As the end of financial year approaches, it is a good time to review your position and make practical adjustments.
Clear, structured planning helps reduce pressure at year-end and supports better outcomes. These EOFY tax tips focus on what to review now and what to put in place before 30 June.
Why EOFY tax planning matters
EOFY is not just about lodging returns. It is an opportunity to:
- ensure records are complete and accurate
- confirm compliance obligations are met
- identify eligible deductions
- prepare for the new financial year
Starting early gives you more control and fewer surprises.
Key EOFY tax tips
1. Get your records up to date
Accurate records are the foundation of any tax position.
Before year-end, ensure you have:
- sales and purchase receipts
- previous tax return records
- Business Activity Statements (BAS)
- GST reporting documentation
- employee superannuation records
Well-organised records make reporting more efficient and reduce the risk of errors.
2. Keep business and personal finances separate
Separating business and personal transactions is a simple but important step.
This helps to:
- reduce incorrect expense claims
- improve visibility over business performance
- simplify bookkeeping and reporting
Using dedicated accounts and cloud-based systems supports a more consistent process.
3. Review your deductions
Understanding what you can claim is key to managing your tax position.
Common deductible expenses may include:
- business loan interest and fees
- operating expenses
- eligible asset purchases
Some measures, such as temporary asset write-off rules, may also apply depending on timing and eligibility.
Clear categorisation through structured bookkeeping systems helps support accurate claims.
4. Meet superannuation obligations
Superannuation contributions must be paid on time to be deductible.
Before 30 June, confirm:
- all required contributions have been processed
- payments have been received by the fund
- records are accurate and complete
This supports both compliance and correct tax treatment.
5. Check your tax and BAS position
Review your current tax obligations to ensure everything is up to date.
This includes:
- BAS lodgements
- GST reporting
- PAYG obligations
Consistent handling of GST and tax requirements reduces the risk of issues at year-end.
6. Be aware of key dates
Missing deadlines can lead to penalties and added pressure.
Set reminders for:
- lodgement dates
- payment deadlines
- superannuation cut-off dates
A clear timeline helps keep your EOFY process on track.
Common EOFY mistakes to avoid
Many organisations run into challenges such as:
- leaving record-keeping too late
- claiming expenses without proper documentation
- missing superannuation deadlines
- unclear separation of personal and business expenses
Most of these can be avoided with early preparation and consistent processes.
What good looks like
A well-prepared EOFY position should include:
- complete and accurate financial records
- reconciled accounts
- clear documentation for deductions
- up-to-date compliance lodgements
- a plan for the new financial year
This creates confidence in your reporting and decision-making.
Start a conversation
EOFY tax planning is most effective when it is structured and aligned with your overall financial position.
Hopscotch Accounting supports not-for-profits and SMEs with EOFY preparation, reporting, and practical systems that make tax time more manageable.
Start a conversation to review your EOFY position and next steps.
FAQ’s
It is best to start before the end of the financial year so you have time to review records, meet obligations, and make any necessary adjustments.
You should keep records such as receipts, BAS statements, GST reports, payroll records, and previous tax returns to support accurate reporting.
Superannuation contributions must be received by the fund before 30 June to be deductible in that financial year.
