EOFY Checklist 2025–26

Reconcile bank accounts in Xero (all transactions matched and coded)

Reconcile credit card statements

Clear any outstanding bank reconciliation items older than 30 days

Review and clear any suspense or unallocated accounts

Reconcile accounts receivable — follow up outstanding invoices

Reconcile accounts payable — confirm all bills are entered

Finalise Single Touch Payroll (STP) — submit EOFY finalisation in Xero by 14 July

Pay Q4 super contributions (1 Apr – 30 Jun) by 28 July to be deductible this year

To claim a deduction for super in FY2025–26, contributions must be received by the fund by 30 June — allow extra days for processing.

Check all employee payment summaries / income statements are correct

Ensure PAYG withholding payments to ATO are up to date

Review any directors' fees or salary packages for tax effectiveness

Review debtors — write off any genuinely bad debts before 30 June to claim a deduction

Review trading stock — conduct stocktake and value at cost, market value, or replacement value

Consider prepaying deductible expenses (insurance, subscriptions, rent) before 30 June

Review asset purchases — consider instant asset write-off for eligible assets

Review trust distributions — trustee resolutions must be in place by 30 June

For discretionary trusts, the trustee resolution determining how income is distributed must be documented by 30 June of the income year — not after.

Review Division 7A loans — ensure minimum repayments are made

Consider bringing forward deductible expenses or deferring income where appropriate

Lodge Q4 BAS (1 Apr – 30 Jun) — due 28 July (or tax agent extended date)

Reconcile GST collected and paid in Xero to your BAS lodgements

Review any large capital purchases for GST input tax credits

Check if your turnover has crossed the $75,000 GST registration threshold

Ensure all receipts and invoices are stored in Xero / HubDoc

Back up all financial records — ATO requires 5 years retention

Update vehicle logbook if using logbook method for motor vehicle claims

Document home office setup if claiming home office deductions