End of Finanicial Year

End of Financial Year Checklist For Small Business

The end of the financial year can be a busy and stressful time for small business owners.

The end of the financial year (EOFY) can be a busy and stressful time for small business owners. To help you feel more in control, we’ve created this practical checklist to make sure your finances are ready for your accountant — and the ATO — by 30 June.

Reconcile all accounts to 30 June – this includes all your business bank accounts, but also petty cash and any electronic clearing accounts you may have in your accounting software.

Perform a stock-take and complete a stock valuation

Review your Aged Creditors and Aged Debtors – write off any bad debts

Make sure you have all your receipts

Reconcile GST accounts

Reconcile payroll and superannuation accounts (check out our Payroll reconciliation guide)

Update your asset register if you have purchased new assets

Finalise Employee STP reporting (after the last pay is processed, due by 14 July)

Prepare and lodge BAS by 28 July

Pay superannuation guarantee amounts by 28 July

Lodge Taxable payments annual report by 28 August (if applicable)

Tax Planning Tips: Reduce Your Tax Liability Before 30 June

Pre-paying expenses like insurance, memberships or subscriptions
Making super contributions (business or personal)
Purchasing stationery, equipment, or office supplies
Acquiring assets under $20,000 for an immediate deduction (if eligible)

Always check with your accountant before making large purchases to ensure the timing and treatment are tax-effective.

Plan Ahead: Start Strong for the New Financial Year

After wrapping up the financial year, use this momentum to plan for the year ahead:

Refresh your business plan
Set a budget for the next 12 months
Review and loan or financing arrangements
Check and update business insurances coverage
If you're still using a spreadsheet, consider switching to cloud based accounting software like Xero.

Need Help Getting EOFY-Ready?

At Shelly’s Bookkeeping, we specialise in helping small business owners like you navigate EOFY with ease. Whether it’s reconciliations, BAS, STP finalisation or software setup, we’ve got you covered.

Contact us today and let’s make EOFY simple.

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