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.

• Project estimated 30 June 2026 tax liabilities
  Avoid leaving these actions and decisions until June’s final rush. Take the time now to plan carefully and make informed choices well ahead of schedule.

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!