As the Australian End of Financial Year (EOFY) fast approaches on 30 June, now is the perfect time for business owners to get their financial affairs in order. This period is more than just about ticking compliance boxes — it’s your opportunity to assess, reconcile, and optimise your financial position before the clock resets.

Yet, EOFY isn’t just about submitting a tax return. There are several nuanced, often overlooked tasks that can impact your tax liability, employee obligations, and future planning. Here are six critical areas you need to address — and why engaging a qualified accountant or bookkeeper can make all the difference.

 

1.Bank Reconciliations: Clean Books, Clear Insight

Bank reconciliations form the backbone of accurate bookkeeping. All business bank accounts, credit cards, and loan balances should be fully reconciled to ensure all transactions have been properly recorded. Missing entries or duplicate expenses can distort your financial reports and tax position.

Action: Reconcile every bank and card account up to 30 June and investigate discrepancies now — not later.

 

2.Payroll and PAYG Withholding Review

Reviewing your payroll ensures employee earnings, allowances, superannuation, and PAYG withholding have been correctly reported and reconciled. EOFY is also when you prepare final Single Touch Payroll (STP) reports and issue Income Statements to employees.

Action: Confirm that PAYG amounts withheld match what’s been reported and paid. Verify all payroll entries and submit final STP declarations by 14 July.

 

3.Superannuation Reconciliation and Unpaid Super

Employers must reconcile super payments and ensure they are paid on time. Super contributions for the June quarter must be paid before 30 June to claim a deduction in the current financial year.

Action: Reconcile all superannuation obligations and ensure any outstanding super is cleared before EOFY. Consider using clearing houses early, as delays can lead to missed deductions.

 

4.Review of Unpaid Expenses and Accruals

EOFY is also the time to ensure all unpaid expenses — including invoices, wages, and super — are properly accrued. Failing to account for these can understate your liabilities and misrepresent your profit.

Action: Record all unpaid liabilities, including wages payable, unpaid invoices, and upcoming supplier bills.

 

5.Fringe Benefits Tax (FBT) Review

If your business provides non-cash benefits to employees — like vehicles, entertainment, or reimbursements — FBT may apply. The FBT year ends on 31 March, but the declaration and payment due dates fall within the June quarter.

Action: Work with your accountant to assess the applicability of FBT and ensure correct calculations and lodgments are completed. Don’t assume you’re exempt — penalties for non-reporting can be steep.

 

6.Debtor and Creditor Clean-up

It’s good practice to review outstanding receivables and payables. Write off bad debts where recovery is unlikely, and confirm that creditor balances are accurate to avoid duplicate payments.

Action: Go through your aged receivables and payables reports. Clear out old balances and communicate with suppliers or clients as needed.

 

Why You Shouldn’t Do It Alone

EOFY tasks can quickly become overwhelming, especially with their tight deadlines and technical requirements. Partnering with a skilled accountant or bookkeeper ensures these processes are not only accurate and timely but also strategic. From reconciling super to preparing year-end reports, having expert support can mean the difference between compliance and costly errors.

 

Need Help? Let’s Get You EOFY-Ready.

If you’re unsure where to start or simply want to take the pressure off, speak to your accountant or connect with us. We specialise in making EOFY stress-free, so you can focus on running your business — while we handle the numbers.