Tax return checklist for business owners

As the 30 June deadline approaches, it’s time to prepare your tax return and business for the end of financial year (EOFY). Whether you’re a sole trader, small business owner, or managing a growing enterprise, a bit of planning now can save stress later—and may even improve your tax outcome. Below is a practical EOFY checklist to help you prepare your tax return, get things in order, stay compliant, and start the new financial year strong.

Preparing early for EOFY helps you stay compliant with ATO requirements, avoid costly penalties or oversights, maximise eligible deductions, reduce tax-related stress, and start the new financial year with clarity and momentum. EOFY is your annual checkpoint—an opportunity to get your books in order, claim deductions, and refine your business strategy moving forward.

Check your income and expenses

Make sure all income and business expenses for the year are properly recorded. This ensures your profit and loss statement is accurate and helps estimate your tax obligations. Reconciling now means fewer surprises later.

Conduct a stocktake (if applicable)

If you carry inventory, perform a comprehensive stocktake. You’ll need to report your inventory or trading stock value as of 30 June to calculate cost of goods sold and assess any stock write-downs.

Chase up outstanding invoices

Don’t let unpaid invoices go unnoticed. Follow up with customers to clear overdue accounts—it improves cash flow and ensures all revenue is accounted for.

Write off bad debts

If you’re certain a debt won’t be paid, it can be written off as a deductible business expense. Make sure this is done before 30 June and recorded correctly in your books.

Prepay expenses

Prepaying expenses like rent, insurance or subscriptions due after 30 June can help bring forward deductions, reducing your taxable income. Check with us to ensure it’s the right strategy for your situation, however, as you don’t want to get yourself cash-strapped for no reason.

Update your asset register

Review your assets, liabilities, and any capital improvements. Make sure everything is correctly logged in your accounting software and ready to go for your tax return.

EOFY tip: the instant asset write-off threshold for 2024–25 is $20,000 per asset. If you’re considering purchasing equipment or tools and have the cash flow, now could be the time to act.

Review next year’s business goals

EOFY and prepping your tax return isn’t just about taxes—it’s also the perfect time to reflect on the past year and set fresh financial and operational goals and business budgets for the new one. Reflect on what you could have done differently and what you will implement going forward.

Have the following documents ready for your tax return

Here’s a quick EOFY documents checklist:

• profit and loss statement
• balance sheet
• stocktake reports
• debtors and creditors summary
• invoices and receipts
• asset purchase records
• payroll reports
• super contributions,
• and BAS and GST summaries.

EOFY doesn’t have to be overwhelming. Our expert accountants can help you ensure compliance with the ATO, maximise tax benefits and deductions, prepare and lodge your tax return, and create a strategy for financial growth.

Piteo Accounting & Advisory are trusted accountants for Adelaide businesses. Supporting over 1,000 clients across South Australia with proactive accounting, tax, and advisory services.

Contact us to discuss your tax return needs.

Disclaimer: It is important to seek the advice of a qualified professional before making any financial or accounting decisions. Each individual’s financial situation is unique, and not all information provided may be relevant to your specific circumstances.