For Australian small business owners, June 30 is the most important date on the financial calendar. It marks the end of the financial year — the final opportunity to maximise your deductions, fulfil every compliance obligation, and set your business up for a stronger year ahead.
Yet every year, thousands of small business owners arrive at June 30 underprepared. They miss deductions they were legally entitled to claim. They scramble to reconcile records their bookkeeper needed weeks ago. They discover superannuation payments that should have been made in May. And they pay more tax than necessary — simply because nobody gave them a clear, structured plan.
According to the ATO, small businesses represent 98% of all businesses in Australia and collectively contribute over $380 billion in tax revenue annually. Despite this, the ATO’s own research shows that small business tax gap — the difference between what is owed and what is actually paid — sits at an estimated $11.4 billion per year, largely driven by record-keeping failures and missed obligations.
This guide — built by our team who deliver specialist accounting services for small business across Australia — gives you the complete EOFY checklist you need, structured by category, backed by data, and actionable right now.
| EOFY By the Numbers: Australian Small Business Stats 98% — proportion of Australian businesses that are small businesses (ATO 2024). $11.4 billion — estimated small business tax gap in Australia (ATO 2023). 40% of small businesses report cash flow as their #1 financial challenge (COSBOA 2023). Superannuation Guarantee rate: 11.5% of ordinary time earnings (from 1 July 2024). Instant Asset Write-Off threshold for 2023–24: $20,000 per eligible asset (subject to parliamentary confirmation for 2024–25). |
Checklist Area 1: Bookkeeping & Financial Records
Everything else on this list depends on your records being accurate and complete. Before you do anything else — before you think about deductions, before you speak to your accountant — your books must be up to date. This is the foundation.
| Bookkeeping & Records — Complete Before 30 June | |
| Reconcile all bank accounts and credit cards to the statement closing balance | [ ] Done |
| Match all Xero / MYOB / QuickBooks transactions to receipts and invoices | [ ] Done |
| Clear any unreconciled items or coding errors flagged by your bookkeeper | [ ] Done |
| Ensure all sales invoices are issued and marked paid or outstanding accurately | [ ] Done |
| Write off any genuinely unrecoverable bad debts before 30 June (to claim the deduction this year) | [ ] Done |
| Reconcile your accounts receivable and accounts payable ledgers | [ ] Done |
| Confirm your opening stock figure matches last year’s closing stock figure | [ ] Done |
| Complete a stocktake and record closing inventory value at 30 June | [ ] Done |
| Ensure all employee records, pay rates, and leave balances are current in your payroll system | [ ] Done |
| Confirm your fixed asset register is current — including any assets purchased or disposed of this year | [ ] Done |
| Why This Comes First Your accountant can only work with the information you provide. Every hour they spend untangling your records is an hour not spent on tax strategy. Businesses that arrive at EOFY with clean books typically save $200–$600 in accounting fees and receive a faster, more complete tax outcome. |
Checklist Area 2: Maximise Your Tax Deductions Before 30 June
June 30 is your last chance to bring forward legitimate business expenses into the current financial year. Every dollar of allowable expenditure you incur before midnight on 30 June reduces your taxable income for this year — not next. Planning this deliberately is one of the most powerful and entirely legal tax strategies available to small business owners.
| Deduction Category | What to Do Before 30 June | Estimated Tax Saving* |
| Prepay business expenses | Prepay rent, insurance, subscriptions up to 12 months in advance | Up to 25% of amount prepaid |
| Instant Asset Write-Off | Purchase eligible assets under $20,000 and put them to use before 30 June | Up to 25% of asset cost |
| Superannuation contributions | Make concessional contributions before 30 June (see Section 3) | Up to 25% of contribution |
| Bad debt write-off | Formally write off unrecoverable debts in your accounting system | Up to 25% of debt amount |
| Stock obsolescence | Write down or write off obsolete, damaged, or unsellable stock | Up to 25% of written-off value |
| Repairs vs. improvements | Complete genuine repairs to business assets before 30 June | Up to 25% of repair cost |
| Charitable donations | Donate to DGR-registered charities before 30 June | Up to 25% of donation |
*Estimated tax saving based on 25% small business tax rate. The base rate entity tax rate for companies with aggregated turnover under $50M is 25% from 2021–22 onwards. Sole trader rates vary based on personal income.
