EOFY can sneak up fast when you’re juggling clients, compliance, and settlements. A little planning now can reduce surprises at tax time and help you manage cash flow through the quieter weeks. Below are practical, broker-friendly strategies to discuss with your accountant before 30 June.
1) Get clear on your structure (and what it means)
Are you operating as a sole trader, company, trust, or a mix? The right strategy depends on how income is received, how profits are distributed, and what’s deductible where. If your structure has changed (or should), EOFY is the perfect time to review.
2) Separate business and personal spending
If you’re still mixing transactions, you’re making EOFY harder than it needs to be. Separate accounts and cards make it easier to track deductions and defend them if you’re ever asked.
3) Reconcile your income early
Trail, upfront, and bonus payments can land across different dates. Pull your aggregator statements and reconcile them against your accounting file now, not in September.
4) Review broker-specific deductions
Common items to check (and properly document) include:
- Aggregator fees and platform charges
- CRM, software subscriptions, and data services
- Marketing spend (ads, sponsorships, content, website)
- Professional indemnity insurance and licences
- Training, CPD, and industry memberships
- Interest on business lending used for business purposes
5) Home office and vehicle use: document it properly
If you work from home or travel for client meetings, make sure you’ve got the right evidence. That might mean a diary, logbook, or clear usage notes. The deduction is only as strong as the record behind it.
6) Consider timing: incurred vs paid
Some expenses are deductible when incurred, others when paid. Your accountant can help you confirm what applies to your situation and whether it makes sense to bring forward legitimate business expenses (where appropriate).
7) Prepay key expenses (where it fits)
Depending on your structure and eligibility, prepaying items like insurance, software, or subscriptions can sometimes help with timing. Don’t do this blindly—confirm the rules first.
8) Super contributions: don’t leave it late
Super can be a powerful planning lever, but timing matters. Contributions generally need to be received by the fund by 30 June to count for that year. Give yourself a buffer.
9) Plan for BAS/GST and tax instalments
EOFY isn’t just about the final tax bill—it’s about cash flow. Review your GST position, upcoming BAS, and PAYG instalments so you’re not funding tax from next month’s commissions.
10) Tighten your record-keeping system
A simple system beats a perfect one. Use an expense app, keep digital receipts, and store aggregator statements in one place. The goal is fewer missing documents and faster lodgement.
Quick EOFY checklist
- Reconcile aggregator statements and commissions
- Confirm business structure and any changes
- Review deductions and evidence (receipts/logbooks)
- Check prepaid expenses and timing rules
- Finalise super contribution timing
- Forecast BAS/GST and PAYG instalments
- Clean up your bookkeeping file before handover
Thinking about growth or buying a book?
If you’re planning to expand, purchase a trail book, or smooth cash flow through EOFY, it’s worth reviewing your funding options early—especially if you’d rather not tie up property as collateral.
Disclaimer: This article is general information only and does not constitute tax advice. Please speak with your accountant or tax adviser for guidance specific to your circumstances.
