End-of-Financial-Year (EOFY) Checklist for Perth Businesses: Accountant Recommended

The End of Financial Year is one of the busiest and most important periods for any business in Western Australia. Whether you’re a sole trader, startup, or established company, EOFY is your chance to tidy up financial records, improve compliance, and put smarter strategies in place for the year ahead. However, many Perth business owners rush through this period and miss crucial steps that could save significant tax and reduce risk.

To help you stay organised, here is a Perth-focused, accountant-recommended EOFY checklist, designed with the needs of local businesses in mind.

1. Finalise and Reconcile All Financial Records

Before anything else, ensure your bookkeeping is accurate and up to date. Clean and reconciled books make the entire EOFY process smoother.

Your checklist:

• Reconcile bank accounts, credit cards, and loan statements

• Match invoices (issued and received)

• Review payroll, superannuation and allowance records

• Check asset purchases and depreciation schedules

If you’re using an accounting firm in Perth, they will typically complete these reconciliations as part of their small business accounting services, ensuring everything aligns with ATO requirements.

2. Review Business Expenses for Tax Deductions

EOFY is the perfect time to review all business expenses and identify which ones may qualify for deductions.

Common deductible items include:

• Office expenses and utilities

• Tools, equipment, or new technology

• Vehicle and travel expenses

• Professional fees (including tax and accounting services)

• Home-based business expenses (if applicable)

Working with tax consultants in Perth can help you uncover deductions you might not realise you’re eligible for, especially if your business has grown or changed over the year.

3. Ensure Superannuation Payments Are Up to Date

The ATO strictly enforces superannuation deadlines. To claim a deduction this financial year, super must be paid before June 30.

Checklist:

• Finalise Super Guarantee (SG) payments

• Check that employees’ super funds are correct

• Ensure you are meeting the current SG rate

Late super payments cannot be claimed as tax deductions, which is why most businesses rely on an accountant in Perth to keep their compliance on track.

4. Conduct a Stocktake (If Applicable)

Retailers, wholesalers, and product-based businesses must complete an EOFY stocktake.

What to document:

• Current stock numbers

• Damaged, obsolete or lost goods

• Variances between physical count and inventory system

Accurate stock valuation ensures your tax return reflects true business performance.

5. Review Debtors and Creditors

Unpaid invoices and overdue bills can affect your cash flow more than you realise.

EOFY tasks:

• Follow up overdue customer invoices

• Write off unrecoverable bad debts (if legitimate)

• Pay outstanding supplier bills

• Review credit terms for the next financial year

Keeping this area clean helps your small business accounting stay organised and strengthens financial health.

6. Update Your Business Asset Register

Any purchase, sale, disposal or write-off of assets should be accurately recorded.

Examples of business assets:

• Computers and equipment

• Vehicles

• Furniture

• Tools and machinery

If certain assets are no longer in use, discuss with your accountant whether they should be written off before EOFY.

7. Review Payroll, STP & Employee Records

ATO compliance around payroll has become stricter with mandatory Single Touch Payroll (STP).

Checklist:

• Ensure STP has been lodged for all pay runs

• Update employee personal information

• Review wages, allowances, overtime and entitlements

• Prepare PAYG summaries (if required)

Many businesses prefer outsourcing payroll to an accounting firm in Perth to avoid costly mistakes.

8. Plan for Tax Minimisation (Legally & Strategically)

EOFY is not only about closing the books — it’s also about planning smarter.

Strategies may include:

• Timing asset purchases

• Prepaying eligible expenses

• Reviewing your business structure (sole trader, company, trust)

• Comparing your current tax position vs. previous years

A professional tax consultant in Perth can help you legally reduce tax while ensuring compliance.

9. Evaluate Your Business Performance

EOFY is the right time to reflect on your financial year.

Consider reviewing:

• Profit and loss performance

• Cash flow patterns

• Sales trends

• Budget accuracy

• Opportunities for growth or cost cutting

High-quality small business accounting services can transform these financial insights into practical strategies for the new financial year.

10. Prepare a Smart Financial Plan for the New Year

Once your EOFY tasks are complete, plan ahead:

• Set business goals for the new year

• Create or update a cash flow forecast

• Plan for major purchases or investments

• Review insurance, subscriptions, and ongoing costs

• Schedule quarterly or monthly check-ins with your accountant

Staying proactive ensures stronger financial stability and better long-term growth.

Also read: Strategies To Legally Reduce Tax For High-Income Earners

Final Thoughts

EOFY doesn’t need to be stressful — with the right preparation and support, it can become one of the most productive times for your business. Partnering with an experienced accountant in Perth ensures your financial records are accurate, your tax position is optimised, and your business is fully compliant with Australian regulations.

If your business needs expert assistance with EOFY, bookkeeping, payroll, tax strategy or small business accounting, working with a reliable accounting firm in Perth can help you save time, reduce errors, and make smarter financial decisions throughout the year.