EOFY accounting isn’t just about ticking boxes, it’s your opportunity to finalise tax obligations, reconcile records, maximise deductions, and start the new financial year with clarity.
As June 30 approaches, Brisbane businesses face a critical deadline to get their finances in order. Staying on top of end-of-year tasks is essential not just for compliance, but also for accurate reporting and effective planning.
This checklist from WOW! Advisors outlines the key EOFY steps every Brisbane business should take, along with professional tips from our accounting experts to help you make the most of your annual reporting.
1. Review and Reconcile Records
Start by ensuring all your financial transactions are complete and accurate. This includes:
- Preparing a full-year profit and loss statement
- Reconciling accounts receivable and payable
- Conducting a year-end stocktake if your business holds inventory
- Reviewing asset depreciation and bad debt provisions
At WOW! Advisors, we meticulously review your financial records and adjust for any missed entries, so your statements reflect true performance. Accurate, reconciled data is the foundation of sound decision-making.
2. Maximise Deductions Before June 30
Identifying and claiming all eligible business deductions can significantly reduce your tax bill. Key deductible items may include:
- Vehicle and travel expenses
- Business-related equipment purchases
- Repairs and maintenance
- Obsolete inventory or bad debts
- Prepaid expenses (e.g. insurance, rent)
Our accounting team helps Brisbane businesses document and apply these deductions effectively, using concessions and tax offsets that can free up cash flow heading into the new year.
3. Lodge Tax Returns and BAS Accurately
EOFY is the time to finalise and submit your income tax return and Business Activity Statement (BAS). This includes:
- Lodging final GST/BAS returns
- Submitting PAYG instalments
- Reporting Fringe Benefits Tax (FBT), if applicable
- Reviewing Single Touch Payroll (STP) reports
Whether you’re a sole trader, company, or trust, your obligations must align with your structure. We ensure every figure is accurate and that all ATO deadlines are met avoiding penalties or audit risks.
4. Finalise Payroll and Super Contributions
Before EOFY, Brisbane employers must:
- Finalise all employee payments through STP
- Ensure superannuation contributions are paid and received before June 30
- Meet Queensland’s payroll tax reporting requirements (if applicable)
At WOW! Advisors, we help businesses comply with both federal and state obligations. We also double-check super timing so your contributions are tax-deductible this year.
5. Analyse Financial Performance and Plan Ahead
EOFY isn’t just about closing the books it’s also the perfect time to plan for the year ahead. Once your financials are finalised, we help you:
- Analyse key trends and growth areas
- Set a realistic budget for FY2026
- Forecast future cash flow needs
- Prepare for staffing, investment, or expansion
Starting July with a strategic financial plan gives your business a competitive edge. With our help, you’re ready to grow with confidence.
Why Choose WOW! Advisors for EOFY Accounting in Brisbane?
EOFY can be complex but you don’t have to manage it alone. At WOW! Advisors, we provide comprehensive annual accounting services tailored to Brisbane businesses.
Our team handles everything from record reconciliation and tax compliance to forecasting and budgeting. We don’t just help you meet ATO deadlines we help you use EOFY insights to unlock smarter decisions and long-term growth.
Frequently Asked Questions
When should I start preparing for EOFY in Brisbane?
Start reviewing your records and organising documentation by early May. This gives you time to fix errors, claim deductions, and avoid last-minute stress.
What records should I reconcile before EOFY?
Key items include profit & loss statements, bank transactions, unpaid invoices, payroll data, and super contributions.
Can accounting services help with GST and BAS lodgement?
Yes. We ensure accurate GST calculations and lodge your BAS on time to avoid ATO interest or penalties.
Can annual accounting services help me with forecasting?
Absolutely. We help create forward-looking budgets and cash flow forecasts based on EOFY data.
How can WOW! Advisors support my EOFY preparation?
We provide complete EOFY support reconciliations, tax returns, BAS, payroll, and strategic planning to ensure you’re compliant and ready for FY2026.
Final Thoughts: Start the New Financial Year Right
EOFY is a turning point not just a deadline. It’s your chance to reflect, refine, and reset. At WOW! Advisors, we help Brisbane businesses close the year confidently and open the next one with strategic clarity.
Let’s make this EOFY your most organised and strategic yet. Contact us today to book your end-of-year review.
Let’s make this EOFY your most organised and strategic yet. Contact us today to book your end-of-year review.
