Your EOFY checklist — 5 things every Perth small business should do before 30 June
End of financial year sneaks up fast. One minute it's March, the next it's June and your accountant is chasing you for records you haven't touched since last July.
The good news is that with a little preparation, you can head into EOFY in good shape — and potentially save yourself money in the process.
1. Reconcile everything
Every bank account, credit card, loan, and line of credit needs to be fully reconciled before 30 June. Every transaction categorised correctly — not sitting in "uncategorised" or "suspense" accounts.
Your profit and loss report is only as accurate as your reconciliation. Messy books mean you could be overpaying tax or missing deductions.
- All bank accounts reconciled to statement balance
- Credit card accounts reconciled to statement
- Any loans or hire purchase accounts reconciled
- No unreconciled items sitting in suspense
- All transactions categorised correctly in Xero
2. Review your debtors list
Pull up your accounts receivable report. Unpaid invoices unlikely to be paid may be written off as bad debt — reducing your taxable income. Chase everything that can be paid.
"Outstanding debtors at 30 June affect your cash position, your reported revenue, and your tax liability."
3. Confirm your super is paid — and received
To include super contributions in the current financial year, the payment must be received by the fund by 30 June — not just lodged or sent.
Important: Super must be received by the fund by 30 June. Paying on 28 June through a clearing house may not clear in time. Check your processing times.
4. Gather and code your receipts
Every business expense you've paid for but not yet entered is a potential deduction you're missing. Common ones: vehicle expenses, home office costs, subscriptions, professional development, equipment purchases, and bank fees.
5. Lodge your Q4 BAS on time
Your Q4 BAS covers 1 April to 30 June and is due 28 July 2026. Late BAS lodgement attracts Failure to Lodge penalties from the ATO starting at $330, plus General Interest Charges.