End Of Financial Year (EOFY) Tax Planning Checklist

Every year we see the same pattern. Business owners intend to prepare early, but daily operations take over. Then EOFY arrives and everything feels rushed. The clients who experience less stress are the ones who follow a simple checklist well before the deadline.

Here is your EOFY tax planning checklist to start working through now.

*Make sure your bookkeeping is up to date. All bank accounts, credit cards, and loan accounts should be reconciled. Your reports should reflect accurate income and expenses through the most recent month.

*Review your profit and loss. Look at your total income and expenses for the year so far. Is your profit higher than expected. Lower than expected. This helps determine whether tax planning strategies are needed.

*Check outstanding invoices and bills. Follow up on unpaid invoices and review any unpaid supplier bills. Knowing what is still owed to you and what you owe others gives you a clear picture of your position before year end.

*Confirm payroll and super are correct. Make sure wages, PAYG withholding, and super contributions are recorded accurately and paid on time. Errors here can create compliance issues.

*Review asset purchases. Have you purchased equipment, vehicles, or technology this year. Make sure these are recorded correctly so your accountant can assess depreciation or instant asset write off eligibility if applicable.

*Organise receipts and documentation. Ensure you have supporting documentation for major expenses, travel, training, subscriptions and professional fees.

*Consider tax planning strategies. Speak with your accountant about options such as prepaying eligible expenses, making additional super contributions or adjusting drawings or dividends before 30 June.

*Check your business structure. If your income has grown significantly, it may be time to discuss whether your current structure still makes sense.

EOFY does not have to feel overwhelming. When your books are accurate and your plan is clear, decisions become easier.

If you would like help reviewing your financials and preparing for year end, we are here to support you.