The Instant Asset Write-Off: Use It or Lose It
The instant asset write-off allows eligible small businesses to immediately deduct the cost of new or second-hand assets in the year they are first used or installed ready for use. For 2023–24, the threshold is $20,000 per asset for businesses with aggregated turnover under $10 million.
The critical rule: the asset must be installed and ready for use before 30 June — not simply ordered or paid for. If your new laptop arrives on 2 July, you cannot claim it this year. Order early. Allow time for delivery.
| ⚠️ Important 2024–25 Note The $20,000 instant asset write-off threshold for 2024–25 was subject to parliamentary confirmation at the time of writing. Always verify the current threshold with your accountant before making purchasing decisions. The Aussie Accounting team monitors every ATO update in real time. |
Checklist Area 3: Superannuation — The Deadline Most Businesses Miss
Superannuation is one of the most time-sensitive EOFY obligations — and one of the most frequently misunderstood. To claim superannuation contributions as a tax deduction in the current financial year, the payment must be received by the employee’s super fund before 30 June. Lodging the payment on 28 June does not guarantee it will be received in time.
| Superannuation EOFY Checklist | |
| Calculate the correct Superannuation Guarantee (SG) amount for all employees: 11.5% of ordinary time earnings from 1 July 2024 | [ ] Done |
| Make Q4 SG contributions (April–June) early — aim to have funds received by the super fund by 20 June to ensure processing | [ ] Done |
| Confirm super has been paid for all eligible workers, including casual staff and some contractors | [ ] Done |
| If you are a sole trader or company director, consider making personal concessional contributions up to the $27,500 cap (including employer contributions) | [ ] Done |
| Check whether you have unused concessional contribution cap from prior years (carry-forward provisions apply if your super balance is under $500,000) | [ ] Done |
| Obtain a Notice of Intent to Claim a Deduction if making personal super contributions you intend to deduct | [ ] Done |
| Confirm all super payments have been made via SuperStream-compliant channels | [ ] Done |
| Review whether your super fund is a complying fund for SG purposes | [ ] Done |
| �� Missing the Super Deadline Is Expensive Super contributions that miss the 30 June cut-off are not deductible until the following financial year. Worse, late SG payments trigger the Superannuation Guarantee Charge (SGC) — which is not tax-deductible and includes an interest component of 10% p.a. plus an administration fee. The SGC is consistently one of the ATO’s most common penalties for small businesses. |
Checklist Area 4: GST, BAS & ATO Obligations
If your business is registered for GST, your final quarterly BAS for the 2024–25 financial year (covering April to June) will be due in late July. But there are steps to take before 30 June itself to ensure accuracy and avoid common BAS errors.
