Quick answer
An end-of-financial-year checklist for small business runs from May to August. Before 30 June: meet your accountant, estimate profit and tax, review stock, write off genuinely bad debts, make sure any deductible super reaches funds in time and check any asset purchases against the $20,000 instant asset write-off. After 30 June: finalise STP by 14 July, lodge the June quarter BAS by 28 July and TPAR by 28 August, and set cash aside for the tax bill.
Key points
- Start in May, not late June — decisions need time and cash.
- Tax-driven spending only makes sense if the business needed the item anyway.
- STP finalisation is due 14 July; the June quarter BAS is due 28 July; TPAR is due 28 August.
- The biggest EOFY risk is cash, not paperwork: plan for the tax bill that follows.
Every June, owners scramble. Accountants’ diaries fill, equipment dealers run “tax time” sales and inboxes fill with last-minute reminders. The owners who get through it calmly are the ones who started in May with a list — and who thought about cash, not just tax.
This checklist runs in the order things actually happen. Take it to your accountant and tick it off together.
What should you do in May?
- Book your accountant early. June appointments disappear fast.
- Estimate this year’s profit. Use year-to-date figures plus a realistic forecast for May and June.
- Estimate the tax that will follow. Your accountant can give a rough figure. Put it in your 13-week cash flow forecast now, not when the notice arrives.
- List planned purchases. If the business genuinely needs equipment, check how the timing interacts with the instant asset write-off.
- Review debtors. Chase anything overdue; identify debts that are genuinely unrecoverable.
What must be done before 30 June?
| Task | Why it matters | Check with your accountant |
|---|---|---|
| Stock valuation | Changes in trading stock affect taxable income | Whether the $5,000 simplified rule applies |
| Bad debts | A debt generally must be written off before 30 June to be claimed | Documentation needed |
| Employer super contributions | Generally deductible in the year the fund receives them | Timing for the June pay runs |
| Asset purchases | $20,000 instant asset write-off applies per asset, for businesses under $10m turnover, on assets first used or installed ready for use | Cost excluding GST if you claim credits |
| Asset register | Remove sold or scrapped items | Any balancing adjustments |
| Prepayments | Some expenses may be prepaid | Whether the prepayment rules suit you |
| Trust distributions | Trustees usually need resolutions by 30 June | Wording and timing |
A word of caution: tax is a percentage, spending is 100%. Buying something you don’t need to save tax on it still leaves you with less cash overall.
What about wages and super at EOFY?
From 1 July 2026, Payday Super applies. Under the ATO’s rules, each contribution needs to land in the employee’s fund inside 7 business days of payday — 20 business days for a new starter. That makes the June pay runs straightforward: super goes with wages, as it does all year. The super guarantee rate is 12% for both 2025–26 and 2026–27.
Also check that employee details, leave balances and allowances are correct before you finalise payroll.
Halfway through the list and worried about the cash side? Ask us what funding options suit your situation — there’s no credit check just to enquire.
What’s due in July and August?
- 14 July — STP finalisation. Make the finalisation declaration through your payroll software so employees’ income statements are “tax ready”.
- 28 July — June quarter BAS for quarterly lodgers, including PAYG instalments if you pay them. Lodging online can add extra time for some quarters.
- 28 August — Taxable payments annual report (TPAR) if your business needs to lodge one. In 2027 that date is a Saturday; the ATO lets you lodge on the next business day.
- Your tax return — the due date depends on your circumstances and whether you use a registered tax agent.
Our small business tax calendar has every date for 2026–27.
Why is cash the real EOFY risk?
Because the tax for a good year arrives after the year has ended — often alongside a quarterly BAS, PAYG instalments and the usual July quiet patch in some industries. A profitable year can be followed by a tight quarter.
And carrying ATO debt now costs more than it used to: general interest charge and shortfall interest charge incurred from 1 July 2025 are no longer tax deductible, according to the ATO. That changes the maths on paying the ATO late versus arranging finance to pay on time.
Our guide on how much to set aside for tax shows how to build the tax buffer all year so EOFY never lands as a shock.
What should you do after EOFY?
- Review the year with your accountant: margins, cash, what worked.
- Update your forecast for the new year and set tax transfers for the next four quarters.
- Check your pricing against new costs — the new financial year often brings award, rent and insurance changes. See raising your prices.
What’s on the employer’s EOFY list?
If you have staff, add these to the June checklist:
- Check employee details in payroll — addresses, tax file number declarations, super fund details.
- Review leave balances so employees’ records are right before the year closes.
- Confirm allowances and deductions are categorised correctly for Single Touch Payroll.
- Run the final June pay with super paid inside the Payday Super window.
- Make the STP finalisation declaration by 14 July through your payroll software.
- Diarise award and wage changes that apply from 1 July, and update pay rates on time.
A tidy payroll close avoids amended income statements and awkward conversations with staff in July. It also means your hiring budget for the new year starts from accurate numbers.
When the tax bill arrives before the cash does
Sometimes a strong year means a big bill at the same moment trading slows or a large project is mid-way. Paying on time avoids non-deductible ATO interest and keeps your ATO record clean — which lenders do look at.
We consider trading businesses for cash-flow facilities typically from $5,000 to $500,000 and property-secured loans from $20,000 to $5,000,000, and we look at ATO debt case by case. There’s no credit check at the enquiry stage, we don’t send your details to other lenders, and a real person reads your enquiry and calls. Please give accurate figures for your tax bill and turnover — it lets us point you to the right option straight away.
Frequently asked questions
When does the Australian financial year end?
The financial year runs from 1 July to 30 June. Most EOFY decisions that affect your tax for the year need to be made, and in some cases paid for, by 30 June.
When is STP finalisation due?
The ATO says Single Touch Payroll data must be finalised by 14 July each year for your employees. Your payroll software handles it, but you need to make the finalisation declaration.
Should I buy equipment before 30 June to save tax?
Only if the business genuinely needs it. The $20,000 instant asset write-off can bring a deduction forward, but you still spend the cash. Buying something unnecessary to save tax usually leaves you worse off.
Do I need to do a stocktake at EOFY?
Generally you need to account for changes in trading stock. Under the ATO's simplified trading stock rules, small businesses may not need a formal stocktake if the value changed by $5,000 or less. Ask your accountant which applies to you.
Is ATO interest still tax deductible?
No, not for charges incurred on or after 1 July 2025. The ATO confirms general interest charge and shortfall interest charge incurred from that date aren't deductible, which makes carrying ATO debt more expensive than it used to be.
When is the TPAR due?
The Taxable payments annual report is due by 28 August each year for businesses that need to lodge one. In 2027, 28 August is a Saturday, so under the ATO's rule you can lodge on the next business day.