scheme, subject to eligibility.
Depreciation schedules, particularly for investment properties or large assets, should also be reviewed to ensure all eligible claims are made. Accurate records and documentation are essential here.
Review Employee Records and Payroll
Ensure your employee records, including wages, leave entitlements, and superannuation, are correct. Prepare for Single Touch Payroll (STP) finalisation, which reports employees’ year-to-date earnings to the ATO. You’ll also need to provide payment summaries if you’re not using STP-compliant software.
For small businesses with casual or part-time workers, confirm the accuracy of timesheets and ensure any outstanding entitlements have been properly accounted for.
Plan for the Year Ahead
EOFY isn’t just about ticking compliance boxes—it’s also the perfect time to set new financial goals. Review your current budget and consider how your business performed against expectations. What worked well? Where did you overspend?
Work with your accountant to create a tax planning strategy for the coming year. This might include reviewing your business structure, assessing insurance coverage, or forecasting revenue and expenses.
If you’re planning to invest, expand your team, or buy new equipment, these decisions should be aligned with a clear financial roadmap.
Keep Communication Open With Your Accountant
EOFY preparation should never feel like a mad scramble. Staying in regular contact with your accountant throughout the year can help avoid surprises and ensure you’re always on top of your financial responsibilities.
At CJ Accounting Services, we help small businesses across NSW—whether you’re a sole trader, company, or partnership—stay compliant and grow with confidence. From tax returns and BAS lodgement to financial planning and business structuring, we’re here to support you every step of the way.
Final Thoughts
Staying organised at EOFY can help reduce stress, avoid penalties, and uncover opportunities to improve your business’s financial position. It’s a valuable reset point that, when done right, sets the foundation for sustainable growth.
Whether you’re running a café, managing a trade business, or providing consulting services, following a clear EOFY checklist ensures your business remains on track.
Let Us Help You Get EOFY-Ready
CJ Accounting Services is committed to making EOFY a smooth and rewarding experience for small business owners. If you need expert support with your accounts, tax, or planning ahead, get in touch with us.
You can also learn more about our taxation services and how we support businesses through smart financial planning.
Let’s work together to make your next financial year your best one yet.