Your essential EOFY business checklist

The end of the financial year (EOFY) is an important time for small business owners. It’s about more than just meeting compliance requirements – it’s a valuable opportunity to review your financial position and make informed plans for the future of your business.

Key points

• Work with a registered tax agent accountant
• Ensure your financial documents are accurate and up to date.
• Review systems: Upgrade and plan for the new financial year to start fresh.

Work with an accountant who is a registered tax agent

EOFY is not the time to go it alone. An accountant who is a registered tax agent will not only lodge your tax returns for you, but can also uncover opportunities for tax savings and growth. They ensure your tax returns are accurate and compliant with Australian Tax Office (ATO) requirements.

1. Expertise and compliance: Registered tax agents are across the latest tax laws and regulations. They ensure your tax returns are accurate and compliant with ATO requirements.
2. Extended lodgement deadlines: Tax agents often have access to extended lodgement schedules, giving you more time to file your returns. 
3. Representation: If the ATO contacts you regarding a tax matter, a registered tax agent can represent you and manage communications. 
4. Strategic advice: Along with compliance, tax agents can offer strategic advice to optimise your financial decisions and plan for future growth. 

Helpful ANZ resources:

• Six reasons your business needs an accountant | ANZ

Ensure your financial documents are accurate and up to date

Even when you’re working with a registered tax agent, before lodging your tax return, you’ll need to make sure all records and reports are accurate, up to date and ready to submit.

• Maintain good financial records: Keep all business records for at least five years as required by the ATO.
• Finalise financial statements: Get an accurate view of your business’s financial position at the end of the year.
• Conduct a stocktake: If your business buys and sells products, you may be required to conduct a stocktake.
• Update asset records: Document new asset purchases, updates to existing assets and records of depreciating assets.
• Update liabilities: Include loans, overdrafts, customer deposits, gift vouchers, etc.
• Finalise payroll information: Lodge PAYG statements and comply with Single Touch Payroll (STP) obligations.
• Pay superannuation on time: Ensure superannuation obligations are met and consider voluntary contributions.

Helpful ANZ resources:

• Small business profit and loss forecasts and templates
• Small business balance sheets and templates
• Make BAS time simple – understanding GST and BAS for small business
• The importance of accounting software for any business
• Business financial documents: Master the basics
• How to calculate break-even point

Business systems and planning

1. Back up business documents: Make digital copies of paper records and ensure regular backups of digital systems.
2. Set up new software or tools: Prepare any new tools to start using from 1 July.
3. Upgrade cyber security: Secure your business against cyber attacks.
4. Finalise applications for accounts, loans, or credit: Submit applications before EOFY to be ready for the new year.
5. Review insurance policies: Assess if any changes are needed to your business insurance.
6. Review business structure: Consider if it’s time to register your company or make other structural changes.
7. Reflect and set goals: Work with your accountant to set new goals to grow your business in the next financial year.

Helpful ANZ resources:

• Business accounts
• Choose the right credit card for your business
• How to grow your small business

By following this checklist and leveraging the expertise of a registered tax agent, you can help your business be financially ready for EOFY and well prepared for success in the new financial year.

See further resources from the ATO and business.gov.au

• Tax Time toolkit for small business
• End of financial year checklist