Your EOFY Checklist: What Every Business Should Do Before 30 June

The end of the financial year is one of the most important dates on the Australian business calendar – and it has a habit of arriving faster than expected. Whether you run a growing SME, a property portfolio, a medical practice, or an Australian subsidiary of a global business, the actions you take (or don’t take) in the weeks leading up to 30 June can have a significant impact on your tax position, cash flow, and compliance obligations for the year ahead.

This checklist covers the key areas every business should review before the EOFY deadline.

1. Review Your Income and Deductions

Before 30 June, take stock of your income and expenses for the financial year.

• Bring forward deductible expenses where possible. If you’re planning to purchase equipment, software, or business supplies, doing so before 30 June means you can claim the deduction in the current financial year.
• Defer income where appropriate and legally permissible – for example, if you’re invoicing a client for a project that won’t be completed until July, consider whether it makes sense to delay billing until the new financial year.
• Write off bad debts before 30 June. If you have invoices that are genuinely unrecoverable, formally writing them off before year-end allows you to claim a deduction.

2. Maximise Superannuation Contributions

Superannuation is one of the most effective and widely used tax planning strategies available to Australian business owners and individuals.

• Employer super contributions must be paid and received by your employees’ super funds by 30 June to be deductible in the current financial year. Note that contributions must actually clear -not just be paid- so don’t leave this until the last day.
• Personal concessional contributions: If you’re a business owner or sole trader, consider making additional concessional (pre-tax) contributions up to the $30,000 cap (for the 2024–25 financial year). These are tax-deductible and taxed at only 15% inside the fund rather than at your marginal tax rate.
• Catch-up contributions: If your super balance is below $500,000, you may be eligible to carry forward unused concessional contribution caps from previous years. This can be a powerful strategy if your income has increased significantly.

3. Instant Asset Write-Off and Depreciation

The Federal Government’s instant asset write-off provisions allow eligible businesses to immediately deduct the full cost of qualifying assets, rather than depreciating them over several years.

• Confirm the current threshold and eligibility criteria with your accountant, as these have changed frequently in recent years.
• Consider whether any planned capital expenditure – new equipment, vehicles, technology – can be brought forward to before 30 June.
• Review your existing asset register. Assets that are obsolete, damaged, or scrapped may be written off to reduce your taxable income.

4. Review Your Business Structure

EOFY is a good time to step back and assess whether your current business structure is still serving you well – particularly if your business has grown, diversified, or taken on new investors or partners.

• Are your trading entities, trusts, and holding companies structured in a tax-efficient way?
• If you operate through a trust, have you documented how trust income will be distributed before 30 June? Trust distribution resolutions typically need to be made by 30 June to be effective for that financial year.
• Have there been changes to your personal circumstances – marriage, separation, new business partners – that may affect your structure?

5. Reconcile Accounts and Tidy Your Books

Clean financial records aren’t just important for your accountant – they’re essential for making good business decisions throughout the year.

• Reconcile all bank accounts, credit cards, and loan accounts.
• Ensure all sales invoices and purchase bills are entered and up to date.
• Review your accounts receivable and accounts payable.
• Confirm that your payroll records are accurate and that all superannuation guarantee obligations are up to date.
• If you use cloud accounting software like Xero, run a pre-EOFY reconciliation report and address any discrepancies.

6. Stocktake

If your business holds inventory, you are required to conduct a stocktake at 30 June.

• Count all stock on hand and compare it against your accounting records.
• Identify any obsolete, damaged, or unsellable stock – you may be entitled to write this down to its net realisable value, reducing your taxable income.
• Document the stocktake process in case of an ATO audit.

7. Payroll and Single Touch Payroll (STP) Obligations

EOFY has significant payroll compliance requirements.

• Ensure all pay runs for the financial year are finalised in your STP-enabled payroll system.
• Complete your STP finalisation by 14 July (for most employers). This allows your employees to access their income statement in myGov.
• Confirm that all superannuation guarantee payments have been made and are on time. The SGC (Superannuation Guarantee Charge) applies if contributions are late – and it is not tax deductible.
• Review any reportable fringe benefits or employer super contributions that may need to be reflected on employee income statements.

8. Review Fringe Benefits Tax (FBT)

The FBT year runs from 1 April to 31 March, so the 2024–25 FBT return would already be due – but it’s worth reviewing any benefits provided to employees, including:

• Motor vehicles (including novated leases)
• Meal entertainment
• Laptops, phones, and other devices
• Car parking

Ensure records are in order and that any FBT liability has been correctly assessed and lodged.

9. Capital Gains Tax (CGT) Planning

If you’ve sold – or are considering selling – assets such as shares, property, or business goodwill, CGT planning before 30 June can make a meaningful difference.

• If you’ve realised capital gains during the year, consider whether you have any capital losses that could be used to offset them.
• The 50% CGT discount is available to individuals and trusts that have held assets for more than 12 months – timing the disposal of an asset can affect whether you qualify.
• Small business CGT concessions may significantly reduce or eliminate CGT on the sale of a business or business assets. These rules are complex but can be highly valuable – speak to your accountant well ahead of time.

10. Engage Your Accountant Early

The single most effective thing you can do before EOFY is to engage your accountant now – not in the last week of June.

Early engagement means:

• More time to implement tax planning strategies before the deadline
• Fewer errors and rushed decisions
• A clearer picture of your tax liability so you can manage cash flow
• Peace of mind that you’re fully compliant and not leaving money on the table

Our team works proactively with clients throughout the year – not just at tax time – to ensure you’re making the most of every opportunity available to your business.

Ready to Get EOFY-Ready?

The weeks leading up to 30 June don’t need to be stressful – with the right planning and the right team in your corner, EOFY becomes an opportunity rather than an obligation.

If you’d like to review your tax position before year-end, the Economos team is here to help. Get in touch with us today to arrange a pre-EOFY consultation.