As the end of the financial year (EOFY) approaches, businesses must ensure their records are in order to meet compliance requirements and avoid unnecessary scrutiny. While June 30 marks the official EOFY in Australia, the upcoming March 31 period serves as an excellent checkpoint for reviewing financial records, preparing for the next Business Activity Statement (BAS) lodgment, and ensuring a smooth transition into tax season.
Key Pre-EOFY Preparation Steps
To avoid last-minute stress, businesses should take the following essential steps:
1. Review and Reconcile Financial Records
- Ensure all income and expenses are accurately recorded.
- Reconcile bank accounts, credit cards, and loan statements.
- Verify outstanding invoices and follow up on unpaid debts.
2. Organise BAS and GST Obligations
- Use the March 31 checkpoint to review BAS records and ensure all GST claims and payments are correctly accounted for.
- Remember, the official BAS lodgment deadline for Q3 (January–March) is 28 April (or 26 May if lodging through a registered tax/BAS agent).
- Check that GST codes are correctly applied to avoid ATO adjustments.
3. Superannuation Contributions
- Super payments for employees should be made before 30 June to qualify for tax deductions in this financial year.
- Employers must ensure superannuation guarantee contributions are up to date to avoid penalties.
4. Verify Payroll and Employee Records
- Check Single Touch Payroll (STP) compliance and update employee details.
- Ensure all wages, bonuses, and leave entitlements are accurately recorded.
- Prepare for end-of-year PAYG Payment Summaries (if applicable).
5. Assess Tax Planning Opportunities
- Consult with an accountant about potential tax deductions and offsets.
- Review asset purchases and possible depreciation claims.
- Consider making trust distributions or dividend payments before EOFY.
6. Prepare for Final EOFY Reporting Deadlines
- 28 July: Superannuation guarantee contributions for Q4 must be paid.
- 14 July: STP finalisation statements due for employees.
- 31 October: Individual tax return deadline (if lodging without an agent).
Get Expert Support for a Smooth EOFY
Preparing for EOFY doesn’t have to be overwhelming. Supervision Group helps businesses streamline their financial records, manage compliance obligations, and optimise tax strategies. Whether you need assistance with BAS lodgment, payroll reconciliation, or EOFY tax planning, our experts are here to support you.
Taking the time to review your records now will set your business up for success—not just for tax season, but for the year ahead.
