10 Things Every Australian Business Should Check Before 30 June

As the end of the financial year approaches, it's easy to feel overwhelmed by everything that needs to be done. The good news is that a little preparation before 30 June can make tax time much smoother, help avoid unnecessary stress, and ensure your financial records are accurate.

Whether you're a sole trader, company or trust, here are ten important areas worth reviewing before the financial year ends.

1. Chase Outstanding Customer Invoices

One of the simplest ways to improve your cash flow is to follow up on unpaid invoices before 30 June.

Review your accounts receivable and contact customers with overdue balances. The sooner invoices are collected, the healthier your cash flow will be heading into the new financial year.

It's also a good opportunity to review whether any debts are unlikely to be recovered and discuss the appropriate treatment with your accountant.

2. Make Sure Your Bookkeeping Is Up to Date

EOFY becomes much easier when your bookkeeping is current.

Check that:

• All bank accounts have been reconciled.

• Credit card transactions have been entered.

• Business expenses have been correctly allocated.

• Income has been recorded accurately.

• Any cash transactions have been accounted for.

Accurate bookkeeping means fewer surprises later and gives your accountant reliable information to work with.

3. Review Payroll and Superannuation

If you employ staff, now is the time to review your payroll records.

Check that:

• Employee details are correct.

• Wages have been processed accurately.

• Superannuation obligations are up to date.

• Leave balances are accurate.

If you use Single Touch Payroll (STP), you'll also need to complete your annual payroll finalisation after the end of the financial year by the applicable ATO deadline.

4. Review Business Assets Purchased This Year

Have you purchased equipment, computers, vehicles, machinery or office furniture during the year?

Make sure these purchases have been correctly recorded in your accounting software.

Your accountant will determine the appropriate tax treatment, including whether depreciation or other available tax measures apply to your business.

5. Review Your Business Expenses

Now is a good opportunity to identify expenses that may no longer be necessary.

Consider:

• Software subscriptions

• Memberships

• Phone plans

• Cloud storage

• Other recurring services

Cancelling unused subscriptions can improve your cash flow for the new financial year.

6. Complete a Stocktake (If Applicable)

If your business holds trading stock, it's important to complete a stocktake as close as practical to 30 June.

A stocktake helps ensure:

• Inventory quantities are accurate.

• Damaged or obsolete stock is identified.

• Your financial statements reflect the correct value of inventory.

7. Organise Your Supporting Documents

Good record keeping saves time and reduces stress.

Ensure you've retained records for items such as:

• Supplier invoices

• Receipts

• Vehicle logbooks (where applicable)

• Loan documents

• Finance agreements

• Major asset purchases

Keeping everything organised now will make tax time much smoother.

8. Reconcile Loans and Business Liabilities

Review any business loans, finance agreements and liabilities.

Check that:

• Loan balances agree with lender statements.

• Interest has been correctly recorded.

• Repayments have been allocated appropriately.

This helps ensure your financial reports accurately reflect your business position.

9. Review Your Financial Performance

Before starting a new financial year, take time to understand how your business has performed.

Ask yourself:

• Which services or products were most profitable?

• Have expenses increased?

• Has cash flow improved?

• Are there areas where costs can be reduced?

EOFY isn't only about tax—it's also an opportunity to make informed business decisions.

10. Speak With Your Registered BAS Agent or Accountant

Every business is different, and EOFY requirements can vary depending on your circumstances.

Meeting with your Registered BAS Agent or accountant before the financial year ends allows you to:

• Identify any outstanding bookkeeping issues.

• Ensure records are complete.

• Prepare for tax time with confidence.

• Discuss any year-end actions that may be appropriate for your business.

Getting advice before 30 June is often more valuable than trying to fix problems afterwards.

Final Thoughts

EOFY doesn't need to be stressful.

By spending a little time reviewing your records before 30 June, you'll make tax time easier, gain a clearer picture of your business, and start the new financial year with confidence.

If you're behind on your bookkeeping or simply want peace of mind that everything is in order before EOFY, I'm always happy to help.

Diana LeshchevaDirector | Registered BAS AgentDL Bookkeeping

Helping small businesses across Melbourne stay organised, compliant and ready for growth.