16/02/2026
📌 End of Financial Year (EOFY) Checklist for Business Owners
The end of the financial year is approaching — it’s the perfect time to plan for year-end tasks, maximise tax savings, and consider restructuring your business entity for a strong start to the new financial year. To help guide you, here’s a clear checklist — ideally reviewed with your accountant or registered tax practitioner.
If you’re unsure where to start or want personalized guidance, you can book a complimentary 15-minute Discovery Call here: https://calendly.com/jene-newlookaccounting/15min to discuss your business needs and priorities. From there, a proposal or consultation can follow.
1️⃣ Tax Planning and Compliance (Before 30 June)
• Instant Asset Write-Off: Review and purchase eligible equipment to claim immediate deductions.
• Superannuation Contributions: Ensure employee super is paid on time to be deductible for the current year.
• Stocktake & Inventory: Perform a stocktake to account for obsolete or damaged stock.
• Bad Debts: Review receivables and write off bad debts before 30 June.
• Prepayments: Consider prepaying expenses (e.g., rent, insurance) to bring forward deductions.
• Small Business Concessions: Check eligibility for additional tax concessions or deductions.
2️⃣ Financial and Operational Review
• Bank Reconciliation: Reconcile all accounts and credit cards to capture every transaction.
• Profit & Loss Review: Analyse performance against goals and identify trends.
• Cash Flow Assessment: Plan for upcoming tax liabilities and cash requirements.
• Debtor Management: Follow up on overdue invoices.
• Asset Review: Confirm asset registers for depreciation and capital gains purposes.
3️⃣ Payroll and Human Resources
• Single Touch Payroll (STP): Finalise payroll and submit the EOFY STP declaration to the ATO.
• PAYG Withholding: Ensure balances are correct and reconciled.
• Employee Records: Update details, wages, super, and tax file numbers.
• Super Compliance: Confirm all super obligations are met.
4️⃣ Review Entity / Business Structure
• Assess if your structure (sole trader, partnership, company, trust) is still tax-effective
• Identify opportunities for tax savings, income splitting, and asset protection
• Consider restructuring for growth, hiring, or scaling (CGT & compliance impacts)
5️⃣ Strategic Planning for the New Financial Year
• Set New Goals: Define objectives, budgets, and forecasts.
• Insurance Review: Check your coverage for potential risks.
• Compliance Planning: Prepare for any tax or regulatory changes in the new financial year.
Important: Confirm any major tax, restructuring, or financial decisions with your accountant before 30 June.
Let’s get your business ready and set up for a stronger new financial year! 🚀
📌 EOFY Checklist for Business Owners
The end of the financial year is approaching — now is the time to plan, maximise tax savings, and review whether your business structure still supports your goals. Use this checklist with your accountant or registered tax practitioner.
Need personalised help? Book a complimentary 15-minute Discovery Call:
https://calendly.com/jene-newlookaccounting/15min�
1️⃣ Tax Planning & Compliance (Before 30 June)
• Review Instant Asset Write-Off purchases
• Pay employee super to claim deductions this year
• Complete stocktake and write off obsolete stock
• Write off bad debts before 30 June
• Consider prepaying expenses (rent, insurance, etc.)
• Check eligibility for small business concessions
2️⃣ Financial & Operational Review
• Reconcile all bank and credit card accounts
• Review Profit & Loss performance
• Assess cash flow and upcoming tax liabilities
• Follow up overdue invoices
• Confirm asset registers and depreciation
3️⃣ Payroll & HR
• Finalise Single Touch Payroll (STP) EOFY declaration
• Reconcile PAYG withholding
• Update employee records
• Confirm super obligations are met
4️⃣ Review Business Structure
• Assess if your entity remains tax-effective
• Identify income splitting and asset protection opportunities
• Consider restructuring for growth or scaling
5️⃣ Plan for the New Financial Year
• Set budgets, forecasts, and goals
• Review insurance coverage
• Prepare for upcoming compliance changes
⚠️ Always confirm major tax or restructuring decisions with your accountant before 30 June.
Let’s get your business ready for a stronger new financial year! 🚀
