What Your Business Should Be Doing Before the End of the Financial Year

June 30 Is Closer Than It Looks — Is Your Business Prepared?

The end of the financial year can sneak up on even the most organised business owners. With June 30 just around the corner, now is the time to get proactive about your business’s financial position, compliance obligations, and any strategic decisions that could benefit from being actioned before the year closes.

Review Your Financials

Start by reviewing your profit and loss position for the year to date. Understanding where your business stands financially allows you to make informed decisions about timing — whether that’s bringing forward deductible expenses, deferring income where appropriate, or assessing whether there are write-offs to be claimed, such as bad debts or obsolete stock.

Conduct a stocktake if your business holds inventory. Under tax law, you’re required to account for the value of trading stock at year-end, and accurately valuing your stock — particularly if prices have declined — can affect your taxable income.

Check Your Superannuation Obligations

Make sure all superannuation guarantee (SG) contributions owed for the quarter ending 30 June are paid on time. Super must be received by the employee’s fund — not just processed — by the due date. Late super contributions are not tax-deductible and may attract the superannuation guarantee charge (SGC), which carries additional penalties.

It’s also worth noting that Payday Super — requiring employers to pay super at the same time as wages — begins on 1 July 2026. If your payroll systems and processes aren’t already aligned with this requirement, now is the time to get them sorted.

Consider Asset Purchases

If there are business assets or equipment you’ve been considering purchasing, look at whether bringing that purchase forward to before 30 June makes sense from a tax perspective. Depending on your circumstances, you may be able to claim an immediate deduction or accelerated depreciation. Your accountant can advise on what applies to your situation.

Review Your Business Structure and Agreements

The end of the financial year is a natural time to review whether your business structure is still working for you, and whether any agreements — such as trust distributions, shareholder agreements, or director loan accounts — need to be reviewed or documented before 30 June. Getting these right before year-end avoids costly corrections later.

A year-end planning meeting with your accountant is one of the most valuable investments a business owner can make. Coming in before June 30 — rather than after — means there’s still time to act on their advice.