The end of the financial year (30 June) is a critical time for Australian SMEs. It’s not just about compliance—it’s an opportunity to tidy financials, optimise tax outcomes, and prepare for future growth.

1. Keep Your Records Spotless

ATO requires accurate, traceable records for five years. Ensure you have:

  • Complete bank reconciliations, P&L, balance sheets
  • Digital copies of invoices, receipts, stocktake data
  • Up-to-date payroll records, STP, PAYG withholding
    This forms the backbone of audit readiness

2. Reconcile All Financial Statements

By 30 June, reconcile:

  • Bank accounts, credit cards, loans, payroll, super
  • Assets and depreciation schedules
  • GST on your final BAS and reconciled super payments
    This prevents errors and supports lodgement accuracy

3. Maximise Deductions—Legally

  • Prepay up to 12 months of deductible expenses (e.g., rent, insurance, subscriptions)
  • Use instant asset write-off rules (covering eligible purchases ≤$20k)
  • Accurately write off bad debts and obsolete inventory

4. Ensure PAYG, Super, and FBT Compliance

  • Finalise Single Touch Payroll and lodge the STP Finalisation Declaration by ~14 July
  • Confirm super contributions reach funds before 30 June to remain deductible
  • Lodge Fringe Benefits Tax (FBT) returns if applicable

5. Mind Key Dates & Lodgment Deadlines

  • 30 June: End of financial year
  • 14 July: STP Finalisation due
  • 28 July: Final BAS (April–June quarter) lodgment
  • 31 Oct – Feb: Tax return deadlines depending on structure

6. Avoid ATO Audit Triggers

  • Inconsistent income vs. ATO data (e.g., bank, market)
  • Overstating deductions like; vehicle, entertainment
  • Frequent stocktake mismatches
  • Heavy cash transactions
  • Poor record keeping
    Staying vigilant in these areas reduces the risk of audits

7. Perform Your Stocktake

For inventory-bearing businesses:

  • Conduct a physical stock count close to 30 June
  • Compare with system records and write off damaged or obsolete stock

Bonus Tip: Treat EOFY as a Strategic Reset

Use EOFY to:

  • Review budgets and set goals for FY26
  • Trim unnecessary subscriptions and insurance
  • Consider automation tools (OCR, bank feeds) to save 148 hours/year

Why This Matters

A clean EOFY process boosts compliance, reduces audit risk, frees up time, and provides actionable insights for better decision-making .

How Win Professionals Help

We support SMEs with tailored EOFY services:

  • Full reconciliation and audit preparation
  • Strategic deduction planning and asset write-offs
  • PAYG, STP, and FBT finalisation
  • Stocktake verification and report cleanup
  • Automation and process recommendations

👉 Contact us today to make your EOFY seamless, compliant, and growth-ready.

Our [Accounts Outsourcing] and [Software Setup] services

Related blog: “Chart of Accounts Setup Guide”

ATO BAS guide

ATO GST record-keeping help