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EOFY Survival Guide: Preparing for June 30 with Confidence

  • Writer: Sally Firkin
    Sally Firkin
  • Jun 11
  • 2 min read
Photo by Kelly Sikkema on Unsplash
Photo by Kelly Sikkema on Unsplash

As the end of the financial year (EOFY) approaches, it’s time for Australian businesses to get their finances in order. Whether you're a sole trader, small business, or growing company, smart preparation can save you time, stress, and money. Here’s your practical EOFY checklist to make June 30 as smooth and successful as possible.


1. Reconcile Your Accounts and Finalise Your Bookkeeping

Make sure your financial records are accurate and up to date. Reconcile all bank accounts, credit cards, and loan statements. This ensures your reports are reliable and no transactions have been missed or duplicated.


2. Review Expenses and Claimable Deductions

Now’s the time to identify any tax-deductible expenses you may have overlooked, including:


  • Office supplies or technology purchases

  • Business travel or training costs

  • Home office expenses (if applicable)

  • Prepaid expenses for the coming financial year


💡 Tip: You may be eligible to claim the instant asset write-off— ask us how.


3. Process Superannuation Payments Before the Deadline

To claim a deduction this financial year, super contributions must be received by the fund before 30 June. Many clearing houses require processing time, so don’t leave this too late.


4. Prepare Final Payroll Reports

If you have employees:


  • Finalise and lodge your Single Touch Payroll (STP) reports

  • Reconcile payroll accounts and PAYG withholding

  • Ensure leave balances and entitlements are accurate

  • EOFY is also a great time to review award rates and employment contracts for compliance.


5. Write Off Bad Debts

If you have unpaid invoices that are unlikely to be recovered, you may be able to claim them as a deduction. Just make sure the debts are written off before 30 June.


6. Review Business Performance and Plan Ahead

Take a moment to reflect on your business performance:


  • What worked well this year?

  • What can be improved?

  • Do you have a budget or cash flow forecast for the new year?

  • EOFY is more than just compliance—it’s an opportunity to regroup and plan your next move.


✋ Need Help Getting EOFY-Ready?

At Ampersand Financial Services, we help businesses across Australia simplify EOFY with accurate reporting, clear advice, and proactive tax strategies.


📞 Book a pre-EOFY consult or get in touch today to ensure you’re fully prepared for June 30.

 
 
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