Table of Contents
The financial year has officially wrapped up, and tax time is now front of mind for small business owners. To help cut through the noise, Accountants Direct recently joined a practical online panel, EOFY Explained for Small Businesses, hosted by Sole and run alongside The Admin Superheroes and Involve Digital.
It was a focused hour built to help owners get EOFY organised, not over-complicated. Our CEO Stephen Burns and Practice Manager Julie joined admin, operations, and software experts to talk through how to get organised for tax time, the mistakes that trip people up, and the questions worth bringing to your accountant. This article pulls together the key takeaways, plus both panel recordings so you can watch the full session.
For advice on your situation, speak with a registered tax agent. If you would like a rough estimate of where you might land this year, our free tax calculator is a good place to begin.
Why EOFY Gets Messy (And It Is Not About Tax Knowledge)
One theme came through loud and clear on the panel. For most small businesses, the EOFY struggle is not a lack of tax knowledge. It is scattered information. When the year’s records live in a dozen different places, tax time turns into a scramble.
The usual culprits:
- Invoices sent late, or not at all
- Receipts scattered across emails, glove boxes, and apps, or lost altogether
- Bank accounts that have not been reconciled
- Business and personal spending mixed in the one account
- Income arriving from several sources and payment methods
- GST and BAS left until the last minute
Sound familiar? The good news is that every one of these is fixable with a bit of organisation as you get ready to lodge.
The Core EOFY Checklist: Six Areas to Review
The panel boiled EOFY prep down to six areas every small business owner should review before speaking with their accountant.
- Income and invoices. Everything delivered, billed, and recorded.
- Expenses and receipts. Proof attached, not just a bank line.
- Assets and equipment. What was bought, when, and for what use.
- Vehicle and travel. Logbook, kilometres, and business purpose.
- GST and BAS. Registration status and lodgements checked.
- Accountant-ready records. A clean handover before lodging.
If your books need a hand reaching that accountant-ready state, our bookkeeping and BAS service and dedicated sole trader books and tax option can take it off your plate.
What Matters Most Across Small Business
Beyond the checklist, the panel flagged a few recurring themes that are easy to miss:
- Income from multiple sources. Capture bank transfers, PayID, cash, and platform income, not just the obvious ones.
- Outstanding invoices. Review overdue balances and follow up where appropriate.
- Missing receipts. A bank transaction helps, but clean evidence is better.
- Stock, assets, and equipment. Review what was bought, what is still held, and what records support it.
- Vehicle and home office records. Keep evidence of business purpose, apportionment, and usage.
- GST, BAS, payroll, and contractors. Check status, lodgements, super, STP, and contractor records where relevant. If staff payroll is eating your week, our payroll service can handle it.
Common EOFY Mistakes to Avoid
A few avoidable slip-ups came up again and again:
- Leaving GST and BAS to the last minute, then rushing the numbers
- Relying on a bank line as proof instead of keeping the actual receipt
- Mixing business and personal spending in the one account
- Forgetting that super is only deductible once it actually reaches employee funds, so end-of-year timing matters
- Treating record-keeping as a once-a-year job rather than an ongoing habit
- Turning up to the accountant with plenty of questions but no organised records
A registered tax agent can only work with what you give them. The cleaner your records, the more they can help.
What to Ask Your Accountant
The panel encouraged owners to come prepared with questions. A few worth bringing to your next appointment:
- What should I check first now the financial year has ended?
- Where do deductions and asset purchases get confusing for a business like mine?
- Which records do small businesses in my situation most often miss?
- How should I handle stock, assets, vehicle, and payroll records?
- How can better numbers help me with pricing, margins, and growth decisions?
Not sure who to ask? You can book a call with one of our registered Australian tax agents and bring this list with you.
Simple Habits for Cleaner Records
The easiest EOFY is the one you prepare for all year. A few simple habits make a big difference:
- Send the invoice as soon as the work or sale is done
- Capture the receipt straight away, before it disappears
- Track what is paid and what is still outstanding
- Check your GST position through the year, not just at tax time. Our GST calculator makes quick checks easy.
- Keep business and personal spending in separate accounts
A good accounting app (the panel featured Sole) does not replace your accountant. It helps you keep records in one place and have a better conversation when it counts.
Watch: EOFY Explained for Small Businesses (Panel Recordings)
Want the full session? Watch below. The first is the complete panel recording. The second is a short highlights reel if you are after the key moments.
Your EOFY Tax-Time Action Plan
Here is the simple list the panel left owners with. Work through it and your accountant conversation gets much easier:
- Review your income for the year
- Chase outstanding invoices
- Capture and file your receipts
- Download your platform statements
- Review your assets and vehicle records
- Check your GST and BAS
- Book time with your accountant
Small actions now make tax time much easier.
Get Accountant-Ready for Tax Time
You do not have to sort all of this on your own. At Accountants Direct, you work directly with registered Australian tax agents, with fixed pricing, no surprise bills, and phone or online appointments, including after hours.
When your records are ready, we lodge your individual, sole trader, or company and trust tax return and make sure nothing is missed.
Here is how to get started
- Run a quick estimate with our free tax calculator
- Book a call online or call 1300 829 746
- Bring your records and your questions to a time that suits you
- Get a clear plan, often on the same call
Frequently Asked Questions
EOFY is the end of the financial year, which falls on 30 June in Australia. It is when you finalise the year’s income and expenses, get your records accountant-ready, and prepare to lodge. The new financial year starts on 1 July.
Focus on six areas: income and invoices, expenses and receipts, assets and equipment, vehicle and travel, GST and BAS, and a clean set of accountant-ready records. The EOFY tax-time action plan above walks through it step by step.
A bank line shows the money moved, but the ATO generally wants the actual receipt or invoice as evidence. Keeping clean records is the safer habit. Our deduction finder covers common claims, and the ATO Ready, steady, tax time page has more on records.
Super is generally only deductible in the year your employees’ funds actually receive the payment, so the timing of your final contribution each year matters. A registered tax agent can confirm how it affects your return, and our payroll service helps you stay on top of super and STP.
Bring questions about what to check first, where deductions get confusing, which records you might be missing, and how your numbers can guide pricing and growth. Or book a call and we will walk through it with you.
Absolutely, and there is no judgement. We can tidy up your books and BAS, lodge any late tax returns, and get you back on track. Call 1300 829 746 or book a call to start.
