End of Financial Year Checklist for Australian Businesses

June 30 is one of the most important dates on the Australian business calendar. How well you prepare in the weeks leading up to it can make a significant difference to your tax position — and your stress levels.

Here's a practical checklist to work through before the end of each financial year.

Before you can do anything else, your books need to be accurate. This means:

• Bank reconciliation — every transaction in your accounting software should match your bank statements
• Accounts receivable — review outstanding invoices and write off any genuinely unrecoverable debts (bad debts are deductible, but only if you've genuinely given up on collecting them)
• Accounts payable — make sure all supplier invoices are recorded
• Payroll — confirm all employee payments, super contributions, and PAYG withholding are correctly recorded

If your bookkeeping has fallen behind during the year, now is the time to catch up — or to engage a bookkeeper to do it for you.

If you have customers who owe you money and you're unlikely to collect, you can write off those debts before 30 June and claim a deduction. To do this legitimately, you need to have genuinely attempted to recover the debt and made a decision to write it off.

Small businesses (with turnover under $50 million) can prepay up to 12 months of deductible expenses before 30 June and claim the deduction in the current financial year. This can include:

• Rent
• Insurance premiums
• Subscriptions and memberships
• Interest on business loans

This is a legitimate tax planning strategy — but make sure the cash flow makes sense for your business before prepaying.

The instant asset write-off allows eligible businesses to immediately deduct the cost of new or second-hand assets. Check the current threshold and eligibility rules with your tax agent, as these change regularly.

If you're planning to buy equipment, vehicles, or other business assets, the timing matters. An asset purchased and first used (or installed ready for use) before 30 June can be claimed in the current year.

Super contributions are only deductible when they're actually received by the super fund — not when you make the payment. To claim a deduction for the current financial year, your super contributions must clear the fund's account by 30 June.

This is a common trap: businesses that pay super on 28 July (the quarterly due date) miss the deduction for the previous financial year. If you want the deduction, pay early.

For business owners who are also employees of their own company, consider whether making additional concessional (before-tax) contributions makes sense given your income and super balance.

If your business holds trading stock, you're required to do a stocktake at 30 June. The value you assign to your stock affects your taxable income — you can choose the method (cost, market selling value, or replacement value) that gives you the best outcome.

The end of the financial year is a good time to review whether your current business structure is still appropriate. As your business grows, the structure that made sense when you started may no longer be optimal from a tax or asset protection perspective.

This is a conversation worth having with your accountant before 30 June — not after.

If you're on quarterly BAS, your Q4 BAS (April–June) is due on 28 July. Make sure your records are in order so you can lodge on time.

Your accountant will need the following to prepare your financial statements and tax return:

• Bank statements for all business accounts
• Loan statements showing interest paid
• Records of all income and expenses
• Payroll summaries and super contribution records
• Asset purchase and disposal records
• Any other relevant financial documents

The more organised you are, the faster and cheaper the process will be.

EOFY isn't just about looking back — it's an opportunity to plan ahead. Consider:

• What your expected income will be in the new financial year
• Whether you should adjust your PAYG instalment rate
• Whether any structural changes (new entity, trust distribution strategy) should be implemented before the new year begins

Tax law changes every year. What was true last year may not be true this year — thresholds change, new rules come in, and old concessions expire. Working with a registered tax agent means you're applying the current rules, not last year's.

Golden Mane Advisory works with businesses across Perth and Australia on tax planning, BAS, and year-end compliance. If you'd like to make sure your business is in the best possible position before 30 June, contact us to arrange a consultation.