EOFY Business Checklist: What to Do Before 30 June (and How the 2026 Budget Shapes FY2027)

End of financial year is more than a compliance deadline — it’s a chance to tighten cash flow, reduce risk, and set up a stronger year ahead. With measures announced in the 2026 Federal Budget (and related ATO focus areas) influencing planning decisions, business owners should treat EOFY as a strategic reset.

Note: This article is general information only and doesn’t replace advice from your accountant, tax agent, or financial adviser.

1) Get your numbers “audit-ready” (before you chase deductions)

Before you make any last-minute purchases, make sure your records are clean and complete.

• Reconcile bank accounts, credit cards, and loan accounts

• Confirm payroll is up to date (including superannuation obligations)

• Review debtor and creditor lists for accuracy

• Ensure invoices and receipts are captured in your accounting system

• Check you’ve correctly coded expenses (motor vehicle, home office, subscriptions, contractor costs)

Why it matters: Clean books reduce accountant time (and fees), help you spot cash leaks, and make it easier to respond if the ATO asks questions.

2) Review cash flow and tax payable now — not in August

EOFY surprises usually come from leaving forecasting too late.

• Ask your accountant for an estimated tax position

• Check whether you should adjust PAYG instalments

• Confirm GST reporting is correct and consistent

• Plan for upcoming BAS, super, and payroll tax obligations

FY2027 prep tip: Build a rolling 13-week cash flow forecast. It’s one of the fastest ways to reduce stress and improve decision-making.

3) Payroll Day Super: plan for the cash flow change (especially for small business)

One of the biggest practical shifts for many employers is the move toward Pay Day Superannuation — where super contributions are required to be paid closer to when wages are paid, rather than relying on quarterly payment cycles.

For small businesses, the impact is usually less about the total cost (you’re paying super anyway) and more about timing and cash flow discipline.

• Less float: Quarterly super payments can create a “buffer” (intentional or not). Paying super in line with payroll reduces that buffer.

• More frequent outflows: Instead of a large quarterly bill, you’ll have smaller, more regular payments — which can be easier to manage if you forecast properly.

• Higher risk if cash flow is tight: Businesses that run close to the line can feel the pinch quickly if payroll and super hit the account at the same time.

What to do before EOFY:

• Confirm your payroll software and clearing house can support more frequent super payments

• Update your cash flow forecast to include super on each pay cycle

• Consider keeping a separate “super buffer” account so funds aren’t accidentally used elsewhere

• If you use working capital facilities, check how payroll timing interacts with your cash conversion cycle

4) Check your business structure and profit distribution

EOFY is the time to confirm whether your current structure still fits your risk profile and growth plans.

• Sole trader vs company vs trust: are you still in the right setup?

• Review director obligations and compliance requirements

• If you operate a trust, confirm distribution planning is done properly and documented

Budget impact angle: If Budget measures change thresholds, compliance focus, or reporting expectations, the “best” structure can shift. Don’t assume last year’s approach is still optimal.

5) Make smart, defensible purchases (not panic spending)

If you’re considering equipment, vehicles, software, or fit-out upgrades, align purchases to business needs first — then tax outcomes.

• Confirm timing: purchase, delivery, and “ready for use” dates can matter

• Keep documentation: invoices, finance agreements, and usage records

• Consider whether leasing or chattel mortgage suits your cash flow

FY2027 prep tip: Create a 12-month capex plan. It helps you avoid reactive spending and supports better finance conversations.

6) Review finance: interest, facilities, and working capital

EOFY is a natural point to review your funding position — especially if you’re planning growth in FY2027.

• Check your current interest rates and loan terms

• Review overdraft/line-of-credit limits and covenants

• Consider whether you need working capital for stock, hiring, or marketing

• If you plan to refinance, start early (lenders want clean financials)

Practical move: Prepare a lender-ready pack: last 2 years financials, YTD P&L and balance sheet, BAS statements, and a short business summary.

7) Clean up debtors and stock (and protect your profit)

Small improvements here can materially change your year-end position.

• Follow up overdue invoices and tighten credit terms

• Review inventory for slow-moving or obsolete stock

• Check pricing and margins: are you undercharging?

FY2027 prep tip: Set a monthly “cash discipline” rhythm: debtor review, margin check, and expense review.

8) Payroll, super, and contractor compliance

EOFY is when errors show up — and when penalties can bite.

• Ensure super is paid on time and correctly allocated

• Review contractor vs employee classifications

• Confirm STP reporting is accurate

• Check allowances, reimbursements, and fringe benefits where relevant

Budget impact angle: If the 2026 Budget increases compliance activity or changes reporting rules, payroll hygiene becomes even more important.

9) Insurance and risk: don’t carry last year’s cover into next year

Business risk changes quickly — especially with growth.

• Review key policies: public liability, professional indemnity, cyber, business interruption

• Confirm sums insured reflect current replacement costs

• Update key-person coverage if the business relies heavily on one or two people

10) Set FY2027 goals and translate them into a simple plan

EOFY planning works best when it’s tied to what you actually want next year.

• Revenue target and key growth drivers (new clients, new products, new locations)

• Marketing plan and budget (what worked in FY2026, what didn’t)

• Hiring plan and role clarity

• Systems plan: what will you automate or delegate?

Simple framework: Choose 3 priorities for FY2027, then set 90-day actions for each.

11) How to factor in the 2026 Budget (without guessing)

Budget changes can affect tax planning, deductions, compliance focus, and incentives — but the right response depends on your business size, structure, and industry.

Here’s a practical way to approach it:

1. Ask for a Budget impact summary from your accountant tailored to your entity type

2. Identify what changes your decisions before 30 June (timing of purchases, payroll, distributions)

3. Update your FY2027 forecast using conservative assumptions

4. Document your rationale for major decisions (useful for governance and compliance)

A quick EOFY action list (printable)

1. Reconcile accounts and clean up bookkeeping

2. Estimate tax payable and plan cash reserves

3. Plan for Pay Day Super cash flow timing

4. Finalise trust/company distribution planning (if relevant)

5. Review capex purchases and keep documentation

6. Prepare lender-ready financials if refinancing or expanding

7. Tighten debtors and review inventory

8. Confirm payroll, super, and contractor compliance

9. Review insurance and key business risks

10. Set FY2027 targets and a 90-day plan

11. Get tailored advice on 2026 Budget impacts

Final word

EOFY is your chance to reduce risk, improve cash flow, and start FY2027 with momentum. If you treat the next few weeks as a planning window — not just a compliance sprint — you’ll make better decisions, faster.