General information only, not tax advice. Thresholds and rules change each year — confirm the current details with the ATO or your accountant before acting.
End of financial year always seems far off until it isn't. By mid-June, every accounting practice is in the same crunch: clients haven't sent their records, deductions are being left on the table, and 30 June is barreling toward everyone at once. A bit of structure in the weeks before makes the difference between a frantic EOFY and a calm one. Here are the tips that matter most — for businesses and for the firms guiding them.
1. Start before 30 June, not after
Most of the value in EOFY planning has to happen before the year ticks over. Once it's 1 July, the chance to bring forward deductions, top up super, or write off bad debts for the year is gone. Block out time now.
2. Get client records in early
The single biggest bottleneck at EOFY isn't the work — it's waiting on documents. Bank statements, invoices, receipts, payroll records, logbooks. Send the request list to clients now, with a clear deadline, rather than chasing them through July. The earlier records land, the more time there is to do the planning that actually saves tax.
3. Bring forward deductible expenses
Where it makes commercial sense, paying for deductible expenses before 30 June can bring the deduction into this financial year. Some businesses can also prepay certain expenses. Review what's coming up and whether timing it before year end helps.
4. Pay super before 30 June — and leave time for it to clear
Super contributions are generally only deductible in the year the fund receives them, not the day you pay. Clearing houses can take days. Pay employee (and any personal deductible) super early enough that it lands in the fund before 30 June.
5. Write off genuine bad debts
If a debt is genuinely unrecoverable, writing it off before year end can allow a deduction (and a GST adjustment where relevant). Document the decision properly.
6. Review asset purchases and the instant asset write-off
If a business needs equipment anyway, buying and installing it ready for use before 30 June may allow an immediate deduction under the instant asset write-off — but the threshold and eligibility change year to year, so check the current rules before relying on it.
7. Do a stocktake (if you hold inventory)
Businesses carrying stock generally need to value it at year end. A 30 June stocktake also surfaces obsolete or written-down items that affect the result.
8. Scrap or write down obsolete assets
Assets that are no longer used or have been scrapped may give a deduction for their remaining value. Review the asset register before year end.
9. Reconcile and tidy the file
Reconcile bank accounts, clear suspense, and chase up any uncategorised transactions in Xero now. A clean file at 30 June means far less untangling later.
10. Plan for next year while you're here
EOFY is the natural moment to set up PAYG instalments, review the structure, and put a document-collection routine in place so next year isn't another scramble.
That last point is where most of the pain lives. The firms that breeze through EOFY are the ones whose clients' records arrive early and complete. DocFlow handles exactly that: you send a branded document request from a template, automatic reminders do the chasing, clients upload through a secure portal, and the data flows into Xero — so by 30 June you're planning, not pleading for receipts.