Your EOFY 2026 Small Business Tax Checklist: 10 Things Melbourne and Brisbane Business Owners Must Do Before 30 June
The end of the financial year is just 10 weeks away, and for small business owners in Melbourne and Brisbane, the actions you take now can mean thousands of dollars in tax savings — or thousands in missed opportunities.
As experienced accountants in Melbourne and Brisbane, we see the same costly mistakes every year: deductions left unclaimed, records incomplete, super obligations missed. This comprehensive EOFY checklist will help you get organised, maximise your deductions, and start the new financial year with confidence.
1. Review Your Income and Expenses
Before anything else, reconcile your books. Ensure every transaction from 1 July 2025 to 30 June 2026 is recorded in your accounting software — whether you use Xero, MYOB, or QuickBooks.
Key actions:
- Reconcile all bank accounts and credit cards
- Follow up outstanding invoices — income received before 30 June is assessable this year
- Review accounts payable — expenses paid before 30 June are deductible this year
- Check for any personal expenses accidentally coded as business expenses
If your bookkeeping is behind, now is the time to catch up. A few days of catch-up bookkeeping now could save you significant stress and money at tax time.
2. Maximise Your Deductions
The golden rule of EOFY tax planning: bring forward expenses and defer income where legitimate. For small businesses, consider:
- Instant Asset Write-Off — Under the temporary full expensing rules, eligible businesses can immediately deduct the full cost of depreciable assets. If you need equipment, vehicles, or technology, purchasing before 30 June means a deduction this year
- Prepaid expenses — Prepaying up to 12 months of rent, insurance, or subscriptions before 30 June can bring forward deductions
- Bad debts — Write off any debts you genuinely cannot recover before 30 June
- Repairs and maintenance — Complete any outstanding repairs to your business premises or equipment
- Professional development — Training courses and professional memberships paid before 30 June are deductible
3. Superannuation — Pay Before 30 June
Super guarantee (SG) contributions must be received by the employee’s super fund — not just paid — by 30 June to be deductible this financial year. Given clearing house processing times, we recommend making your Q4 SG payment by mid-June at the latest.
Also consider:
- Concessional contributions — The cap is $30,000 for 2025-26. If you haven’t maximised your personal super contributions, you have until 30 June
- Carry-forward contributions — If your total super balance was under $500,000 on 30 June 2025, you may be able to use unused cap amounts from previous years
- Spouse contributions — A tax offset of up to $540 is available if your spouse earns under $40,000
For detailed superannuation advice, our team can model the optimal contribution strategy for your situation.
4. Review Your Business Structure
EOFY is the right time to assess whether your current business structure is still the most tax-effective. Many Melbourne and Brisbane small businesses start as sole traders and should have transitioned to a company or trust structure as they grew.
Key considerations:
- Are you paying more tax than necessary as a sole trader?
- Could a company structure reduce your tax rate to 25%?
- Would a family trust help with income splitting?
- Is your structure providing adequate asset protection?
Structural changes take time to implement, so if this is on your radar, speak to our business advisory team sooner rather than later.
5. Lodge All Outstanding BAS
If you have any overdue BAS (Business Activity Statements), lodge them before 30 June. Outstanding BAS can trigger ATO penalties and interest, and they complicate your tax return preparation.
Check that your GST reporting is accurate — the ATO has flagged GST on private expenses and incorrect GST credits as key audit focus areas for 2026.
6. Document Your Working From Home Claims
If you or your employees work from home, ensure you have records to support your deduction claims. The ATO’s revised fixed rate method allows 67 cents per hour for working from home expenses, but you must maintain a record of hours worked from home (such as a timesheet or diary).
7. Stocktake (If Applicable)
If your business carries inventory, conduct a stocktake as close to 30 June as possible. This determines your closing stock value, which directly affects your taxable income. Write off any obsolete or damaged stock — this creates a legitimate deduction.
8. Review Your Motor Vehicle Claims
If you use a vehicle for business purposes, check that you’re using the most beneficial method:
- Logbook method — claim the business-use percentage of actual expenses (requires a valid logbook maintained for a continuous 12-week period)
- Cents per kilometre method — claim 88 cents per km for up to 5,000 business kilometres
The ATO has noted that motor vehicle claims are a top audit target for 2026, so ensure your records are solid.
9. Check Your PAYG Instalments
Review your PAYG instalment amounts to make sure they reflect your current income. If your business income has dropped this year, you may be paying too much in instalments — you can vary your Q4 instalment to reduce cash flow pressure.
Conversely, if income has increased significantly, consider whether you need to increase your instalments to avoid a large tax bill at return time.
10. Book Your Tax Planning Appointment
The single most valuable thing a small business owner in Melbourne or Brisbane can do before EOFY is sit down with a qualified accountant for a tax planning session. A good accountant doesn’t just do your tax return — they help you plan your tax position before the year ends, when you can still take action.
At Wiselink Accountants, our tax planning consultations typically cover:
- Projected income and tax liability for 2025-26
- Strategies to legitimately reduce your tax bill
- Super contribution optimisation
- Business structure review
- Preparation for Payday Super (starting 1 July 2026)
Key EOFY Dates to Remember
- 30 June 2026 — End of financial year. All deductions and contributions must be finalised
- Mid-June 2026 — Deadline to pay Q4 super guarantee (to ensure funds are received by 30 June)
- 21 July 2026 — Q4 BAS due (if lodging monthly)
- 28 July 2026 — Q4 super guarantee official due date
- 31 October 2026 — Tax return due (self-lodging). Later if using a registered tax agent
How Wiselink Accountants Can Help
With offices in Melbourne (Camberwell) and Brisbane (Eight Mile Plains), Wiselink Accountants has been helping small businesses navigate EOFY since 2013. Our CPA-qualified team provides bilingual service in English and Chinese.
Don’t leave your EOFY planning to the last minute. Book your tax planning appointment today and make sure you’re claiming every dollar you’re entitled to.
- Melbourne: 03 9600 0803
- Brisbane: 07 3188 8081
- Email: info@wiselinkaccountants.com.au
This article was prepared by the team at Wiselink Accountants, a CPA-qualified accounting firm and registered tax agent with offices in Melbourne and Brisbane. We are members of the NTAA. This is general information only and does not constitute financial or tax advice. Please contact us for advice specific to your circumstances.
