Free tool
Build an end of financial year checklist with dates and owners. The key dates list shows super due within 7 business days of each payday.
Why it matters
Year end is when your numbers become your tax return. A tidy June saves your accountant time and your business money.
Some actions must happen before 30 June, such as writing off bad debts and counting stock. You cannot do them later.
The steps
- Reconcile everything. Reconcile bank, credit cards, loans, receivables and payables to 30 June.
- Count stock. Do a stocktake at 30 June and value it. Write off obsolete stock.
- Write off bad debts. Record the decision before 30 June. Report the GST adjustment.
- Review assets. Update the asset register. Check which assets qualify for the A$20,000 instant asset write-off (the ATO says it is permanent from 1 July 2026) and which go to the small business pool.
- Post accruals and prepayments. Accrue unpaid wages, super and bills. Spread prepaid costs.
- Check payroll. Reconcile payroll to the ledger. Finalise single touch payroll data by 14 July.
- Check super. Check June pay runs have their super paid. Under Payday Super (from 1 July 2026) super must reach the fund within 7 business days after you pay your employees. Pay it on payday.
- Plan contractor reporting. If you pay contractors in building and construction, cleaning, courier and road freight, IT or security, you may need to lodge a TPAR by 28 August.
- Give your accountant a pack. Send reconciliations, the trial balance, the asset register, loan statements and stocktake.
Worked example
Example Distribution Pty Ltd plans its EOFY.
| Date | Task |
|---|---|
| Mid May | Review debtors, plan stocktake |
| Mid June | Review fixed assets and purchases |
| 30 June | Stocktake, cut-off, write off bad debts |
| By 14 July | Finalise STP data |
| Each payday | Pay super with wages. It must reach the fund within 7 business days |
| By 28 August | Lodge TPAR if required |
The pack goes to the accountant on 10 July with all reconciled balances at 30 June.
Common mistakes
- Starting in July.
- Writing off bad debts after 30 June.
- Missing the 14 July STP deadline.
- Forgetting the TPAR.
Next step
Use the EOFY checklist generator first. Then see how to report contractor payments for TPAR.
Sources
Common questions
When does the Australian financial year end?
On 30 June.
What is the instant asset write-off?
A rule that lets eligible small businesses (turnover under A$10 million) deduct the full cost of assets under A$20,000 in the year first used. The ATO says it is permanent from 1 July 2026. Check the ATO page for conditions.
Do I need a stocktake?
If you hold stock, you need to value it at year end. Small businesses may have exceptions, so check the ATO.
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