The end of the financial year is one of the busiest periods for Australian small businesses. It is a lot to organise with the 30 June deadline fast approaching, including tax obligations, superannuation, payroll finalisation, bookkeeping reconciliations & asset write-offs to name a few.
This EOFY 2026 checklist breaks down each key task into practical steps that help business owners, bookkeepers, and finance managers close the financial year on time and on budget without last-minute scrambles.
Why EOFY Preparation Matters for Small Businesses
The weeks leading up to 30 June are a compliance crunch for many small businesses. Missing key deadlines, failing to reconcile accounts or overlooking deductions can result in:
- Overpaid tax because of missed deductions
- ATO penalties for late superannuation or payroll tax obligations
- False financial reports are impacting business decisions.
- Having trouble getting finance, as lenders require current financials.
With the right preparation, EOFY can help tighten finances, review performance, and prepare the business for a stronger new financial year.
Key EOFY 2026 Dates at a Glance
Deadline | Obligation |
30 June 2026 | End of the 2025–26 financial year |
30 June 2026 | Last day to action EOFY tax planning strategies |
30 June 2026 | Trust distribution resolutions must be in place |
1 July 2026 | Payday Super commences, new payroll obligations begin |
14 July 2026 | STP finalisation deadline for most employers |
28 July 2026 | Q4 BAS lodgement due (if quarterly) |
31 October 2026 | Tax return lodgement deadline (self-lodgers) |
31 March 2027 | Tax agent lodgement extended deadline |
EOFY Checklist: Tax and Deductions
Your tax position before 30 June may change how much you pay in taxes. Such steps must be completed or reviewed before the financial year ends.
Review All Deductible Business Expenses
Make sure all legitimate business expenses of the financial year are logged before 30 June. This includes invoices you haven’t entered into your accounting system yet. Common small business deductible expenses are the following:
- Office supplies and stationery
- Professional development and training costs
- Business insurance premiums
- Subscriptions to business-related software or publications
- Motor vehicle expenses (using logbook or cents-per-kilometre method)
- Home office expenses calculated using the ATO fixed rate method.
Prepay Deductible Expenses Where Possible
Small businesses on the cash basis of accounting can deduct expenses by prepaying certain expenses before 30 June. Common prepayment strategies are rent, insurance or interest paid for 12 months prior to the financial year ending. For small businesses, the ATO allows immediate deductions for prepaid expenses under 12 months.
Check out small business tax deductions for a quick introduction to what you can and cannot claim.
Instant Asset Write-Off
EOFY Checklist: Superannuation
Ensure Q4 Super Contributions Are Paid by 30 June
Check the Super Guarantee Rate
For FY2025-26, the SG rate is 11.5%. It grows to 12% from 1 July 2026. Update your payroll system to reflect the new rate from the first pay run of the new financial year.
Concessional Contributions for Business Owners
For a sole trader, partner or trust beneficiary, consider whether additional concessional (pre-tax) super contributions make sense before 30 June. Concessional contributions for 2025-26 are $30,000. Above this threshold, contributions are taxable at marginal rates instead of at the 15% concessional rate.
EOFY Checklist: Payroll and Single Touch Payroll
Complete STP Finalisation by 14 July
- Year-to-date figures in your payroll software do not match ATO records.
- Employees with missing or incorrect tax file numbers.
- Allowances/termination payments not reported correctly through STP.
Review PAYG Withholding Obligations
Reconcile your PAYG withholding total for the year with what has been reported and returned to the ATO for the year. Any discrepancy should be identified and corrected before finalisation. If you outsource your payroll, your provider should handle that reconciliation as part of EOFY.
Process Any Outstanding Payroll Adjustments
Finish processing all outstanding payroll transactions for the financial year before finalising STP. This includes:
- Payouts for annual and long service leave
- Redundancy or termination payments
- Back-pay adjustments
- Contributions by fringe Benefits Tax (FBT) reporting employer
EOFY Checklist: Bookkeeping and Reconciliation
Clean books and reconciled books make for a good tax return and a good financial picture for the year ahead.
Reconcile All Bank Accounts and Credit Cards
Every bank account and credit card the business uses should be fully reconciled as of 30 June 2026. This means matching each transaction in your accounting software to the bank statement entry. Transparency issues with unreconciled transactions affect your profit and loss statement and tax return.
