EOFY checklist for small business

What is EOFY?

EOFY stands for End of Financial Year. It’s an important date that affects every Australian business. In Australia, the financial year typically ends on 30 June. This means it’s time to review your books, lodge tax returns, and set up for success in the year ahead. More than that, it’s a chance to take stock of how your business is going.

Explore EOFY deals from Telstra.

Make the most of EOFY

The work you do as the end of the financial year approaches gives you a chance to look at what’s changed over the past 12 months and make smart decisions about where to go next. Here we share a checklist of key things to consider. 

Whether you're a sole trader or leading a growing team, EOFY gives you the opportunity to consider how to adapt your business operations for future success. For more ideas explore our article on how the EOFY sales period can benefit your business.

Your end of financial year checklist

This EOFY checklist covers general financial considerations. We also cover practical tips for reviewing how your business technology supports your business vision. 

This checklist is for information purposes only. It’s not intended to provide, and should not be relied on for, financial or tax advice.  We recommend engaging a qualified financial or tax professional for tailored advice that is specific to your business. 

Staying compliant is critical, therefore setting yourself up for long-term success can help you make the most of the new financial year.

1. Create your own calendar with key EOFY dates

An EOFY calendar with reminders that are specific to your business can help you stay organised. It will help you make sure nothing slips through the cracks so you can reduce last-minute stress.

When is EOFY?

The end of the financial year typically falls on 30 June in Australia, but you’ll likely have important dates on either side of this. From finalising payroll to submitting tax returns and super contributions, it’s good to know your deadlines well in advance.

Dates can vary depending on your business structure and obligations. This helpful resource from the government outlines many of the key dates you should be aware of.

2. Complete finance essentials

EOFY is the perfect time to tidy up your finances. The need to get on top of compliance helps you ensure all records are current and accurate.

Start with the basics:

• Reconcile income and expenses

• Ensure all invoices are sent and payments are up to date

• Finalise payroll, including any outstanding super contributions

• Review debtors and chase any unpaid accounts

If you’re finding you have a lot to tidy up, you might think about how you could improve or automate your processes around record keeping for next year.

Don’t forget to check off your tax obligations. This may include preparing your business activity statement (BAS), organising relevant deductions, and ensuring everything is ready to lodge with the ATO. Have you made large purchases this year? If so, chat with your accountant about how these could affect your tax return.

Seek expert financial advice

Working with a bookkeeper or accountant can help you stay compliant and give you advice specific to your business. They can also help outline any tax benefits available to your business.

This government checklist is also useful to help you make sure you covered what’s relevant for your business.

3. Review your business technology solutions

EOFY is also a smart time to review the tools and systems you rely on every day.

Ask yourself:

• What business technology do you have in place to help boost productivity?
• Are you using all the features in the software you're paying for?
• Are your business operations and tech needs likely to change in the coming year?

Consider areas like:

• Cloud-based file storage
• Communication and collaboration tools
• Accounting and invoicing platforms
• Point-of-sale systems
• Devices such as laptops, tablets or phones

Upgrading, switching or consolidating services could help you get more efficiency, value or performance with your business technology. 

Experts at your local Telstra Business Technology Centre can help tailor solutions and consider what you want to achieve in the new financial year. They can also help you consider how to adopt new technology successfully.

Keep on top of tech fundamentals

As your business grows, so can your digital needs. Whether it’s cloud apps, remote work or online sales, your business internet and mobile services need to keep up. 

You may decide to evaluate if your business internet solution and your mobile services are set up to help you scale with confidence and stay productive. EOFY can be a great time to explore deals to change or upgrade your plans.

Explore how your business technology needs can change at different stages in your business journey.

4. Watch for tax-related cyber threats

Unfortunately, EOFY can also bring about a rise in scam activity. This includes phishing attempts that target small businesses during this busy period.

Common scams can include:

• Fake emails pretending to be from the ATO
• Messages about refunds or tax debts
• Suspicious attachments or requests for login details

These scams are designed to trick you when you're rushing. That’s why EOFY may be a good time to:

• Make sure you’ve got the basics of cyber security right
• Remind your team to verify unexpected messages
• Conduct a quick refresher on how to spot scams

Read more about EOFY scams on the ACMA website.

You could even consider making annual cyber security training part of your EOFY calendar.

5. Budget for innovation and growth

Make sure you include innovation plans in your EOFY checklist. Over the past year you might have learnt new things you want to build on next year or identified a potential opportunity to explore. Take stock of how you can plan wise investments that could help you innovate to unlock new efficiencies or enhance your offering for customers. 

You may consider setting aside funds for:

• New technology and business process automation
• Product or service innovation
• Digital marketing or eCommerce improvements
• Training for yourself or your team 

Areas such as artificial intelligence (AI) may assist with new opportunities you want to carve out time and money to explore in the new financial year. Investing wisely now could help give your business a competitive edge in the next 12 months. Read our article about digital innovations that can help transform your business and explore how tech can help you grow your business.

Are you EOFY ready?

When EOFY comes around think bigger than tax returns. It’s an opportunity to help prepare your business for what comes next and think more strategically about how your business fits in with your life and aspirations.

Whether you’re planning to grow, streamline things or simply stay compliant, planning goes a long way to helping you get the most from each financial year.

Take time to clean up your books and help protect your business from scams but think beyond that. EOFY is a great time to assess your business operations more broadly. Think about the future and make sure you’re investing in ways to help you achieve what you aspire to, for your business and yourself.

Seek expert help to consider what’s best for your business

We recommend engaging a qualified financial or tax professional for tailored advice that is specific to your business. This article is general in nature and doesn’t account for your specific objectives, financial situation, or needs. It’s important to consider these factors when making any financial decisions for your business. 

Before you make any decision regarding any information in this article you should consult your own legal, financial or tax adviser to consider what’s most appropriate for your business situation and needs. They’ll be able to tailor advice to help you meet your own unique objectives and make the most of EOFY for your business.

This checklist is for information purposes only. It’s not intended to provide, and should not be relied on for, financial or tax advice. Telstra is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by use of this article.