| GST & BAS — Pre-30 June Actions | |
| Confirm your GST registration status is correct — review if your turnover is approaching or has exceeded $75,000 | [ ] Done |
| Review all transactions coded as GST-free or input-taxed to confirm correct classification | [ ] Done |
| Reconcile your GST liability account in Xero/MYOB to the BAS figures for the year | [ ] Done |
| Ensure all valid tax invoices are on file for purchases where you are claiming GST credits | [ ] Done |
| Review any capital purchases over $1,000 — confirm correct GST treatment and input tax credit entitlement | [ ] Done |
| If you use the cash basis for BAS reporting, ensure outstanding invoices and bills are correctly excluded | [ ] Done |
| Check for any FBT (Fringe Benefits Tax) obligations — FBT year runs 1 April to 31 March but impacts your tax position | [ ] Done |
| Confirm PAYG withholding amounts have been remitted correctly for all employees throughout the year | [ ] Done |
| BAS Lodgement Frequency | Who It Applies To | Key June 30 Action |
| Monthly | Businesses with GST turnover over $20M | Ensure May BAS is lodged; prepare June figures |
| Quarterly | Most small businesses | Prepare Q4 data (Apr–Jun); due late July |
| Annually | Businesses electing annual reporting | Reconcile full year GST; due with tax return |
| PAYG Instalments | Business income earners with ATO instalments | Check Q4 instalment is correct and paid |
| ✅ Clean BAS = Faster Refund Businesses that reconcile their GST accounts monthly — rather than scrambling at quarter-end — lodge faster, more accurate BAS statements and receive GST refunds sooner. If you are not on monthly reconciliation, this EOFY is the right time to start. |
Checklist Area 5: Tax Planning & Business Structure Review
EOFY is not just about compliance — it is your single best annual opportunity to review whether your current business structure is still optimal for your tax position. Many small business owners set up a sole trader or company structure years ago and have never revisited whether it still suits their current income level and risk profile.
| Business Structure | Company Tax Rate (2024–25) | Key Advantage | When to Review |
| Sole Trader | Marginal rate (up to 47%) | Simplicity, low cost | Income consistently above $100K |
| Partnership | Partners’ marginal rates | Income splitting between partners | If profit split no longer reflects effort |
| Company (Base Rate Entity) | 25% | Rate certainty, asset protection | Profit regularly above $80K net |
| Trust (Discretionary) | Trustee’s discretion to distribute | Flexibility in income distribution | When family members can receive income |
| Trust + Corporate Trustee | Combination of above | Maximum flexibility and protection | Scaling businesses with multiple stakeholders |
If you have been operating as a sole trader and your net profit is consistently above $80,000–$100,000, the tax saving from restructuring to a company (25% rate vs. up to 47% marginal rate) is almost always material and worth a formal review with a qualified accountant.
| Tax Planning — Pre-EOFY Actions | |
| Review your estimated taxable income for the year — can any income be deferred to July? | [ ] Done |
| Consider whether a trust distribution resolution needs to be made before 30 June (trust law requires this) | [ ] Done |
| Review your business structure — is it still optimal for your current income level? | [ ] Done |
| Check whether you qualify for any small business tax concessions (e.g., small business income tax offset for sole traders) | [ ] Done |
| Review the timing of any planned large purchases — is it better to buy before or after 30 June? | [ ] Done |
| Confirm all director’s fees or wages have been correctly declared and PAYG withheld | [ ] Done |
| Review loan accounts — ensure any Division 7A loans from a company are on compliant terms | [ ] Done |
| Speak with your accountant about legitimate year-end tax planning strategies specific to your situation | [ ] Done |
| Trust Distribution Resolutions: A Hard Deadline If you operate a discretionary trust, the trustee must pass a formal distribution resolution before 30 June — not 30 June at some point, but before midnight on 30 June of the relevant year. Failure to do so means the ATO can assess the trust’s income at the highest marginal rate of 47%. This is one of the costliest and most preventable EOFY mistakes in small business. |
Key EOFY Dates Every Small Business Owner Must Know
| Date | Obligation | Who It Affects |
| 20 June 2025 | Recommended super fund receipt deadline for Q4 SG contributions | All employers with staff |
| 30 June 2025 | End of 2024–25 financial year — final day for deductible expenses | All businesses |
| 30 June 2025 | Trust distribution resolutions must be signed | Discretionary trust operators |
| 30 June 2025 | Last day for eligible asset write-off (asset must be in use) | Businesses claiming instant write-off |
| 28 July 2025 | Q4 BAS due (quarterly GST reporters) | GST-registered businesses |
| 28 October 2025 | Annual tax return due (self-preparers) | Sole traders, individuals |
| 15 May 2026 | Tax return due via registered tax agent | All businesses using a tax agent |
| 28 November 2025 | Q1 BAS due (Jul–Sep quarter) | GST-registered businesses |
Frequently Asked Questions (FAQ)
Q: What is the most important thing to do before 30 June as a small business owner?
