EOFY Tax Planning Checklist

Each year follows a familiar pattern. Business owners plan to get organised early, but day-to-day demands take priority. Before long, EOFY arrives and everything feels rushed. The businesses that manage this period with less stress are usually the ones who start with a clear, simple checklist well in advance. Here is a practical EOFY tax planning checklist to begin working through now.

Make sure your bookkeeping is up to date.

All bank accounts, credit cards and loan accounts should be reconciled. Your reports need to reflect accurate income and expenses through the most recent month.

Review your profit and loss.

Assess your income and expenses for the year so far. Is your profit higher or lower than expected? This helps determine whether any tax planning strategies should be considered.

Check outstanding invoices and bills.

Follow up unpaid invoices and review any supplier bills still owing. Understanding what is coming in and going out provides a clearer financial position before year end.

Confirm payroll and super are correct.

Ensure wages, PAYG withholding and super contributions are recorded accurately and paid on time. Mistakes in this area can lead to compliance issues.

Review asset purchases.

If you have purchased equipment, vehicles or technology during the year, confirm they are recorded correctly so depreciation or instant asset write-off eligibility can be assessed if applicable.

Organise receipts and documentation.

Make sure you have supporting records for key expenses such as travel, training, subscriptions and professional fees.

Consider tax planning strategies.

Speak with your accountant about options such as prepaying eligible expenses, making additional super contributions, or adjusting drawings or dividends before 30 June.

Check your business structure.

If your income has changed significantly, it may be worth reviewing whether your current structure still suits your business.

EOFY does not need to feel overwhelming. When your records are accurate and your approach is clear, decision-making becomes more straightforward.

Every client's situation is different. Speak with our team to tailor a tax planning strategy specific to you before EOFY. Contact us on 03 9741 8333 or visit http://www.cscg.com.au

to book your meeting.