EOFY Checklist 2026: Complete End of Financial Year Guide for Australian Small Business

Why EOFY Matters More Than You Think#

End of financial year is the busiest, most consequential 30 days of an Australian small business owner's calendar. Get it right and you'll claim every dollar you're entitled to, lodge on time, and start the new year with clean books. Get it wrong and you'll leave deductions on the table, miss the super deduction window, and spend the next twelve months untangling avoidable mistakes.

This is the only EOFY checklist you need. We cover every action item — what to do in the lead-up to 30 June 2026, what to finalise on the day, and what to lodge in the weeks that follow. Whether you're a sole trader, partnership, company, or trust, work through this guide section by section and tick off as you go.

Key EOFY Dates for 2026#

Mark these in your calendar now. Late lodgement attracts a penalty of $330 for each 28-day period the document is overdue, capped at $1,650 for small entities.

The 30-Day Pre-EOFY Sprint (June 2026)#

Most of the work happens in the weeks before 30 June. Here's what to tackle in priority order.

1Reconcile Every Bank Account#

Before you can claim a single deduction, you need clean books. Reconcile:

• All business bank accounts
• Credit cards used for business expenses
• PayPal, Stripe, Square, or other payment processors
• Loan accounts and lines of credit

Match every transaction to an invoice, expense, or transfer. Investigate anything that doesn't balance. Reconciliation errors are the single biggest cause of incorrect tax returns and BAS lodgements — fix them now, not in October.

If you're using OneBookPlus, your bank feeds reconcile automatically and any unmatched transactions surface in the Reconciliation dashboard. If you're still using spreadsheets, block out a full day for this.

2Chase Outstanding Invoices#

The end of the financial year is your best leverage to collect outstanding payments. Run an aged receivables report and follow up every overdue invoice. For invoices that are genuinely uncollectable, you may be able to write them off as a bad debt deduction — but only if specific conditions are met (see below).

3Stocktake (If You Hold Inventory)#

If your business holds trading stock, you must perform a stocktake on 30 June. Count every item, value it at cost, market selling value, or replacement cost (you can use the lowest), and record the figure. The closing stock figure feeds directly into your tax return.

Small businesses with a turnover under $10 million can use the simplified trading stock rules: if your stock has changed by less than $5,000 over the year, you can use last year's closing figure as this year's figure — no formal stocktake required. Document your reasoning either way.

4Review Fixed Assets and Depreciation#

List every depreciable asset your business owns: vehicles, equipment, computers, furniture, machinery. For each one, decide:

• Keep depreciating — continue claiming an annual deduction
• Write off — assets costing under the instant asset write-off threshold (currently $20,000 for small businesses with turnover under $10m, applicable for assets first used or installed by 30 June 2026) can be claimed in full
• Dispose of — if an asset is broken, obsolete, or sold, record the disposal so you can claim a balancing adjustment

Calculate depreciation using the diminishing value or prime cost method — your accounting software should handle this automatically.

5Bring Forward Deductible Expenses#

If cashflow allows, bring forward expenses you'd be paying in July or August anyway. Anything paid before 30 June 2026 is deductible in this financial year:

• Office supplies and consumables
• Subscriptions and software licences (up to 12 months prepaid is generally deductible)
• Professional development courses and books
• Memberships of trade or professional associations
• Repairs and maintenance on income-producing assets
• Insurance premiums (annual policies)

The classic example: if your annual professional indemnity insurance falls due on 5 July, paying it on 28 June pulls the deduction forward into this year.

6Defer Income (Where Legitimate)#

The flip side of bringing forward expenses is deferring income. If you're on the cash basis, an invoice issued in late June but paid in early July sits in next year's income. If you're on accruals, the date of the invoice is what matters.

Don't play games — backdating invoices is fraud. But if a project genuinely completes in July and you'd normally invoice on completion, that's next year's revenue.

