• 06 May, 2026

The Ultimate EOFY Checklist for Australian Small Businesses in 2026

The end of financial year (EOFY) can feel overwhelming for many business owners. As 30 June approaches, businesses must review financial records, prepare reports, finalise payroll, and ensure tax obligations are properly managed.

Without proper preparation, EOFY can quickly become stressful and lead to missed deductions, BAS errors, cash flow issues, and unnecessary tax liabilities.

Having a clear EOFY checklist helps businesses stay organised, reduce compliance risks, and avoid last-minute panic.

At Workpaper, we help Australian businesses prepare for EOFY with bookkeeping, BAS reviews, payroll support, and financial reporting services.

Why EOFY Preparation Matters

In Australia, the financial year ends on 30 June.

This marks the cut off date for:

✔ Business income
✔ Business expenses
✔ Payroll reporting
✔ Superannuation obligations
✔ BAS and GST reporting
✔ Tax deductions

Preparing early allows businesses to:

✔ Reduce stress
✔ Improve reporting accuracy
✔ Identify missing records
✔ Maximise deductions
✔ Avoid compliance issues

EOFY preparation also provides a clearer picture of business performance and cash flow.

Financial Records You Should Prepare Before EOFY

Strong record keeping makes EOFY reporting much easier.

Business owners should ensure all financial information is accurate, complete, and up to date before lodging tax returns.

Important records include:

Income Records

✔ Sales invoices
✔ Bank statements
✔ Payment summaries
✔ Online sales reports
✔ Customer payment records

Every dollar earned should match your accounting records.

Expense Records

✔ Supplier invoices
✔ Business receipts
✔ Utility bills
✔ Software subscriptions
✔ Insurance payments
✔ Vehicle and travel expenses

Maintaining proper records helps support business deductions.

Payroll Records

Payroll information should also be reviewed carefully.

This includes:

✔ Employee wages
✔ PAYG withholding
✔ Superannuation payments
✔ Leave balances
✔ STP reporting records

Accurate payroll reporting helps businesses remain compliant with ATO obligations.

Financial Reports

Businesses should also prepare updated:

✔ Profit and loss statements
✔ Balance sheets
✔ Cash flow reports
✔ Asset registers

These reports help identify financial issues before tax lodgement.

Common EOFY Deductions Businesses Often Miss

Many businesses overlook legitimate deductions due to poor record keeping or lack of EOFY planning.

Some commonly missed deductions include:

✔ Software subscriptions
✔ Training and education costs
✔ Small business equipment purchases
✔ Home office expenses
✔ Vehicle expenses
✔ Internet and phone costs
✔ Professional memberships

Reviewing expenses before 30 June may help identify additional deductions.

Superannuation Timing Matters

To claim a tax deduction for employee super contributions, payments generally need to be received by the employee’s super fund before 30 June.

Late payments may shift the deduction into the following financial year.

Businesses should process super payments early to avoid timing issues.

Reviewing BAS and GST Before EOFY

BAS and GST reporting should always be reviewed before EOFY tax lodgement.

Businesses should confirm that:

✔ BAS figures match accounting records
✔ GST coding is accurate
✔ Sales and purchases are reconciled
✔ Bank accounts are balanced
✔ Payroll figures align with STP reporting

Identifying discrepancies early helps reduce compliance risks later.

Why Payroll Reconciliation Is Important

Payroll records must align with financial statements and STP reporting.

Businesses should review:

✔ Gross wages
✔ PAYG withholding
✔ Superannuation obligations
✔ Employee entitlements
✔ Payroll clearing accounts

Payroll inconsistencies can create ATO reporting issues if left unresolved.

EOFY Tax Planning Tips for Businesses

EOFY is also a valuable time to review overall tax planning strategies.

Businesses may consider:

✔ Reviewing business structure
✔ Prepaying deductible expenses
✔ Writing off eligible assets
✔ Reviewing cash flow
✔ Managing outstanding debtor balances
✔ Reviewing business profitability

Planning early helps businesses make informed financial decisions before year-end deadlines.

How Workpaper Can Help

At Workpaper, we assist Australian businesses with:

✔ EOFY bookkeeping support
✔ BAS reviews and reconciliations
✔ Payroll processing and checks
✔ GST reporting reviews
✔ Financial statement preparation
✔ Xero, MYOB and QuickBooks support
✔ Cash flow reporting
✔ Business tax preparation support

Our team helps businesses stay organised, compliant, and prepared for EOFY reporting obligations.

Contact Workpaper

🌐 Website: https://workpaper.com.au

📍 Address: 7 Bridge St, Werribee, Victoria 3030, Australia

📞 Phone: 0485 825 915

📧 Email: info@workpaper.com.au