End of financial year doesn't have to mean a last-minute scramble. With a few weeks' notice, most of the work that makes tax time smoother — and can genuinely reduce what you owe — needs to happen before 30 June, not after. Here's what Perth business owners should be doing and when.
When should businesses start preparing for EOFY?
Start six to eight weeks out if you can. That gives enough time to reconcile accounts, chase outstanding invoices before they become bad debts, review stock levels, and make superannuation contributions with enough buffer for them to actually clear before 30 June. Businesses that leave EOFY planning until the last week of June routinely miss opportunities that simply need lead time, not extra money.
What accounts need to be reconciled before 30 June?
Every bank account, credit card, loan account, and your accounts receivable and payable ledgers should be reconciled so they match your actual bank statements and outstanding balances. Unreconciled or duplicated transactions at year end distort your reported profit, which flows straight through to an inaccurate tax return and can trigger unnecessary questions if the ATO ever reviews your figures.
Should superannuation contributions be paid before 30 June?
If you want the deduction in the current financial year, yes — and the timing matters more than most business owners expect. A contribution is only deductible once the super fund has actually received the money, not when you initiate the payment, and clearing house processing can take several business days. Leaving it until 28 June is often too late; aim to have contributions processed by mid-June to be safe.
What about the concessional contributions cap?
Check your total concessional contributions for the year, including any employer super guarantee already paid, against the annual cap before making an additional contribution — exceeding it can trigger extra tax rather than the deduction you were aiming for.
Do businesses need to do a stocktake at EOFY?
Businesses carrying trading stock generally need a stocktake as close to 30 June as practical to accurately value closing inventory, which directly affects cost of goods sold and taxable profit. Some small businesses under specific turnover thresholds have access to simplified trading stock rules that reduce the compliance burden — it's worth checking whether your business qualifies.
What write-offs should be reviewed before EOFY?
Go through your debtor list for genuinely unrecoverable bad debts, check stock for obsolete or damaged items that should be written down, and review fixed assets no longer in use that could be scrapped or written off. Each of these can reduce taxable income, but they need proper documentation and the write-off generally needs to occur, or be formally decided on, before year end to count in that financial year.
What else should be on the EOFY checklist?
Review your BAS lodgements for the year to check nothing is outstanding, confirm your Single Touch Payroll finalisation is ready to be lodged after 30 June, and set aside time with your accountant before year end rather than after — tax planning conversations are far more useful when there's still time to act on them. Our EOFY checklist tool is a good starting point to work through the detail.
The Metier Group helps Perth businesses get ahead of EOFY with proactive tax planning rather than a rushed year-end review. Learn more about our business accounting services, or contact us to book your EOFY planning session.