Planning now for a smooth end of financial year (EOFY) can save you stress, maximise deductions and improve your business’s financial position.

Here is a practical 6 month checklist to help you track essential tasks and be ready for 30 June 2026.

December to January

• Review last year’s financials
  Assess prior year results and identify areas for improvement.
• Plan asset purchases
  Consider eligible assets you want to buy before 30 June to leverage the $20,000 instant asset write-off.
• Check your business tax debts
  Identify any outstanding liabilities and start planning repayments to avoid non-deductible ATO interest from 1 July.

February to March

• Reconcile your accounts
  Review income, expenses, debtors and creditors to ensure your books align with bank statements.
• Review payroll and super
  Ensure all PAYG and superannuation obligations are up to date, keeping records tidy for Single Touch Payroll (STP).
• Prepare for BAS lodgements
  Check GST calculations and frequency. Update business activity statements accurately.

April to May

• Conduct a stocktake
  If applicable, count and value inventory for inclusion in your tax calculations.
• Review asset register
  Document purchases, disposals and depreciation schedules thoroughly.
• Update super contributions
  Make any catch up voluntary super contributions before 30 June.

June

• Finalise financials
  Ensure all income and expenses are accurately recorded, including outstanding invoices.
• Verify compliance
  Confirm all ATO lodgements (BAS, PAYG summaries, super payments) are on track.
• Plan tax deductions
  Organise eligible expenses and capital purchases to optimise deductions for this year.
• Backup business records
  Secure digital and physical copies of key documents for record keeping compliance.

Ongoing tips for all six months

• Regularly communicate with our accounting team for tailored advice and planning.
• Keep business and personal expenses separate to avoid compliance issues.
• Maintain detailed documentation of asset use, trust distributions and contractor payments.
• Use accounting software or tools efficiently for accurate records and forecasting.
• Monitor key ATO focus areas to stay compliant and reduce audit risk.

Taking a disciplined approach over these six months positions you to maximise tax benefits, avoid penalties and start the new calendar year ready to grow.

If you want help creating a customised EOFY plan based on your business, feel free to reach out and book a session.

Let’s make 2026 your most efficient, compliant and profitable year yet!