Year-End Bookkeeping Checklist for Australian Small Businesses

The Australian financial year runs from 1 July to 30 June. After that date you have a short window to finish your records, lodge your BAS and get your numbers to your accountant. A lot of owners leave it until July. Then they spend weeks digging through old emails, loose receipts and bank feeds.

A year-end bookkeeping checklist lets you work through one job at a time. Your accountant gets cleaner records too, which can cut the time they spend on your file. Most end of financial year (EOFY) jobs come down to bank reconciliations, payroll, BAS, super and stock.

Key EOFY Dates to Mark in Your Calendar

Some of these dates land before 30 June, so it helps to look at them early.

Date What happens
30 June Financial year ends. Super must reach the fund by this date for a deduction this year. Do your stocktake and write off bad debts.
14 July Employers must finalise Single Touch Payroll (STP) data for the year.
28 July June quarter BAS is due for most quarterly lodgers.
28 August Taxable payments annual report (TPAR) is due for businesses that need to lodge one.
31 October Due date for sole traders and individuals who lodge their own tax return.

Your dates can differ if you use a tax agent. Check your ATO online services account if you’re unsure.

Step 1: Reconcile Every Account

Start with your bank accounts. Match each transaction in your accounting software to the bank statement. Do this for business accounts, credit cards, PayPal, Stripe and any loan accounts. If something doesn’t match, find out why now. A mystery payment is easier to chase this month than next year.

Your software balance should match your statement on 30 June, so do a final check in the first days of July. Look out for duplicate entries, payments in the wrong account and old items that never cleared. Fix these first. Left alone, they flow into every report you run later, which is one way poor bookkeeping gets expensive.

Step 2: Gather Your Records

The ATO says you need to keep most business records for five years. Pull everything into one cloud folder or your accounting software so your accountant can find it.

  • Bank and credit card statements for all 12 months
  • Sales invoices and receipts
  • Supplier bills and expense receipts
  • Payroll reports, payslips and super payment records
  • BAS lodgements and ATO statements
  • Loan and lease agreements
  • Vehicle logbooks, if you claim vehicle expenses

A fuel receipt in a glovebox or a supplier invoice in a spam folder can cost you a deduction. Check for these now.

Step 3: Review Income and Expenses

Run a profit and loss report for the full year and read it line by line. A big jump in one expense, or income that looks too low, is often a coding mistake. Move any personal spending to a drawings account (or a director loan account if you run a company) so it doesn’t end up as a business deduction.

Then check that income sits in the right year. If you report on an accrual basis, a June invoice that is still unpaid counts this year. On a cash basis it counts when the money arrives. Ask your accountant which one applies to you. Good monthly habits make all of this easier, and our guide to better cash flow covers a few of them.

Step 4: Check Payroll, STP and Super

If you have staff, payroll needs its own check. Make sure every pay run was reported through STP. Then compare your payroll totals to your general ledger, since they should match. If someone else handles your payroll services, ask them for the year-end summary early.

  • Check super was paid at the current rate of 12%
  • Under Payday Super, each payment is due within 7 business days of payday, so check none were late
  • Super for late June pay runs can fall due in July, but it’s only deductible this year if the fund receives it by 30 June
  • Finalise STP by 14 July
  • Reconcile PAYG withholding to your BAS

Late June pay runs need the most attention. If you want the deduction in this financial year, pay that super a week or two early.

Step 5: Sort Out GST and BAS

Your June quarter BAS is the last one for the year, so give it extra care. Check that GST is coded correctly on sales and purchases, and that you hold a valid tax invoice for every GST credit you claim.

Once the numbers look right, lodge on time, because late lodgement can lead to penalties. A registered BAS agent can prepare your BAS lodgement and check the figures before they go to the ATO.

Step 6: Count Stock and Review Assets

If you sell products, do a physical stocktake on or close to 30 June. Compare the count to your records and write off anything damaged or expired. Closing stock affects your taxable profit, so the count matters.

For assets, do these two things:

  • Update your fixed asset register with anything bought or sold during the year
  • Check which purchases qualify for the instant asset write-off

From 1 July 2026, the instant asset write-off is $20,000 per asset for small businesses with an aggregated turnover under $10 million. The asset must be first used or installed ready for use by 30 June to claim it in that year. Your accountant can confirm if a purchase qualifies.

Step 7: Chase Debtors and Review Creditors

Look at your aged receivables report and send reminders for anything overdue. If you’re sure a customer will never pay, you can write off the bad debt before 30 June, as long as you’ve already counted it as income. Record the decision properly. A tidy accounts receivable process makes this much easier.

On the other side, match supplier statements to the bills in your system and record unpaid bills in the right year. A clean accounts payable list also stops you paying the same bill twice.

Quick EOFY Checklist at a Glance

Task Why it matters Suggested timing
Reconcile all bank and card accounts Gives you accurate balances Monthly, then a final check in early July
Pay late June super early Secures the deduction for this year At least a week before 30 June
Do stocktake Sets correct closing stock value 30 June
Write off bad debts Reduces taxable income if valid Before 30 June
Finalise STP Employees see correct income statements By 14 July
Lodge June quarter BAS Avoids late penalties By 28 July

Get Your Books Sorted Before 1 July

Most of this list is small jobs. Do the bank reconciliations first, then payroll and BAS. Leave the final report review for the first week of July, when your 30 June balances are in. If you spread the work over a few weeks, it takes a lot less time than doing it all at once.

At Elite Plus Bookkeeping, we provide bookkeeping services to Melbourne small businesses and help them get their books in order before the financial year closes. If you’d like someone to check your records or take over the year-end jobs, contact us and we’ll go through your EOFY checklist with you.

Frequently Asked Questions

The Australian financial year runs from 1 July to 30 June. Most small businesses report tax on this cycle. Some businesses use a different year-end, but they need ATO approval first.
You need to keep most business records for five years. This covers invoices, receipts, bank statements, payroll records and BAS lodgements. You can keep them on paper or digitally, as long as they’re easy to read and access.
Not always. If you estimate that your stock has changed in value by $5,000 or less over the year, you can skip the count. Above that, you need a stocktake. Ask your accountant if you’re not sure.
For a deduction this year, the fund must receive the payment by 30 June. Under Payday Super, you also need to pay within 7 business days of each payday. Payments can take a few days to reach the fund, so pay early.
You can do it yourself if your books are simple and you keep them up to date through the year. A bookkeeper helps when you have staff, GST or stock. They can also fix mistakes before your accountant sees the file.
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