EOFY Checklist: How an Accountant Can Help with Your Taxes

The End of Financial Year (EOFY) in Australia—June 30—is a critical deadline for individuals, small business owners, freelancers, and sole traders alike. Whether you’re tracking deductible expenses, finalising payroll, or lodging tax returns, this period can feel overwhelming if you’re unprepared.

A structured EOFY checklist can dramatically reduce stress, streamline preparation, and help you get the most out of your tax return. But there’s a hidden secret to making the most of EOFY: partnering with a qualified accountant.

This guide walks you through everything you need to prepare for EOFY—and how an accountant can help at every step.

Why You Need an EOFY Checklist

EOFY is more than just a deadline—it’s an opportunity. When you’re organised, you’re better positioned to:

✅ Maximise your deductions
✅ Avoid penalties for late or incorrect lodgements
✅ Stay compliant with ATO regulations
✅ Gain financial insight for future planning

Having a checklist not only improves accuracy but also helps your accountant deliver better, more strategic advice.

EOFY Checklist for Individuals and Employees

Whether you’re an employee, casual worker, or side-hustler, here’s what you should gather before tax time:

✅ PAYG Payment Summaries

Your employer may issue these directly or report via Single Touch Payroll (STP). Check MyGov.

✅ Private Health Insurance Statement

Needed to determine your eligibility for the private health rebate or Medicare Levy Surcharge.

✅ Work-Related Deductions

Uniforms and protective clothing
Tools or equipment
Training or educational expenses
Home office costs (electricity, internet, etc.)

✅ Investment Income and Deductions

Dividend income
Bank interest statements
Rental income and associated expenses
Capital gains from shares, ETFs, or crypto assets

✅ Donations to Registered Charities

Receipts from DGR-endorsed charities are required to claim deductions.

✅ Other Documents

Income protection insurance premiums
HECS/HELP repayment info

💡 Tip: A registered accountant can help verify the legitimacy of your deductions and suggest others you may have overlooked.

EOFY Checklist for Sole Traders and Small Businesses

Running a business? Your EOFY checklist will look a bit more detailed:

✅ Finalise All Invoices

Ensure you’ve issued invoices for all completed work.
Record payments received and chase unpaid invoices.

✅ Reconcile Accounts

Match bank statements with accounting software records.
Include credit card and PayPal accounts.

✅ Review and Write Off Bad Debts

If invoices remain unpaid after repeated efforts, write them off as bad debt (can be deductible).

✅ Finalise Payroll and Superannuation

Issue payment summaries (STP-compliant if applicable).
Ensure all super payments are made before June 30 to claim deductions this financial year.

✅ Stocktake (If Applicable)

Record closing stock values for tax purposes.
Adjust for damaged or obsolete stock.

✅ Prepare for BAS and GST

Lodge your final BAS for Q4.
Ensure GST has been accurately calculated and reported.

✅ Depreciation Schedule

Ensure assets purchased this year are accounted for.
Work with your accountant to claim the correct depreciation.

✅ Review Motor Vehicle Expenses

Maintain a valid logbook or claim via cents per kilometre method.
Include fuel, registration, insurance, and maintenance expenses.

📌 Your accountant can guide you on which deductions apply and ensure your lodgements are accurate.

Superannuation and Tax Planning Before EOFY

EOFY isn’t just about closing your books—it’s about setting yourself up for financial success next year. Here are smart strategies to consider:

✅ Maximise Concessional Contributions

The concessional cap for FY2024–25 is $30,000.
Consider making additional contributions if under the cap.

✅ Use Carry-Forward Rules

Unused concessional caps from previous years can be used (if total super balance < $500k).

✅ Prepay Business Expenses

Prepay up to 12 months of rent, subscriptions, or insurance to bring forward deductions.

✅ Defer Income

If you’re on a cash basis, delay issuing invoices until July 1 (if it suits your cash flow).

✅ Review Business Structure

Sole trader, partnership, company or trust—are you using the most tax-effective structure?

💬 A registered accountant can model different scenarios and help implement strategies before June 30.

