Small business EOFY checklist: what to do before tax time

A practical small business EOFY checklist for Australian business owners covering what to review before tax time, from record keeping and super to BAS, payroll and EOFY admin prep.

Tax time has a funny habit of sneaking up while you’re still busy actually running the business.

One minute you’re serving customers, chasing invoices, paying suppliers or trying to remember whether that BAS was lodged, and the next it’s EOFY and you’re knee-deep in receipts, spreadsheets and wondering where the year went.

That’s exactly why a practical small business EOFY checklist matters.

This guide is general educational information for Australian small business owners. If tax planning for small business feels overwhelming, this checklist is designed to make the practical side much easier to tackle. Tax obligations can vary significantly depending on whether you’re a sole trader, company, partnership or trust, so always check with the Australian Taxation Office (ATO) or your accountant for advice specific to your circumstances.

If you just want the fast version, here’s your small business EOFY checklist:

• Reconcile your income and expenses
• Review business expenses that may be tax deductible
• Check super obligations have been paid on time
• Review BAS and GST records
• Assess whether the instant asset write-off applies
• Review payroll and employee obligations
• Check stock or inventory (if relevant)
• Prepare your records for your accountant or tax agent.

This is where practical small business tax planning becomes much less overwhelming.

Before EOFY, small business owners should review their financial records, outstanding obligations and business expenses so tax time is less stressful and compliance issues are easier to avoid.

The goal isn’t perfection. It’s getting organised before the panic sets in.

EOFY is a useful financial health check for your business, not just a tax deadline.

Start with the basics.

Make sure your bookkeeping is up to date and your income and expenses actually match your bank records, invoices and accounting software.

Good record keeping isn’t just about making tax time easier. The ATO expects businesses to keep accurate records that support income, expenses and compliance reporting.

This includes checking:

• Unpaid invoices
• Supplier payments
• Subscription charges
• Business loan repayments
• Duplicated expenses
• Missing receipts.

Some business expenses may be tax deductible, but what you can claim depends on your business structure and circumstances.

Common examples may include:

• Accounting software subscriptions
• Office supplies
• Equipment purchases
• Internet or phone expenses used for business
• Professional memberships
• Staff training
• Business travel.

This isn’t a guide to claiming deductions, but EOFY is a good time to review whether expenses have been properly categorised and recorded as the financial year wraps up.

If you employ staff, EOFY is the time to check super obligations have been paid correctly and by the required deadlines. As of 1 July 2025, the super guarantee rate is 12%, so it’s worth confirming your payroll systems reflect current requirements.

Late super payments can create unnecessary headaches and may not be treated the same way for tax purposes.

If your business is registered for GST, your BAS records should line up with your bookkeeping.

EOFY is a smart time to check:

• GST coding accuracy
• Lodged BAS statements
• Missing transactions
• Reconciliations between software and bank records.

Messy BAS data tends to create much bigger clean-up jobs later.

The instant asset write-off allows eligible small businesses to immediately claim the business portion of certain asset purchases, instead of claiming depreciation over several years.

For the 2024–25 financial year, eligible small businesses may be able to immediately deduct assets costing less than $20,000. The government has also legislated a permanent $20,000 instant asset write-off from the 2025–26 financial year for eligible businesses.

Because eligibility rules can vary, always check current ATO guidance or speak with your accountant before relying on this.

If you have employees, EOFY is a good checkpoint for payroll accuracy. If you use Single Touch Payroll, this is also a useful time to ensure your reporting and EOFY finalisation requirements are on track.

Review:

• Wages and salaries
• PAYG withholding
• Leave balances
• Super contributions
• Single Touch Payroll reporting.

Even small payroll mistakes can create unnecessary admin later.

If your business holds stock, EOFY may require a stocktake or inventory review.

This helps ensure your records reflect what’s actually on hand, not what your spreadsheet optimistically thinks exists.

A little organisation now can make tax time significantly less painful.

Helpful records may include:

• Profit and loss reports
• Bank statements
• Expense receipts
• Payroll summaries
• Super payment records
• BAS records
• Loan statements
• Asset purchase records
• Stock figures (if relevant).

The more organised you are, the easier those conversations tend to be.

Common EOFY mistakes include:

• Leaving bookkeeping until the last minute
• Mixing personal and business spending, making record keeping harder
• Assuming every expense is deductible
• Forgetting super deadlines
• Relying on incomplete records
• Ignoring BAS discrepancies.

EOFY stress is often less about tax and more about avoidable admin chaos.

Reminder: MyBudget does not prepare or lodge tax returns, and we don’t provide budgeting services for businesses.

But if EOFY has highlighted bigger personal money management challenges, getting back to basics with your personal finances may help. You can start with ourPersonal Budgeting 101 guide.