For many tradie business owners, the end of financial year (EOFY) can feel overwhelming. It often means long nights spent chasing paperwork, sorting a mountain of receipts, and reconciling accounts — all while trying to make sense of what needs to be done and when. It’s the kind of stress that can make you want to tear your hair out — if you haven’t already.
But EOFY doesn’t have to be a headache. The key is a bit of forward planning and working through a clear list of tasks to avoid any last-minute panic or missed deadlines. A little effort now will save a lot of stress next year.
That’s why we’ve put together this practical checklist to help you stay organised, meet your obligations, and step into the new financial year with confidence.
1. Organise and Reconcile Financial Records
Bank Accounts and Transactions: Ensure all business bank accounts, credit cards, and loans are reconciled.
Invoices and Receipts: Collect and organise all sales invoices, purchase receipts, and expense records.
Accounting Software: Utilise accounting software like Xero or MYOB to streamline record-keeping and generate financial reports.
2. Review Income and Expenses
Profit and Loss Statement: Generate a profit and loss statement to assess your business’s financial performance.
Outstanding Debts: Identify and follow up on any outstanding customer payments.
Bad Debts: Write off any unrecoverable debts to claim a tax deduction.
3. Conduct a Stocktake (If Applicable)
Inventory Count: Perform a physical stocktake to determine the value of your inventory as of 30 June.
Adjustments: Account for any obsolete or slow-moving stock and make necessary adjustments in your records.
4. Assess Asset Purchases and Depreciation
Asset Register: Update your asset register with any new purchases or disposals.
Depreciation: Calculate depreciation expenses for eligible assets.
Instant Asset Write-Off: Consider the instant asset write-off for assets purchased and installed ready for use before 30 June, subject to eligibility criteria.
5. Superannuation Contributions
Employee Super: Ensure all superannuation contributions for employees are paid and received by the super fund before 30 June to claim a deduction.
Personal Contributions: If you’re self-employed, consider making personal super contributions and notify your fund to claim a deduction.
6. Finalise Payroll and STP Reporting
Single Touch Payroll (STP): Ensure all payroll information is reported through STP.
Finalisation Declaration: Submit the STP finalisation declaration by 14 July to enable employees to lodge their tax returns.
7. Identify and Maximise Deductions
Work-Related Expenses: Claim deductions for expenses directly related to earning your income, such as tools, equipment, and protective clothing.
Home Office Expenses: If you work from home, claim a portion of home office expenses, including utilities and internet.
Vehicle and Travel Expenses: Deduct expenses for business-related vehicle use and travel, ensuring you have logbooks and receipts.
8. Prepare and Lodge Business Activity Statements (BAS)
GST Reporting: Complete and lodge your BAS, reporting Goods and Services Tax (GST) collected and paid.
PAYG Withholding: Report and pay Pay As You Go (PAYG) withholding amounts for employees.
9. Review Business Structure and Plans
Business Structure: Assess whether your current business structure remains suitable for your operations and goals.
Business Plan: Review and update your business plan, setting objectives for the new financial year.
10. Consult with a Tax Professional
Tax Planning: Seek advice from a registered tax agent or accountant to ensure you’re meeting all obligations and optimising your tax position.
Compliance: Stay informed about any legislative changes that may affect your business.
By systematically addressing each of these areas, you can ensure a smooth transition into the new financial year, maintain compliance, and position your business for continued success.
Need support or have questions? Give us a call on 02 4910 5555 today or contact us here about maximising your outcomes and reducing your risk.
