As the End of Financial Year (EOFY) approaches in Australia, business owners are presented with an ideal opportunity to review financial performance, meet reporting obligations, and plan ahead with confidence. Whether managing a small business or a growing enterprise, addressing EOFY tasks early can help reduce pressure and ensure a smoother transition into the new financial year.
EOFY goes beyond tax lodgement—it’s also a time to evaluate operations and reset strategic goals. For those seeking guidance, working with a professional team like RV Advisory Group can be beneficial. Known for their tailored support across areas such as small business accounting, GST reporting, and tax planning, they help business owners navigate EOFY with clarity and compliance.
This checklist outlines the key actions every Australian business should consider before 30 June.
1. Organise Financial Records
Accurate and complete financial records are the foundation of a smooth EOFY process. Start by gathering all relevant financial documents:
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Sales invoices
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Expense receipts
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Bank and loan statements
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Superannuation and payroll reports
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Records of asset purchases and disposals
This step helps ensure your bookkeeping is up to date and your accounting software matches real-time balances. If anything is missing or inaccurate, now is the time to fix it.
2. Reconcile Accounts Payable and Receivable
Ensure that all accounts receivable (money owed to your business) are accurate and that you’ve followed up on any overdue invoices. At the same time, check your accounts payable and clear any outstanding supplier payments where possible.
Reconciling these figures provides a true snapshot of your financial position, improves cash flow, and ensures accurate reporting in your EOFY financial statements.
3. Finalise Payroll and Superannuation
Before 30 June, review your payroll to ensure that:
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Employee records and payslips are accurate
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Leave balances are updated
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Superannuation contributions for the final quarter are processed
For superannuation to be deductible in the current financial year, payments must be made before EOFY. Also, make sure your Single Touch Payroll (STP) reports are lodged with the ATO. Engaging a small business tax accountant can ensure that you meet all payroll obligations correctly.
4. Review Eligible Tax Deductions
Small businesses are entitled to a range of deductions, and EOFY is the ideal time to review them. Potential deductions include:
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Business-related travel and vehicle expenses
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Home office and utility expenses
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Equipment, computers, and software
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Staff training and development
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Repairs and maintenance
The $20,000 instant asset write-off has been extended, allowing eligible businesses to immediately deduct the full cost of assets under the threshold. To ensure eligibility, speak to a registered tax agent or trusted tax advisor.
5. Check Your Business Activity Statements (BAS)
Ensure all BAS and GST returns have been lodged and reconciled with your financial records. Accurate GST reporting reduces audit risks and ensures you’re claiming the correct input tax credits. If you’re behind, now is the time to catch up with any outstanding obligations.
GST preparation is a critical part of EOFY compliance, and professional support from a tax consultant can help align your reporting with ATO requirements.
6. Conduct a Stocktake (if applicable)
If your business sells goods, an EOFY stocktake is essential. This includes:
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Counting your stock on hand
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Valuing inventory at cost or market value (whichever is lower)
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Identifying obsolete or damaged stock to write off
Accurate inventory records support your tax return and offer insight into purchasing and sales trends, aiding business planning.
7. Review and Update Business Registrations
Make sure your core business registrations are current and accurate:
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ABN (Australian Business Number)
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TFN (Tax File Number)
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Business name details with ASIC
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Director IDs for all company directors
Tip: Ensure your business records are accurate and your TFN registration, ABN, and Director IDs are valid. If you’re unsure, consult a tax advisor with experience in compliance support.
8. Assess Business Performance
EOFY isn’t just about looking back—it’s also the perfect time to look ahead. Review your:
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Profit and Loss Statement
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Balance Sheet
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Cash Flow Statement
Use this data to assess how your business is tracking against goals. Are your margins healthy? Are you carrying too much debt? Are customers paying on time? Identifying these patterns now can shape stronger business decisions for the new financial year.
If you’re planning to change your structure, grow your team, or explore new markets, RV Advisory Group offers Business Advisory Services to guide your next steps.
9. Prepare Your Tax Return and Estimate Liabilities
Using accurate records and financial reports, start preparing your business tax return. This includes estimating your tax liabilities and setting aside funds to meet your payment obligations.
Planning ahead gives you more flexibility and helps you manage cash flow more effectively. Depending on your business type, your individual tax return may also be impacted.
RV Advisory Group provides expert support in tax accounting and small business accounting, helping clients maximise deductions while staying compliant.
10. Set Goals and Update Your Business Plan
Once your EOFY tasks are complete, it’s time to plan for the year ahead. Use your insights to update your business plan:
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Set new financial targets
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Forecast revenue and expenses
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Adjust pricing or service offerings
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Identify investment opportunities
Having a clear, updated plan keeps you focused and agile in a competitive market.
Work with a Registered Tax Agent for Peace of Mind
EOFY can be overwhelming, especially when juggling day-to-day business operations. Working with a registered tax agent or tax advisor ensures you’re not missing any crucial steps, deductions, or obligations.
RV Advisory Group offers end-to-end EOFY support—from GST return filing and tax planning to business ABN registration and small business structure setup. Whether you need guidance with your individual tax return or expert help with business compliance, we’re here to support your growth.
Speak to a Trusted Tax Advisor Today
Every business is different. Whether you’re reviewing your business structure, managing GST preparation, or need accounting services tailored to your industry, RV Advisory Group is ready to help.
Call them on 0420 661 881 or email [email protected] to get started.
Make EOFY 2024–25 a turning point for your business with expert guidance and strategic support.
