As 30 June approaches, EOFY content is everywhere. From checklists and tax tips to the usual reminders about receipts and deductions. But here’s the thing: if you’re only thinking about EOFY from a tax lodgement point of view, you’re missing the bigger picture.

If you’re already a bookkeeping client of businessDEPOT, you’ll know we don’t wait for EOFY to roll up our sleeves.  Financial housekeeping is something we do every single month behind the scenes to keep your accounts clean, your systems tight, and your decisions sharp.

That said, EOFY does call for some extra attention. It’s the one time of year where we go even deeper, wrapping up your accounts not just for tax purposes, but to ensure you have the full picture of your financial performance and are ready to make confident decisions for the year ahead.

 

here’s what smart businesses and their bookkeepers are doing behind the scenes

 

These are the things that often go unnoticed but to a business owner, make all the difference between flying blind and flying smart into the new financial year.

 

1. management reporting – not just for big business

EOFY is the perfect time to press pause and take stock. A good bookkeeper will prepare full-year management reports so you can see how your business really performed in terms of revenue, margins, overheads and trends. It’s not just a profit and loss statement; it’s your story in numbers. This is what fuels better pricing, staffing, and strategy decisions for the year ahead.

 

2. payroll reconciliations + STP finalisation

It’s important that your bookkeeper reconciles all wages, tax withheld, super and leave balances to make sure your payroll system matches what’s been lodged with the ATO throughout the year. Then they can finalise your Single Touch Payroll [STP] so your team can access their income statements through MyGov. Remember, STP finalisations are due by 14 July 2025 and late finalisations can impact employees accessing their income tax statement via their myGov to lodge their tax returns.

To help you lock everything down before and just after 30 June 2025, we’ve put together a handy blog covering all the key steps. Click here to read more. 

 

3. superannuation + accruals

A good bookkeeper will make sure all super is paid and reconciled. If you want to claim the June quarter super as a tax deduction this year, it must be received by the super funds before 30 June, not just processed. Expect your bookkeeper to also review what’s owed but not yet paid: wages, rent, utilities, etc… and accrue them. It’s part of presenting an accurate picture of what’s been earned and what expenses you have incurred.

 

4. stocktakes, prepayments + depreciation

Got stock? You’ll need a count and valuation at 30 June. Expect your bookkeeper to check prepayments, update asset registers and depreciation schedules and make sure your balance sheet reflects reality, not just numbers that were rolled forward from last year. These aren’t just technicalities for the sake of it; they can shift your bottom line.

 

 5. Director loans + drawings

A good bookkeeper will also reconcile director loans, especially where personal expenses have gone through the business. These need to be treated correctly for Division 7A purposes to avoid nasty surprises. Clarity here protects you and your business.

 

6. budgets, pricing + team planning

EOFY is also when you should reset your financial plans and update your budget numbers.

Your bookkeeper may also look at:

  • What’s your breakeven point now with rising costs?
  • Are your prices keeping up with wage and supplier increases?
  • What does your team structure need to look like in the new year?
  • Do you have enough cash flow to support growth?

It’s part numbers, part vision, but all essential.

 

7. GST reconciliation

Look for a bookkeeper who will tie your lodged BAS data to your accounting file to ensure you haven’t over- or under-reported GST. This prevents errors that could cost you money or trigger an ATO audit.

 

what you see is just the tip of the iceberg

Most business owners see EOFY as a compliance deadline. But behind every figure submitted to the ATO is a stack of work ensuring it’s accurate, complete and strategic.

EOFY isn’t just about what’s due now, it’s about setting you up for what’s next. Make sure you have a financial partner on your side.

 

want to go into FY26 with clarity and confidence? let’s talk.

We’re not just here to tick boxes, we’re here to help you build a better business. Contact our expert bookkeepers on 1300 BDEPOT or oneplace@businessdepot.com.au.

 

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