The Annual Financial Checklist Every Australian Small Business Owner Needs Before June 30
By The Aussie Accounting Team | Accounting Services for Small Business | EOFY Specialists
Key Takeways
- June 30 is the final opportunity to reduce your tax legally for the current financial year.
- Accurate and updated bookkeeping is the foundation of all EOFY tax planning.
- Prepaying expenses and using the instant asset write-off can significantly reduce taxable income.
- Super contributions must be received before June 30 to be deductible.
- Missing super deadlines can result in penalties and non-deductible charges.
- GST and BAS must be reviewed carefully to avoid errors and compliance issues.
- Business structure plays a major role in how much tax you pay.
- Trust distribution resolutions must be completed before June 30 to avoid high tax rates.
- Early preparation (April–May) leads to better tax outcomes than last-minute actions.
- Professional accounting services help maximise deductions and ensure full compliance.
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
| Task | Status |
|---|---|
| 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 | [ ] 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 | [ ] Done |
| Confirm your fixed asset register is current | [ ] 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 expenses | Prepay rent, insurance, subscriptions | Up to 25% |
| Instant Asset Write-Off | Purchase assets under $20,000 | Up to 25% |
| Super contributions | Make concessional contributions | Up to 25% |
| Bad debts | Write off unrecoverable debts | Up to 25% |
| Stock write-down | Write off obsolete stock | Up to 25% |
| Repairs | Complete repairs | Up to 25% |
| Donations | Donate to charities | Up to 25% |
*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.
The rule is straightforward: goods imported into Australia with a customs value over AUD $1,000 are subject to GST (and potentially customs duty) at the border, collected by the ATO and the Australian Border Force. Goods under $1,000 should have GST collected by the overseas vendor — but this doesn’t mean you’re off the hook for accounting for it correctly.
| Task | Status |
|---|---|
| Calculate SG (11.5%) | [ ] Done |
| Pay Q4 SG before 20 June | [ ] Done |
| Confirm super for all workers | [ ] Done |
| Make personal contributions | [ ] Done |
| Check unused caps | [ ] Done |
| Submit Notice of Intent | [ ] Done |
| Use SuperStream | [ ] Done |
| Check fund compliance | [ ] 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.
| Task | Status |
|---|---|
| Confirm GST registration | [ ] Done |
| Review GST classifications | [ ] Done |
| Reconcile GST accounts | [ ] Done |
| Ensure tax invoices | [ ] Done |
| Review capital purchases | [ ] Done |
| Check cash basis reporting | [ ] Done |
| Check FBT obligations | [ ] Done |
| Confirm PAYG withholding | [ ] Done |
- 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.
| Frequency | Who It Applies To | Action |
|---|---|---|
| Monthly | GST turnover over $20M | Prepare June BAS |
| Quarterly | Small businesses | Prepare Q4 BAS |
| Annually | Annual reporters | Reconcile GST |
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.
| Task | Status |
|---|---|
| Review taxable income | [ ] Done |
| Trust distribution resolution | [ ] Done |
| Review business structure | [ ] Done |
| Check tax concessions | [ ] Done |
| Plan purchases timing | [ ] Done |
| Confirm PAYG wages | [ ] Done |
| Check Division 7A loans | [ ] Done |
| Consult accountant | [ ] 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 | Super deadline | Employers |
| 30 June 2025 | EOFY | All businesses |
| 28 July 2025 | Q4 BAS | GST businesses |
| 28 Oct 2025 | Tax return | Individuals |
| 15 May 2026 | Agent lodgement | All via agents |
Frequently Asked Questions (FAQ)
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.
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).
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.
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.
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.
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.
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.