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With only 6 weeks left until the End Of Financial Year (EOFY), it’s the perfect opportunity to ensure your business is fully prepared. Use this time to review your financial records, reconcile accounts, organise tax documents, and consult your bookkeeper and accountant about tax planning strategies. By taking proactive steps now, you can maximize deductions, meet compliance obligations, and set a strong foundation for the new financial year.
This checklist can help you stay focused and efficient, use it to ensure your business is prepared for the EOFY and ready to thrive in 2025/26.

📌 Review Financial Statements
✔️   Analyse your profit and loss statement, balance sheet, and cash flow statement.
✔️   Compare performance against your goals or previous years.
✔️   Ensure all financial records are accurate and up-to-date.

📌 Lodge Outstanding BAS/IAS (if applicable)
✔️    Ensure all Business Activity Statements (BAS) or Instalment Activity Statements           (IAS) are up to date.
✔️   Verify GST and PAYG withholding amounts for accuracy.

📌 Reconcile Accounts
✔️    Cross-check bank accounts, credit cards, and supplier/customer invoices.
✔️    Identify any discrepancies and resolve them.
✔️    Ensure all transactions are recorded correctly.

📌 Prepare Tax Documents
✔️    Collect all receipts, invoices, and records for deductible expenses.
✔️    Update payroll records and employee payment summaries.
✔️    Ensure compliance with tax laws and regulations.

📌 Write Off Bad Debts (if relevant)
✔️   Identify any non-recoverable debts and record them for tax purposes.
✔️    Document the efforts made to recover these debts.

📌 Stocktake (if applicable)
✔️    Conduct a physical stocktake and match inventory records.
✔️    Adjust for any discrepancies and update your records.

📌 Superannuation Payments
✔️    Pay any outstanding super contributions for employees to claim deductions.
✔️    Ensure payments are made before the deadline to avoid penalties.

📌 Review Tax Planning Strategies
✔️   Consult your accountant to maximise deductions and manage tax liabilities.
✔️   Consider prepaying expenses or deferring income to optimise tax outcomes.

📌 Assess Compliance Obligations
✔️    Check if your business complies with regulatory requirements (e.g., ASIC, Fair     Work).
✔️   Update any licenses, permits, or certifications as needed.

📌 Update Business Plan
✔️   Reflect on the year’s performance and revise goals or strategies for the next financial year.
✔️    Identify areas for improvement and set new objectives.

📌 Check for Tax Deductions and Concessions
✔️    Identify eligible deductions, such as business expenses, depreciation, and asset write-offs.
✔️    Stay informed about any changes to tax laws or concessions.

📌 Protect Against Tax Scams
✔️    Be cautious of unsolicited communications claiming to be from the ATO.
✔️   Verify the authenticity of any requests for information or payments.

📌 Review Insurance Policies
✔️   Ensure your business insurance policies are up-to-date and provide adequate coverage.
✔️    Consider any changes in your business operations that may require adjustments.

📌 Plan for the New Financial Year
✔️    Set a budget and forecast for the upcoming year.
✔️   Identify opportunities for growth and cost-saving measures.

It’s all about planning ahead and staying organised!

If you are one of our clients and have been working with The BookSitters team, you understand that we make the entire EOFY process stress free but if you’re reading this and not currently a client, you many like to read the full article about tax preparation on the ATO website HERE

If you have any questions regarding your business or bookkeeping,
please feel free to reach out to our team.

We wish you a safe, happy and productive week ahead!

All the best,

The BookSitters Team