Every year around this time, business owners go into panic mode about their tax bill. And look, yes, tax matters. But if that’s the only thing on your EOFY checklist, you’re leaving a lot on the table.
End of financial year is the one time you get a full-picture view of your business. It’s when the data is all there, the year is almost done, and you still have just enough time to make moves that actually count. That’s not compliance. That’s strategy.
Here are the seven things I walk every client through before June 30.
1. Get your books up to date
Everything on this list depends on your numbers being accurate. If your Xero is months behind, the profit figure you’re looking at isn’t real, your tax estimate is unreliable, and any decision you make is based on incomplete information.
Up to date means: every transaction is reconciled, your bank balance matches Xero, and nothing is sitting unresolved. If you’re behind, this is the week to fix it.
2. Chase what’s owed to you
Pull up your unpaid invoices. How old are they? Invoices you’ve sent but haven’t collected aren’t money in your business, they’re money on paper.
One of our clients did a proper invoice chase last June and collected $42,000 in overdue payments over three days. That money went straight into her tax account and buffers. It completely changed how she started the new financial year.
Then flip it around. What do you owe? Get clear on both sides.
3. Check your cash position
Not roughly. Actually know it. If you’re running Profit First, open your banking app and check each account. Tax, profit, owner’s pay, operating expenses. Is each one where it should be?
If everything’s in one account, that balance you see isn’t all yours. Part of it belongs to the ATO, your suppliers, super. Knowing where you actually stand right now tells you whether you need to make moves or whether you’re in a strong position.
4. Get ahead of your tax
The goal isn’t to calculate the exact number. That’s your accountant’s job. The goal is a rough sense of where you stand so the bill isn’t a surprise.
One thing that catches people every year: super needs to be received by the fund before June 30 to count as a deduction this year. Not lodged. Received. Process it early.
5. Review how the year actually went
Did you actually make money? Not were you busy. Not did revenue go up. Did you keep more than you spent?
I worked with a client who had their biggest revenue year ever but ended up with less in the bank than the year before. More came in, but even more went out.
Pull your numbers. What came in, what went out, what’s the gap? Is it bigger or smaller than last year? That’s the question that tells you what needs to change.
6. Pay yourself and explore tax savings
If you’ve been running Profit First and your profit account has been building, end of financial year is a natural time to take a distribution. Don’t just let it sit there.
While you’re talking to your accountant, ask about tax savings before the year closes. Extra super contributions, pre-paying certain expenses, writing off debts you won’t collect. One client had this conversation in late May last year. Her accountant identified a $25,000 super contribution she could make before June 30. That one decision saved her over $8,000 in tax.
Call your accountant in June, not August. June is when you can still make the moves.
7. Set your targets for the new year
Most business owners start a new financial year exactly the same way they ended the last one. No plan, no targets, no clarity on what they’re working towards.
Before July 1, get clear on four things: what revenue are you targeting, what do you want to keep as profit, what do you want to pay yourself, and what big moves are you planning?
One of our clients set financial targets for the first time last June. Seven years in business and she’d never done it before. Twelve months later, she hit every single one.
End of financial year isn’t about surviving the end of the year. It’s about setting up the next one.
None of this is complicated. It just requires you to stop, look at the numbers, and make a few decisions.
If you want help doing that before June 30, I’d love to chat. Book a free discovery call at blubookkeepers.com.au and let’s make sure you close this year properly.
