Every mission has a final accounting. Ours doesn't need stunts.
EOFY is the one deadline that finds every loose end in your books. Prepare through the year and 30 June becomes a formality, not a cliff-edge.
For a lot of businesses, EOFY arrives like an action-movie set-piece: everything happening at once, no margin for error, and someone dangling off the side of a deadline. It doesn't have to be that way. The final accounting is only dramatic when the year's bookkeeping was neglected.
Why EOFY hurts
End of financial year doesn't create problems — it reveals them. Unreconciled accounts, missing receipts, unclear payroll and half-finished BAS all come due at once. Businesses that keep current through the year simply confirm and finalise; everyone else scrambles.
The EOFY checklist
- 1Reconcile every bank, loan and credit-card account to 30 June
- 2Chase and finalise outstanding invoices and bills
- 3Review payroll and finalise Single Touch Payroll reporting
- 4Confirm superannuation is paid and reported on time
- 5Tidy asset registers, stock counts and any prepayments
- 6Hand a clean, complete file to your tax agent
Super has hard deadlines
To claim a deduction in the year, super generally needs to be received by the fund before 30 June — not merely paid on the day. Check current dates with the ATO and your fund, and don't leave it to the last minute.
Making EOFY a non-event
The secret the calm businesses know: EOFY should be boring. Weekly bookkeeping, on-time BAS and clean payroll mean there's nothing to discover in June. When your books are already true, the final accounting is just a signature.
Sources & further reading
This guide is general information for Australian businesses and is not personal tax, legal or financial advice. For advice specific to your circumstances, speak to a registered tax agent, accountant or the relevant authority.
Frequently asked
Quick answers.
- When should I start preparing for EOFY?
- Ideally you never stop — but practically, a focused review in May gives you time to fix issues before 30 June rather than after.
- What does my accountant need from me at EOFY?
- A complete, reconciled set of books: bank reconciliations, finalised payroll, paid-and-reported super, and tidy records. The cleaner the file, the lower your accounting bill.
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