End of financial year is one of the most important — and most stressful — times on the calendar for small business owners. Get it right and you head into the new year with clean books and maximum deductions captured. Get it wrong and you risk late penalties, missed refunds, and a messy start to the new financial year.
This checklist covers the key tasks every small business should work through before 30 June and in the weeks that follow.
"The businesses that get the most out of EOFY are the ones who prepare in May, not July."
1. Reconcile Your Accounts
Make sure your bank accounts, credit cards and loans are fully reconciled in your accounting software. Every transaction should be categorised correctly. If you're behind on bookkeeping, now is the time to catch up — your accountant can only work with what's in your books.
2. Review Your Deductions
Before 30 June, consider bringing forward deductible expenses if it makes sense for your situation. This might include prepaying subscriptions, buying equipment under the instant asset write-off, or making additional super contributions. Talk to your accountant before doing this — the timing needs to be right.
- Work-related expenses (tools, equipment, software subscriptions)
- Business vehicle costs and logbook records
- Home office expenses if working from home
- Professional development and training costs
- Insurance premiums paid before 30 June
3. Check Your Super Obligations
Super guarantee contributions for the April–June quarter must be paid by 28 July to be deductible in the current financial year. If you want the deduction in this year's return, you need to have the payment processed — not just initiated — before that deadline. Late super also attracts the Superannuation Guarantee Charge, which is not deductible.
4. Lodge Your BAS
If you're registered for GST, your June quarter BAS is due on 28 July. Make sure all your sales and expenses are recorded correctly and that any GST credits you're entitled to have been captured. Your accountant should be reviewing this before it's lodged.
Key Takeaways
- Reconcile all accounts before 30 June so your books are clean
- Review deductions in May — don't wait until after year end
- Super for Q4 must be paid by 28 July to be this year's deduction
- June quarter BAS is due 28 July — lodge on time to avoid penalties
- Contact your accountant in May, not July, for the best outcome
If you're unsure where to start or want a professional to walk through your EOFY position with you, our team is available now. The earlier you reach out, the more options you have.