SME End of Financial Year Checklist

Are you business-ready for the EOFY?

Is your business ready for 30 June?

Here’s a quick checklist to use to help small and medium businesses stay compliant, maximise deductions, and plan ahead — straight from ATO guidelines and top accounting insights. 

1. Reconcile Accounts - Match all bank, loan, payroll, and super accounts with your financial records. Accuracy is key. 

2. Review Debtors & Creditors - Write off bad debts and chase outstanding invoices. Finalise what’s owed to you — and by you. 

3. Complete Stocktake - If your business holds inventory, complete a stocktake and account for obsolete stock. 

4. Prepay Expenses - Eligible small businesses can prepay expenses (e.g. rent, insurance) to claim deductions this year. 

5. Claim Instant Asset Write-Off - Check if your asset purchases qualify for immediate deduction under simplified depreciation rules. 

6. Pay Employee Super on Time - Super contributions must be paid before 30 June to claim a deduction. Don't leave it late. 

7. Review Payroll & STP Finalisation - Ensure Single Touch Payroll (STP) reports are up to date and ready for finalisation by 14 July. 

8. Check for Tax Planning Opportunities - Work with your accountant to reduce your taxable income legally and efficiently. 

9. Update Business Records - Make sure your ABN, business details, and record-keeping obligations are current with the ATO. 

10. Prepare for Next Year - set goals, review your budget, and check if you’re eligible for small business concessions next year. 

Applicable EOFY 24/25.

Due to changing directives from the government, this list may change slightly year to year and we will do our best to keep it up to date for you. Do nudge us if we need it!