EOFY checklist: what to do before 30 June

The end of the financial year is not a single deadline. It is a series of tasks that, handled calmly and in the right order, leave you in good shape for the year ahead. The businesses that find EOFY stressful are usually the ones that have left everything until the final week.

The checklist below covers the core tasks for most small businesses. Not every item will apply to your situation, your accountant or bookkeeper can advise on anything specific to your industry or structure.

Records and reconciliation

Before 30 June, reconcile all bank accounts and credit cards. Make sure every transaction for the financial year is recorded and categorised correctly. Outstanding invoices should be followed up if a debt is genuinely unrecoverable, document it now so it can be written off in the correct year.

Check your asset register if you have depreciable assets. Were any assets purchased or disposed of during the year? Make sure these are recorded accurately, as depreciation calculations depend on correct acquisition and disposal dates.

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The businesses that find EOFY calm are the ones that kept their books tidy all year.

Deductions and super

Review your deductible expenses. Common deductions for small businesses include vehicle use, home office costs, professional subscriptions, and business-related equipment. Make sure all deductible purchases have been recorded and have valid receipts or tax invoices.

If you are a sole trader or trust beneficiary, consider whether making a superannuation contribution before 30 June is worthwhile. Super contributions are generally tax-deductible for eligible individuals and must be received by your fund before 30 June to count in that financial year.