7Maximise Super Contributions#

Concessional (pre-tax) super contributions are deductible to the contributor and capped at $30,000 per person per year for 2025–26. If you have unused cap from earlier years and your total super balance is under $500,000 at 30 June 2025, you may be able to use carry-forward rules to contribute more.

For sole traders and partners: any personal contribution made before 30 June 2026 can be claimed as a deduction in your individual tax return, provided you submit a notice of intent to your super fund and they acknowledge it.

For employers: the Q4 superannuation guarantee instalment for the April–June quarter is due 28 July 2026. To claim it as a deduction in this financial year, you must pay it by 30 June 2026. Pay early — your fund needs to receive the money, not just be notified.

This is the single most overlooked EOFY tax planning move. Estimate the deduction value: $10,000 in extra concessional contributions saves up to $4,500 in tax for someone on the top marginal rate.

8Write Off Bad Debts (Strict Conditions Apply)#

To deduct an unpaid invoice as a bad debt, three conditions must be met:

• The debt must have been included as assessable income in this or an earlier year
• The debt must be genuinely bad — i.e., reasonable steps to recover have failed
• The debt must be physically written off in your books before 30 June 2026 (i.e., a journal entry recording the write-off)

If you're registered for GST, you can also claim back the GST you paid on the original sale. Document your collection efforts before writing anything off — a bare ledger entry won't survive an ATO review.

9Pay Director Fees, Bonuses, and Trust Distributions#

For companies and trusts, distributions and bonuses must be resolved before 30 June 2026 to be effective for this year. The ATO closely scrutinises end-of-year resolutions:

• Trust distribution resolutions must be in place by 30 June 2026 (check your trust deed for any earlier requirement)
• Company directors' bonuses must be formally declared and recorded
• Beneficiary statements should be retained as evidence

Speak to your accountant before the last week of June. Late or backdated resolutions are routinely struck down and can trigger top-rate trustee tax of 47%.

10Review Employee Entitlements#

Before 30 June, finalise:

• Annual leave balances
• Long service leave accruals
• Outstanding wages and overtime
• Bonuses and commissions
• Reportable fringe benefits

If you owe staff back pay or unpaid superannuation, paying it before 30 June makes it deductible this year and avoids penalties.

On 30 June 2026: The Final Day#

By close of business on 30 June, you should have:

• ✅ Paid all super contributions (allow 5–7 business days for clearing — pay by 23 June at latest if you can)
• ✅ Counted and valued closing stock
• ✅ Recorded all asset disposals
• ✅ Written off bad debts in your books
• ✅ Resolved trust distributions and director fees
• ✅ Brought forward planned deductible expenses
• ✅ Reconciled bank accounts as at 30 June

Print or download:

• Bank statements as at 30 June 2026
• Loan and credit card balances as at 30 June 2026
• Trade debtor and creditor reports
• Stock-on-hand report
• Asset register

These are your starting figures for FY2026–27. Save them in a clearly named folder — you'll thank yourself in October.

After 30 June: The First Two Weeks of July#

EOFY isn't finished on 30 June. The next fortnight is just as important.

1Single Touch Payroll (STP) Finalisation#

If you have employees, you must lodge a finalisation declaration in STP by 14 July 2026. This tells the ATO that your year-to-date payroll figures are final and gives employees access to their pre-filled income statements (formerly group certificates) in myGov.

Steps:

• Reconcile your STP year-to-date totals against your payroll register
• Check reportable fringe benefits are loaded
• Verify employer super contributions are reported
• Lodge the finalisation event through your STP-enabled software

If you discover a mistake after lodging the finalisation, you can submit a correction — but you must notify affected employees.

For a deeper dive, see our paying employees in Australia guide.

2PAYG Payment Summary for Non-STP Income#

If you paid contractors or other non-STP-reportable amounts subject to withholding, prepare and issue PAYG payment summaries by 14 July 2026 and lodge the annual report with the ATO by 14 August 2026.

3Taxable Payments Annual Report (TPAR)#

If you're in the building, cleaning, courier, IT, road freight, security, or investigation industry — or if you pay contractors in those sectors — you must lodge a Taxable Payments Annual Report by 28 August 2026. The report lists every payment to contractors during the year.