The single most time-sensitive action is ensuring your superannuation guarantee contributions are received by your employees’ super funds before 30 June — not just lodged, but received. The second most important is getting your books fully reconciled so your accountant can identify every deduction you are entitled to claim.
Q: Can I claim expenses I have paid for but not yet received?
Under cash basis accounting (which most small businesses use), expenses are deductible when paid — not when invoiced. So yes, if you pay for a business expense before 30 June, it is deductible this year even if you haven’t used the service yet — as long as it covers a period no more than 12 months into the next financial year (the ’12-month rule’ for prepayments).
Q: What is the instant asset write-off and how do I claim it?
The instant asset write-off allows eligible small businesses to deduct the full cost of new or second-hand business assets (up to the threshold — $20,000 for 2023–24) in the year the asset is first used or installed ready for use. To claim it for 2024–25, the asset must be in use before 30 June 2025. Your accountant claims it in your business tax return via the depreciation schedule.
Q: Do I need to do a stocktake at 30 June?
Yes, if your business holds trading stock. The ATO requires businesses to value their closing stock at 30 June using one of three methods: cost price, market selling value, or replacement value. You can choose a different method for different items, and the method that produces the lowest value will minimise your taxable income — provided it is genuinely reflective of the stock’s value.
Q: What accounting services for small business does The Aussie Accounting provide?
The Aussie Accounting provides a complete suite of accounting services for small business across Australia, including: EOFY tax return preparation and lodgement, year-round bookkeeping and BAS lodgement, payroll and superannuation compliance, business structure advice and reviews, and proactive tax planning. Our fully digital model means we work with businesses anywhere in Australia.
Q: When should I contact my accountant about EOFY?
Ideally, no later than May. The best EOFY outcomes come from businesses that engage their accountant in April or May, when there is still time to act on tax planning strategies — prepaying expenses, making super contributions, purchasing assets, or adjusting income timing. Contacting your accountant in late June leaves little room to act on their advice.
Q: Is the cost of accounting services for small business tax-deductible?
Yes — absolutely. Fees paid for tax agent services, bookkeeping, BAS preparation, and business advisory are fully deductible as ordinary business expenses. This means the real cost of professional accounting services for small business is reduced by your marginal tax rate or company tax rate — making it one of the most cost-effective investments your business can make.
Don’t Let June 30 Sneak Up on You — Act Now
The businesses that come out of EOFY ahead are not the ones that rush in the last week of June. They are the ones that started preparing in April — reconciling their books, calculating their super obligations, reviewing their deductions, and having a real conversation with their accountant about strategy.
Australia has over 2.5 million small businesses. Most will overpay tax this year — not through any wrongdoing, but simply through a lack of preparation and professional guidance. The EOFY financial checklist above is your starting point. Your accountant’s expertise is what turns that checklist into real, measurable tax savings.
At The Aussie Accounting, we deliver specialist accounting services for small business across Australia — from first-year sole traders to established companies with complex structures. We work with you year-round, not just at tax time, so that every June 30 is an opportunity rather than a scramble.
| Get EOFY-Ready With The Aussie Accounting Contact our team today at theaussieaccounting.com.au. We offer EOFY reviews, year-round bookkeeping, BAS lodgement, superannuation compliance, and proactive tax planning — all tailored to Australian small businesses. The earlier you start, the more we can save you. |
— The Aussie Accounting Team
Registered Tax Agent | theaussieaccounting.com.au
Disclaimer: This article contains general information only and does not constitute personal tax, legal, or financial advice. Tax legislation is subject to change. Please consult a registered tax agent or financial adviser for advice specific to your business circumstances.