EOFY is more than a compliance deadline. It’s typically a time to review and reset. Use this practical checklist to help you get organised and prepare for a smoother year ahead.
EOFY can be a busy time for business owners. It can be easy to focus only on what you need to meet reporting and compliance requirements. But it’s also an opportunity to reflect and make smarter decisions about what to do next.
Whether you're a sole trader or leading a growing team, EOFY can give you a chance to consider how to adapt for future success. This checklist is designed to help.
This checklist doesn’t take into account your specific objectives, financial situation or needs, and isn’t financial or tax advice. Instead, we focus on practical steps to help reduce last‑minute pressure, review your business operations, and prepare for the year ahead.
Use this checklist as a guide to help build on your broader EOFY planning and help you prioritise what’s most relevant for you right now.
Some of the items in this checklist are about organisation and getting the basics right. Others are prompts to help you reflect and plan ahead. If something isn’t relevant for you right now, consider if it’s worth taking note of it for future consideration.
The goal isn’t to add more things to your to do list. It’s to set things up to help make next year easier with some preparation and planning.
Creating your own EOFY calendar can help you get ahead of deadlines and ensure nothing slips through the cracks. Rather than relying on generic reminders, a calendar with reminders that are specific to your business can help you stay more organised and reduce last-minute stress.
Consult with your accountant to understand key dates that relate to reporting and compliance. Beyond that, you can think about your own internal cut off dates for invoices or approvals. If you sell to other businesses, you may want to also think about their annual funding and invoicing cycles too.
Good organisation helps support compliance and importantly it creates space to think beyond EOFY to focus on what comes next.
EOFY can be a great time to tidy up your records and data. A review may help to uncover areas where your processes could be strengthened to help ensure things stay up to date, easy to access and secure.
Areas to consider can include:
If things feel harder than they should, you can think about how to improve or help automate processes for next year.
EOFY isn’t just about numbers and administrative processes. It also can give you a great opportunity to review the tools and systems you rely on every day.
Consider these questions:
Upgrading, switching or consolidating services could help you improve efficiency, value or performance with your business technology. Consider taking time to review your business technology at EOFY.
Experts at your local Telstra Business Centre can tailor solutions to help you get more from your tech in the new financial year.
Unfortunately, EOFY can also bring about a rise in scam activity such as phishing attempts that target small businesses during this busy period.
Common scams can include:
These scams are designed to trick you when you're rushing or under pressure. That’s why EOFY can be a good time to refresh cyber security basics, review access to key systems and remind your team to verify unexpected messages.
Review cyber security basics at EOFY
Developing a clear plan for the new year can help make your next EOFY even smoother. Consider if you want to prioritise:
You can also explore if artificial intelligence (AI) could play more of a role in helping you achieve your business objectives. To help keep you focused you could think about the top three things you could do over the coming 12 months to help improve your business performance.
When EOFY comes around think bigger than tax returns. What you notice during this critical business period can help shape smarter decisions in the months ahead.
Whether you’re planning to grow, simplify or streamline business operations, proactive planning can help you get the most from each financial year.
Think strategically about how your business fits in with your aspirations so you can focus on what will help you achieve what you aspire to, for your business and yourself.
Many small businesses begin preparing several weeks before EOFY.
Starting early can help reduce last-minute pressure and create more time to organise records, review systems and address any gaps without disrupting daily operations.
An EOFY checklist can typically cover key deadlines, organisation tasks, record tidy-ups, technology reviews and basic cyber security checks.
The aim is to make EOFY more manageable, not to add unnecessary work.
EOFY is a practical time to check whether your technology and security still support how your business operates.
Regular reviews can help identify inefficiencies or risks before they become bigger issues.
No. This article does not take into account your specific objectives, financial situation or needs, and provides general business planning guidance only. For advice specific to your financial or tax situation, you should consult a qualified professional.
Request a callback from your local Telstra Business Technology Centre and we'll be in touch to discuss your needs.
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