4Q4 BAS#

Your Q4 BAS (covering April–June 2026) is due 28 July 2026. This BAS should reflect:

• All Q4 sales and GST collected
• All Q4 purchases and GST credits
• PAYG withholding for Q4
• PAYG instalments for Q4

For a step-by-step walkthrough, see our BAS lodgement guide.

5Workers Compensation Reconciliation#

Most state workers compensation schemes require an annual reconciliation of declared wages versus actual wages. Check your state insurer's deadline — it's usually August or September.

6Annual FBT Return (If Applicable)#

Fringe Benefits Tax operates on a different year (1 April – 31 March). If you provide reportable fringe benefits, your FBT return is due 21 May for self-lodgement or 25 June through a tax agent — already past for 2026 if you missed it.

Lodging Your Income Tax Return#

Once your books are closed and STP is finalised, you can lodge your income tax return:

• Self-lodgement deadline: 31 October 2026
• Through a registered tax agent: typically 15 May 2027 (assuming you're registered with the agent before 31 October 2026)

For sole traders and partners, you'll lodge an individual return (and a partnership return for the partnership). For companies, a company return; for trusts, a trust return plus individual returns for beneficiaries.

Have ready:

• Profit and loss statement
• Balance sheet as at 30 June 2026
• BAS summaries
• Asset register and depreciation schedule
• Stocktake figures
• Records of bad debts written off
• Notice of intent to claim a deduction for personal super contributions (if applicable)
• All deductible expense receipts (digital is fine)

EOFY Tax Planning: Last-Minute Strategies#

If you have a profitable year and want to legally reduce your tax bill, these are the levers available before 30 June 2026:

Instant Asset Write-Off#

Buy and install eligible business assets (vehicles, equipment, technology) before 30 June and write them off in full — provided each asset costs less than the threshold ($20,000 for small businesses for FY2025–26) and your turnover is under $10 million.

A $15,000 second-hand ute for the trade business is fully deductible if it's on the road and used for income-producing purposes by 30 June.

Prepay Up to 12 Months of Expenses#

Small businesses with aggregated turnover under $10 million (and individuals incurring non-business expenditure) can prepay up to 12 months of deductible expenses — rent, insurance, subscriptions, professional services — and claim the full amount this year. Cash out, deduction in.

Concessional Super Contributions#

As covered above, the $30,000 cap (or higher with carry-forward) is the most effective single deduction available.

Donations to DGRs#

Cash donations of $2 or more to deductible gift recipients are 100% tax-deductible. If you're going to donate anyway, do it before 30 June.

Repairs and Maintenance#

Genuine repair work (not improvement) on income-producing assets is fully deductible in the year incurred. Get the leaking roof fixed and the squeaky shop door oiled before 30 June.

Don't Forget GST Credits#

Every GST-inclusive business expense entitles you to a GST credit on your BAS. Make sure all Q4 receipts are loaded and categorised before you lodge — missed credits are missed cash.

Common EOFY Mistakes (And How to Avoid Them)#

Mistake 1: Paying Super Too Late#

Super must clear into the fund before 30 June, not just be initiated. Bank-to-fund clearing can take 5–7 business days. Always pay by mid-June if you want a deduction this year.

Mistake 2: Backdating Invoices or Resolutions#

The ATO has sophisticated data-matching. Backdated trust resolutions, invoices, and journal entries are picked up in audits. The penalties for tax avoidance via backdating start at 75% of the shortfall.

Mistake 3: Treating Personal Expenses as Business#

Mixing personal and business expenditure is the fastest way to attract an audit. Keep clean separate bank accounts and credit cards. If a vehicle is 70% business and 30% personal, only claim 70%.

Mistake 4: Forgetting Capital Gains#

If you sold a business asset (property, shares, equipment) during the year, capital gains are reportable. The 50% CGT discount for individuals applies if the asset was held for more than 12 months. Small business CGT concessions can reduce the gain to zero in many cases — but only if you meet the eligibility tests.

