The end of the financial year (30 June) is the most important date on every Australian business owner's calendar. What you do — or fail to do — in the weeks before EOFY can mean thousands of dollars in tax savings or costly penalties. Here's your complete 2026 checklist.
1. Reconcile Everything
- Bank accounts: Reconcile all business bank accounts and credit cards up to 30 June.
- Accounts receivable: Chase outstanding invoices. Write off genuinely bad debts before 30 June to claim the deduction.
- Accounts payable: Ensure all supplier invoices for June are entered, even if not yet paid.
- Petty cash: Count and reconcile any petty cash floats.
- PayPal, Stripe, Square: Reconcile all payment gateway balances.
2. Superannuation
To claim a tax deduction for super contributions in the 2025–26 financial year, the payment must be received by the super fund (not just sent) by 30 June. In practice, this means:
- Process super payments by 23 June at the latest to allow clearing time.
- Check that all employees have a valid super fund nominated (including stapled super funds for new starters).
- The Q4 super deadline is 28 July, but paying before 30 June brings the deduction into the current year.
3. Instant Asset Write-Off
In 2026, small businesses (aggregated turnover under $10M) can immediately deduct the full cost of eligible assets costing less than $20,000 each (check current threshold). Assets must be installed and ready for use by 30 June — simply ordering or paying isn't enough.
- Laptops, phones, and tablets for staff.
- Tools and equipment.
- Office furniture.
- Point-of-sale systems.
4. Prepay Expenses
Small businesses using the simplified depreciation rules can prepay up to 12 months of expenses before 30 June and claim the deduction in the current year. Common prepayments:
- Rent (next 12 months).
- Insurance premiums.
- Software subscriptions (annual plans).
- Industry memberships and professional fees.
5. Review Your Business Structure
EOFY is the best time to assess whether your current structure (sole trader, company, trust) still suits your business. Common triggers for restructuring:
- Turnover exceeding $200,000 as a sole trader (consider a company for asset protection).
- Multiple income streams that could benefit from trust distributions.
- Plans to bring on business partners.
6. Stocktake (If Applicable)
If you hold physical stock (retail, wholesale, manufacturing), a stocktake as at 30 June is required. You can value stock at cost, market value, or replacement cost — whichever gives the best tax outcome. Write off damaged or obsolete stock before year-end.
7. Lodge and Pay on Time
| Obligation | Due Date |
|---|---|
| Q4 BAS (Apr–Jun) | 28 July (or later via agent) |
| Q4 Super Guarantee | 28 July |
| TPAR | 28 August |
| Company Tax Return | 28 Feb (via agent, varies) |
| Individual/Sole Trader Tax Return | 31 Oct (or later via agent) |
Key Takeaways
- Reconcile all accounts, payment gateways, and petty cash by 30 June.
- Pay super by 23 June to ensure it's received by the fund before year-end.
- Buy and install assets before 30 June for the instant asset write-off.
- Prepay up to 12 months of expenses to bring deductions forward.
- Write off bad debts and obsolete stock before 30 June.