EOFY Checklist for Small Businesses to Wrap Up the Financial Year 2025

The End of Financial Year (EOFY) in Australia isn’t just a date on the calendar; it’s a critical milestone. For small businesses and startups, it’s an opportunity to reset, reflect, and prepare for what’s next. But with tight deadlines, shifting priorities, and the pressure of compliance, the EOFY period can feel overwhelming. At United Co., we understand the juggling act that EOFY brings. That’s why we’ve created this practical EOFY checklist for small businesses to help you close out the year with confidence and step into the next with clarity. Whether you’re finalising your records or mapping out your growth strategy, this guide will walk you through key tasks and decisions that can make all the difference.

1. Review Your Financial Records

First things first, ensure your core financial reports are complete and up to date. This includes your profit and loss statement, balance sheet, and cash flow report. These documents not only provide insight into your business’s performance over the past year, but they’re also essential for your accountant and the Australian Taxation Office (ATO).

Make sure all transactions are reconciled, bank accounts balanced, and any outstanding payments noted. An accurate record now prevents delays and stress later when it’s time to lodge your tax return or meet your Business Activity Statement (BAS) obligations.

2. Organise Receipts and Maximise Deductions

An often-overlooked section of the EOFY checklist for small businesses is expense documentation. Receipts for software subscriptions, professional development, coworking space memberships, and equipment purchases could all be eligible for deductions—if you have the proof.

Go through your business bank statements and match them against physical or digital receipts. Tools like cloud-based accounting software can help automate this process and ensure nothing slips through the cracks. Consult with a tax professional to uncover commonly missed deductions and confirm you’re claiming everything you’re entitled to.

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3. Reconcile Payroll and Superannuation

If you have employees or contractors, now is the time to review your payroll for the year. Check that wages, PAYG withholding, and leave balances are accurately recorded and reported through Single Touch Payroll (STP).

Superannuation payments must also be up to date to ensure compliance and eligibility for tax deductions. The deadline for June quarter super contributions is usually in late June. Paying on time can help reduce your tax liability.

4. Conduct an Inventory and Asset Audit

For product-based businesses, EOFY is the perfect time to take stock. Conduct a physical inventory count and adjust your records to reflect current quantities. Write off obsolete or damaged stock to clean up your books and reduce taxable income.

Also, update your fixed asset register. Equipment or technology acquired during the year may be eligible for instant asset write-off or depreciation. This is another area where consulting a tax advisor can unlock savings.

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5. Reassess Subscriptions, Contracts, and Overheads

EOFY is a good moment to revisit your monthly and annual commitments. Are you still using all those software tools? Is your office lease still serving your team’s needs? Streamlining ongoing expenses is one of the smartest moves in any EOFY checklist for small businesses.

If your team has grown, changed locations, or adopted hybrid work, consider moving into a more flexible environment. At United Co., we offer coworking spaces, private offices, and meeting rooms that scale with your needs, so you’re never locked into something that no longer fits.

6. Set Goals and Budgets for the New Financial Year

EOFY isn’t just about looking back. It’s about planning. Once your financials are clear, carve out time for forward thinking.

• What targets do you want to hit next year?
• Where will you invest?
• Are there any risks you can address early?

Create or revise your business budget to align with these goals. You might want to host a team strategy session to review wins, challenges, and priorities. Our meeting spaces at United Co. are ideal for these reflective and forward-focused conversations, private, professional, and fully equipped.

7. Embrace a Fresh Start

Clearing your financial slate is a great feeling, but don’t stop there. Consider decluttering your workflow, too. Streamline processes, refresh your tech stack, and explore new routines that support productivity and wellbeing.

Start the new financial year with a renewed sense of purpose. Create space for innovation, connection, and sustainable growth, both for yourself and your team.

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An effective EOFY checklist for small businesses doesn’t end with tax returns. It’s your chance to align your finances, goals, and systems so the next 12 months start strong.

Whether you’re a solo founder recalibrating after a growth phase or a startup team ready to scale, EOFY is a powerful checkpoint. And with the right environment, you can turn this busy season into an opportunity for clarity and momentum.

United Co. offers flexible workspaces, meeting rooms, and support services designed to help businesses thrive year-round. Book a tour today and discover a workspace that evolves with your business.