Mistake 5: Lodging Without Reconciling#

Lodging a tax return from unreconciled books is an audit invitation. Reconcile every account before sending anything to your accountant or the ATO.

Mistake 6: Missing the Tax Invoice Requirements#

Every tax invoice over $82.50 must contain mandatory ATO-prescribed information. Invoices that don't comply can mean denied GST credits for your customers — and questions about your bookkeeping.

Mistake 7: Not Keeping Records for 5 Years#

The ATO requires you to keep all business records for at least five years from the date of lodgement. Digital is fine, but they must be readable, accessible, and unaltered.

EOFY Records to Keep#

Maintain these records for at least five years:

• Sales invoices and receipts (issued and received)
• Bank statements
• Loan and credit card statements
• Stocktake records
• Asset register and depreciation schedules
• Wages and superannuation records
• BAS lodgements
• Income tax returns and supporting documents
• Trust resolutions
• Director and shareholder resolutions
• Vehicle log books
• Home office expense records

Cloud-based software like OneBookPlus stores these automatically — no shoeboxes, no lost receipts.

EOFY Checklist Summary#

Print this section and tick as you go:

Pre-EOFY (June 2026)

• Reconcile all bank, credit card, and processor accounts
• Chase outstanding invoices; write off genuine bad debts
• Perform stocktake (or apply simplified rule)
• Review and finalise asset register and depreciation
• Identify and pay deductible expenses to bring forward
• Pay Q4 superannuation guarantee (clearing by 30 June)
• Make voluntary concessional super contributions
• Pass trust distribution / director bonus resolutions
• Finalise leave balances and outstanding wages
• Save 30 June bank/loan/stock/asset reports

On 30 June 2026

• All deductible payments cleared
• Closing stock counted and valued
• Books reconciled as at 30 June

July 2026

• Reconcile STP year-to-date totals
• Lodge STP finalisation declaration (by 14 July)
• Issue PAYG payment summaries to non-STP recipients
• Prepare Q4 BAS

By 31 October 2026 (or 15 May 2027 via agent)

• Lodge income tax return
• Pay any income tax owing

How OneBookPlus Makes EOFY Easier#

OneBookPlus is built for Australian small businesses and turns EOFY from a panic into a checklist:

• Bank feeds and auto-reconciliation — your books are always close to closed
• GST and BAS reports in one click — pull a Q4 summary for your accountant
• Asset register and depreciation built in — track every asset and apply the instant write-off
• STP-enabled payroll (via the separate Rostering & Payroll add-on) — finalise in minutes, not days
• Receipt capture so every deductible expense is documented
• Quote, invoice, and payment workflows that keep accounts receivable clean

Plus, our free tools handle the maths:

• Income Tax Calculator — estimate this year's tax bill
• Sole Trader Tax Calculator — combined income tax + Medicare for self-employed
• GST Calculator — add or remove 10% in seconds
• PAYG Calculator — work out withholding for your team
• Superannuation Calculator — model concessional contributions

Related Reading#

• How to Lodge a BAS in Australia: Complete 2026 Guide
• Australian GST Calculator: How to Add & Remove 10% GST
• Tax Invoice Requirements in Australia
• PAYG Withholding for Small Business
• Superannuation Guide for Employers
• Paying Employees in Australia: A Complete Guide
• ABN, Sole Trader & Business Structure in Australia

Don't Wing EOFY This Year#

EOFY rewards preparation and punishes procrastination. If you've been winging it with spreadsheets, this is the year to switch to software that handles GST, BAS, and reporting automatically (with payroll and super available via the separate Rostering & Payroll add-on).

Start your free OneBookPlus account — no credit card, no time limit on the free plan. Connect your bank, import your existing data, and walk into 30 June with everything reconciled, every deduction captured, and every deadline tracked.

EOFY 2026 lands in a few short weeks. Tick off the list. Lodge on time. Start FY2026–27 in front.