EOFY Checklist for Small Business Owners

As June 30 approaches, small business owners across Australia gear up for the End of Financial Year (EOFY). But it’s not just about wrapping up. It’s about setting the tone for a stronger year ahead. 

To stay compliant, reduce stress, and make the most of your tax position, use this EOFY checklist for small business owners to guide your preparation. 

📘 1. Organize Financial Records 

Start by ensuring your financial documents are complete and accurate. This makes reporting smoother and helps your accountant file everything correctly. 

✅ What to do: 🔹 Reconcile bank statements and accounts 🔹 Organize receipts, invoices, and payroll summaries 🔹 Ensure all income and expenses are properly recorded 

📊 2. Review Profit and Loss 

Reviewing your profit and loss (P and L) statement shows how your business performed financially and identifies areas to improve in the next year. 

✅ What to do: 🔹 Compare against last year’s results 🔹 Note any irregularities or trends 🔹 Discuss findings with your accountant or advisor 

💼 3. Check Superannuation and Payroll Compliance 

Make sure all superannuation contributions are paid and up to date to avoid penalties. 

✅ What to do: 🔹 Submit final super payments before 30 June 🔹 Process final Single Touch Payroll (STP) reports 🔹 Review employee entitlements and leave balances 

🧾 4. Finalize and Lodge BAS and Tax Documents 

EOFY means your Business Activity Statements (BAS) and tax returns are due. Filing on time helps you avoid ATO scrutiny. 

✅ What to do: 🔹 Finalize BAS for the last quarter 🔹 Prepare your income tax return 🔹 Claim all eligible deductions 

🗂 5. Conduct a Stock take (If Applicable) 

If you sell products, a stock take is essential. It ensures inventory records match actual quantities. 

✅ What to do: 🔹 Count and record stock on hand 🔹 Write off obsolete or damaged items 🔹 Update inventory values in your accounting system 

📈 6. Set Goals and Budget for the New Financial Year 

Use EOFY as a chance to refocus. Planning ahead helps build resilience and achieve growth targets. 

✅ What to do: 🔹 Review current budgets and forecasts 🔹 Set new financial goals 🔹 Allocate resources based on performance 

🔐 7. Back Up Your Data 

Protect your business by regularly backing up financial and operational data. 

✅ What to do: 🔹 Back up cloud and local files 🔹 Test your backup systems 🔹 Review access and data security policies 

The EOFY is more than just a deadline. It is an opportunity. With the right checklist, you can close the year with confidence and step into the new one with clarity. From finances to forecasting, a little organization goes a long way. 

Stay compliant, stay informed, and start fresh.