As of late February, we’re roughly four months from 30 June which is the perfect window to get organised early, avoid last-minute stress, and make better decisions before EOFY locks in your outcomes.
The Australian Government’s EOFY guidance for businesses emphasises getting records ready, checking deductions and concessions, and completing reporting obligations on time.
Step 1: Get your records “tax ready”
For individuals and business owners, this typically means:
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Income records (including salary, dividends, interest, rent, business income)
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Expense records and receipts (work-related, business, investment-related)
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Asset records for CGT (buy/sell documents, improvement costs, selling costs)
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Loan interest statements and bank summaries
Step 2: Pre-EOFY review (the part most people skip)
Before 30 June, review:
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Any major changes this year (new job, side hustle, property purchase/sale, share sales)
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Whether you’ve kept adequate documentation for deductions
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Whether private vs business use is properly tracked (vehicle, home office, phone)
Step 3: Consider legitimate timing strategies
Common EOFY planning considerations include:
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Bringing forward planned deductible expenses where appropriate
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Reviewing super contribution strategy (if relevant)
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Checking whether investments have realised capital gains/losses and what that means for your tax position
Step 4: Don’t forget the “admin” deadlines
If you’re a small business:
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Ensure reporting and compliance tasks are planned (e.g., payroll finalisation, super processes, bookkeeping close-off)
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Make sure your systems will produce clean reports for your accountant
The earlier you start, the more options you have and the less “damage control” you need in July.
