Avoid the Last-Minute Panic: Smart EOFY Planning Tips for Small Biz

The end of the financial year can sneak up faster than a surprise invoice. But it doesn’t have to be a stressful scramble. With a bit of forward planning and a few savvy habits, you can glide into 30 June feeling calm, collected, and in control.

We’ve also got a free checklist you can grab (more on that below.)

This guide is packed with simple, smart EOFY planning tips tailored specifically for small business owners. Whether you’re a solo operator or have a small team backing you, these steps will help you make sense of your numbers, claim what you’re entitled to, and tick off those EOFY must-dos without the late-night chaos.

Start With an EOFY Checklist

a womans hand resting on the touchpad of a mac laptop, working on her small business EOFY planning

Before you do anything else, make a list. (Yes, an actual list.) Having a clear EOFY checklist can turn overwhelming admin into a simple series of manageable tasks.

Not sure what to include? Our free EOFY Business Reset Checklist covers the big picture stuff like cash flow, overdue invoices and even team and offer reviews, plus you can start with these basics:

  • Reconcile all your bank transactions
  • Organise and back up your expense receipts (especially those juicy home office expenses)
  • Review unpaid invoices and follow up on overdue accounts
  • Confirm superannuation payments are processed before the cut-off
  • Prepare Single Touch Payroll (STP) finalisation if you have employees
  • Double-check your logbook records (if you claim car-related expenses)
  • Make any final inventory adjustments

Get Strategic With Tax Planning

EOFY planning isn’t just about tying up loose ends, it’s a golden opportunity to get proactive. Smart tax planning strategies can make a real difference to your bottom line, especially if you speak to your accountant early.

Here are a few conversation starters:

  • Can I prepay any business expenses for next year?
  • Are there any instant asset write-offs I can still take advantage of before 30 June?
  • Have I maximised deductions for things like training, memberships or equipment?

And while you’re there, don’t forget to ask about any sustainability incentives or energy-efficiency tax breaks that might apply to your business.

Good planning now = fewer surprises (and potentially less tax) later.

Tidy Up Your Digital Files

We know it’s not the sexiest task, but a bit of digital spring cleaning can save you a tonne of time.

  • Create a dedicated EOFY folder for this year’s financial docs
  • Use clear, consistent file names (no more “Invoice-final-v3-FINAL-FINAL.pdf”)
  • Save cloud backups of all critical reports and receipts

If you work with a Virtual Assistant, now is a great time to get them involved with organising, renaming, and sorting your files so your accountant isn’t left clicking through chaos. And while you’re reviewing your systems, it’s also smart to stay alert for cyber security scams and EOFY phishing emails. Trust your gut and double-check links if anything looks sus.

Don’t Forget the Small Stuff (It Adds Up!)

It’s easy to miss deductions that feel “too small” to bother with, but they can add up fast. Things like:

  • Phone bills and internet (used for business)
  • Software subscriptions
  • Home office expenses like electricity, heating and even a portion of your rent (if you’re eligible)

If it supports your work, it might be claimable. When in doubt, ask your accountant. Want to double-check your EOFY deadlines? Visit ato.gov.au.

Make Next Year Easier

EOFY doesn’t have to be a once-a-year stress fest. Set up habits now that make things easier moving forward. Monthly reconciliations, keeping your receipts in one place, and checking in with your accountant quarterly can help make next EOFY a breeze.

Need help staying on top of it all? A Virtual Assistant can keep your books tidy, your deadlines front of mind, and your digital files organised, so you can focus on growing your business.

And if you haven’t already grabbed it, don’t forget to download your free EOFY Business Reset Checklist. It’s designed to help small biz owners like you reset quickly, calmly, and panic-free, with no spreadsheets required.

You’ve got this!