EOFY (End of Financial Year) doesn’t need to feel overwhelming or rushed. Yet every year, I see business owners fall into the same pattern—scrambling in June, handing off half-finished spreadsheets to their accountant, and hoping they don’t owe too much tax.
The truth? A 30-minute conversation with your accountant before 30 June can be one of the most profitable meetings of your entire year.
Why EOFY Prep Matters
EOFY isn’t just about compliance. It’s about strategy.
Done right, it gives you:
- Tax savings: You can only claim deductions before the financial year closes.
- Clarity: Know what worked this year and what didn’t.
- Legal protection: Avoid late filings, penalties and ATO red flags.
- A fresh start: You can’t plan the new year if you don’t understand this one.
My Go-To EOFY Checklist
Here’s what I recommend every business owner do before 30 June:
- Review all transactions: Ensure income and expenses are categorised correctly.
- Clean up personal charges: If anything was paid through the business account by mistake, now’s the time to fix it.
- Reconcile your accounts: Everything should match your bank statements.
- Organise your receipts: Whether it’s Google Drive, Hubdoc or a folder, get them sorted.
- Check your Profit & Loss: Did your revenue grow? Did your profit grow too?
- Follow up on invoices and bills: Chase late payments and clear what you can.
- Review super contributions and owner’s pay: This is often missed—and it matters.
What to Ask Your Accountant
Here are some high-impact questions you can ask during that 30-minute call:
- Is there anything I can deduct or prepay before 30 June?
- Should I change my business structure before the new year?
- Can I top off my super contributions for a tax reduction?
- What’s my estimated tax bill, and do I have enough saved?
- What one change would you recommend I make next year?
Your accountant isn’t just a tax agent—they’re a strategic partner, but only if you show up and lead the conversation.
Mistakes to Avoid
- Waiting until July—it’s too late.
- Not knowing your numbers—you can’t optimise what you don’t understand.
- Filing late—ATO penalties are real.
- Assuming last year’s strategy still works—your business has evolved. Your strategy should too.
Final Word
This EOFY, don’t just close your books—close the loop. Clean up the past, set your intentions for the future, and lead with clarity.
Being a money-first CEO doesn’t mean knowing everything about accounting. It means caring enough to take action, ask questions, and treat your business like it matters.
Because it does.