Review Accounts Receivable and Write Off Bad Debts
Review outstanding debtors and find invoices that are truly irrecoverable. Bad debts formally written off by 30 June are deductible. Simply ageing a debt is not sufficient; you must have made genuine attempts to recover it and concluded it cannot be collected.
Review Accounts Payable
Verify that all supplier invoices received before 30 June are entered and accrued, even if payment has not been made yet. For businesses operating on an accruals basis, this ensures expenses are recognised in the correct financial year.
Conduct a Stock Take (If Applicable)
If your business holds trading stock, your tax return requires a physical stocktake as at 30 June. Stock can be valued at cost, replacement value or market selling value, whichever is lower for each item. Dropping stock value could be a useful deduction.
For businesses that need structured help with year-end reconciliation & reporting, working with an outsourced bookkeeping services team can help reduce the risk of errors & missed items.
EOFY Checklist: Quick Reference Summary
Area | Key Task | Deadline |
Tax | Review and record all deductible expenses | 30 June 2026 |
Tax | Prepay deductible expenses where applicable | 30 June 2026 |
Super | Ensure Q4 super received by the fund | 30 June 2026 |
Super | Update SG rate to 12% in the payroll system | 1 July 2026 |
Payroll | Complete STP finalisation | 14 July 2026 |
Payroll | Reconcile PAYG withholding | Before 14 July 2026 |
Bookkeeping | Reconcile all bank accounts | 30 June 2026 |
Bookkeeping | Write off bad debts | 30 June 2026 |
Bookkeeping | Conduct stocktake (if applicable) | 30 June 2026 |
Planning for the New Financial Year
With year-end tasks done, EOFY is a natural time to look forward, too. Consider reviewing:
- Business structure. Is your current structure still tax-effective?
- Forecasting cash flows for FY2026-27.
- Changing software and payroll systems in light of Payday Super requirements.
- Your pricing & margins & overhead costs.
Befree works with SMEs across Australia to manage all year-end accounting and compliance tasks. EOFY is less stressful when you have the right support, whether it’s bookkeeping clean-up, STP finalisation or financials for a tax return.
Businesses in certain industries (like building, healthcare and hospitality) will often have additional EOFY intricacies concerning industry-specific deductions, contractor arrangements, along with award-based payroll. Working with specialist outsourced accounting support professionals helps ensure these requirements are handled correctly and on time every time.
Frequently Asked Questions (FAQ)
When does the 2025–26 financial year end in Australia?
The Australian financial year ends on 30 June 2026. All FY2025-26 income, deductions, and compliance obligations must be paid by this date.
What is the EOFY deadline for small business tax returns?
If lodging directly, 31 October 2026 is the deadline. Businesses using a registered tax agent may be eligible for an extended deadline of 31 March 2027 if they are registered with the agent by 31 October.
Can I claim super contributions as a deduction this financial year?
Yes, but only if contributions to the employee super fund are received by that date, which is 30 June 2026. Contributions that are still in a clearing house on 30 June may not be eligible; Check processing times with your clearing house provider.
What is STP finalisation and when is it due?
Single Touch Payroll (STP) finalisation verifies that all Payroll data reported during the financial year is correct. Most employers need it completed by 14 July 2026. This is how employees access their ATO income statement.
What are the most commonly missed EOFY deductions for small businesses?
Commonly missed deductions include:
- Home office expenses (especially with the revised fixed rate method)
- Prepaid expenses like insurance & subscriptions.
- Motor vehicle costs if no logbook has been maintained.
- Bad debts that have not been written off.
- Depreciation on business assets
Do I need to do a stocktake at EOFY?
If you hold trading stock, you are obligated to do a stocktake as of 30 June under Australian tax law. Your closing stock must be valued for tax return calculations. You can value your closing stock at cost, replacement value or market value each year, and the method selected may affect your taxable income.
What happens if I miss the super payment deadline at EOFY?
The contribution cannot be used as a deduction for FY2025-26 because it missed the 30 June super deadline. If the contribution is late and the shortfall is not corrected through SGC, the ATO may impose:
- SGC interest charges from the due date.
- Administration fees – per affected employee.
- Potential Audit/Compliance action.