How an Accountant Can Help You at EOFY

EOFY is when an accountant becomes your most valuable asset. Here’s how they support you:

✅ Ensure Compliance

Lodge BAS, IAS, and tax returns on time
Stay up to date with ATO guidelines and changes

✅ Maximise Deductions

Find claimable expenses you may miss
Ensure records support your claims in the event of an audit

✅ Tax Planning

Offer strategic advice tailored to your business structure and goals
Help reduce your overall tax bill legally and efficiently

✅ End-of-Year Financial Statements

Prepare profit and loss statements, balance sheets, and depreciation schedules

✅ Represent You to the ATO

Handle ATO audits, queries, or disputes on your behalf
Minimise penalties with prompt, professional action

✅ Strategic Advice

Offer forecasting, budgeting, and business growth insights

📉 Many accounting firms offer EOFY packages—ask your accountant how they can tailor services to your needs.

Common EOFY Mistakes to Avoid Without an Accountant

Even the most diligent DIYers can fall into these traps:

❌ Failing to track or substantiate deductions
❌ Claiming ineligible personal expenses
❌ Missing superannuation payment deadlines (losing deductions)
❌ Not reconciling bank and accounting records
❌ Overlooking updates in tax laws (e.g. instant asset write-off)

An accountant not only prevents these mistakes but helps you build better systems moving forward.

Special Considerations: Crypto, Investments, and Property

These areas require additional care at tax time:

💰 Crypto Traders

Track every transaction for CGT reporting
Identify taxable events (swaps, staking, NFTs)
Use tools like Koinly or CoinTracker and validate with an accountant

📈 Share Investors

Record dividend income and franking credits
Keep cost base and sale details for CGT
Include DRP (Dividend Reinvestment Plans)

🏡 Rental Property Owners

Record rental income and expenses (repairs, interest, strata)
Update depreciation schedules with accountant assistance
Include property management and advertising costs

🧾 These types of income and deductions require proper documentation and strategy—don’t leave it until the last minute.

EOFY for Employers and Payroll

If you employ staff, you have additional obligations:

✅ Finalise STP Reporting

Ensure your payroll system has reported all data to the ATO via Single Touch Payroll

✅ Review PAYG Withholding

Confirm correct amounts have been withheld and reported

✅ Pay Superannuation

To claim super contributions as a deduction in FY2024–25, they must be paid before June 30

✅ Provide Staff with Final Pay Summaries (if applicable)

If using STP Phase 2, this is now done via MyGov

📌 EOFY is a good time to review awards, entitlements, and update employment contracts as well.

Choosing the Right Accountant for EOFY

Here’s how to make sure you’re working with a professional you can trust:

🧩 Look for:

✅ Registration with the Tax Practitioners Board (TPB)
✅ Membership in a professional body (CPA, CA ANZ, IPA)
✅ Positive reviews or client testimonials
✅ Industry-specific experience (e.g. trades, retail, hospitality)

🔍 Ask About:

Do they offer fixed-fee EOFY packages?
Can they help with tax planning and advice, not just lodgement?
Do they use cloud-based software for convenience?

🧭 Where to Find Them:

Use an independent directory like Finistry to:

Search local accountants near you
Filter by specialty (BAS agent, tax accountant, crypto, sole trader)
Compare qualifications and read reviews

Why Finistry is Your EOFY Accountant Finder

Finistry is Australia’s dedicated financial services directory. Whether you’re a business owner or an individual looking for help this EOFY, Finistry can help you:

✅ Find registered accountants near you
✅ View qualifications, services, and specialties
✅ Read verified client reviews
✅ Contact professionals directly—no referral fees or commissions

Conclusion: EOFY Doesn’t Have to Be Overwhelming

EOFY preparation is essential for financial success, not just ATO compliance. With a solid checklist and the help of a trusted accountant, you can:

✅ Reduce stress and avoid mistakes
✅ Maximise deductions and refunds
✅ Gain clarity and confidence moving into the next financial year

The earlier you start, the better your outcome.

💼 Need EOFY Help? Find a Tax Accountant on Finistry

If you’re looking for a qualified accountant to help you navigate EOFY:

✅ Search and compare verified tax professionals on Finistry
✅ Find experts in your area or industry
✅ Get the guidance you need for a smoother EOFY experience

👉 Explore EOFY-Ready Accountants on Finistry Now

Finistry: Helping Australians connect with trusted tax professionals, accountants, and advisers—nationwide.