Checklist
EOFY Checklist for AU Sole Traders
End of the Australian financial year is 30 June. The work you do in May + June + early July dictates whether your tax return is clean (and whether you accidentally pay extra). This is the end-to-end checklist.
In this checklist
- 5 sections — May prep through to post-lodgement planning.
- ~40 actionable items in plain English.
- Includes the high-leverage June moves (super, asset write-offs, pre-paid expenses).
- Printable — Cmd+P / Ctrl+P prints clean.
The checklist
Bookmark this in May. Print it in June.
Each section is time-sequenced — skip ahead to the relevant section if you've already done the earlier moves.
May — set yourself up for EOFY
The work you do in May saves you weeks in July. Most AU sole traders skip this and pay for it in stress later.
- Reconcile every month from July to April — no transaction left unmatched.
- Chase all outstanding invoices — getting paid before 30 June pulls income into this financial year (or, if you'd rather defer, slow the chase deliberately and bill in July).
- Decide on any large business purchases you've been considering — buying before 30 June claims the deduction in this FY.
- Confirm your super contribution plan for this FY (concessional cap is $30,000 for 2025-26 across all contributions).
- Check your projected taxable income — if you're close to a bracket threshold, consider deductible expenses or super contributions that move you down a bracket.
- If GST-registered, run a YTD GST reconciliation — flag any errors now while they're fixable.
June — final EOFY moves
The window closes at 11:59pm on 30 June. These are the high-leverage things you do in the last 30 days.
- Make planned personal super contributions BEFORE 30 June and lodge the Notice of Intent to Claim with your super fund.
- Pre-pay deductible expenses up to 12 months ahead (insurance, subscriptions, professional memberships, rent).
- Buy and INSTALL any planned business assets (the timing test is when the asset is installed and ready for use, not when you order it).
- Run a stocktake if you carry inventory — closing stock value flows into your tax return.
- Photograph and file the odometer reading if you claim car expenses via logbook or cents-per-km.
- Write off any old bad debts that are unrecoverable — they need to be formally written off in the accounting records before 30 June to claim the deduction.
- Confirm your trading name / ABN / GST registration status is correct on the ABR.
1-14 July — finalise the year
Books close 30 June. The first two weeks of July are when you finalise the prior FY cleanly so tax return prep is fast.
- Final June reconciliation — every transaction matched, every invoice paid or outstanding.
- Bank statement balance at 30 June matches your accounting software balance to the cent.
- Generate Profit & Loss for the full FY (1 July to 30 June) — sense-check the numbers.
- Generate Balance Sheet at 30 June — check accounts receivable, accounts payable, and inventory balances.
- Generate full transaction list for the FY as a backup (CSV or PDF) in case software access changes.
- Compile your deductions list (vehicle, home office, phone, internet %, subscriptions, professional development, depreciation).
- If you're GST-registered, prepare your final BAS for the June quarter (due 28 July).
Tax return — July to October
Sole trader tax returns are due 31 October if you self-lodge, or later (up to ~mid-May the following year) if you use a registered tax agent. Don't wait.
- Decide: self-lodge via myTax or engage a registered tax agent (deadline extension + professional check).
- Compile all income source totals: business income (from your books), investment income, interest, any PAYG income.
- Compile all deductions: home office %, vehicle, depreciation schedule, professional development, super contributions claimed, donations.
- Apply income tax brackets to projected taxable income to forecast the tax payable (or refund).
- Compare actual tax payable to what you've set aside throughout the year (see our 'How much tax to save' guide).
- If you're using a tax agent, get your books to them in July or early August — accountants get hammered closer to October.
- Lodge by 31 October (self) or by your tax agent's deadline (often 15 May the following year).
- Pay any tax owing by the due date or set up a payment plan with the ATO if needed.
After lodgement — plan for next year
EOFY only really wins for you if you use the lessons to set up the next year better.
- Compare actual FY profit to last FY — what changed?
- Compare actual tax bill to what you set aside — adjust your % for next year if you were off.
- Review whether your business structure is still right (sole trader vs Pty Ltd) — see our sole trader vs Pty Ltd guide.
- Review whether your invoicing / accounting software is still the right fit (sole trader → grew → maybe time for Xero).
- Update your pricing if your costs have moved or your hourly rate hasn't kept pace.
- Set a quarterly review reminder for the next FY — see our quarterly checklist.
Pair with the calculators + guides
- How much tax to save (rules of thumb by income)
- BAS Set-Aside Calculator — for the June quarter BAS prep.
- AU Sole Trader Quarterly Checklist — for ongoing quarterly discipline (not just EOFY).
Disclaimer
Use as a starting point, not personalised tax advice
Important note
BizTools.au is designed to make business numbers easier to check, but calculator outputs still need judgment and real-world context.
- Calculator results are general estimates only and depend on the figures entered.
- Examples and summaries are provided for general information, not legal, tax, accounting, payroll, or financial advice.
- Before relying on a result for a real decision, check your assumptions and get qualified advice where needed.