The end of the financial year is just 10 weeks away, and for small business owners in Melbourne and Brisbane<\/strong>, the actions you take now can mean thousands of dollars in tax savings \u2014 or thousands in missed opportunities.<\/p>\n As experienced accountants in Melbourne<\/strong> 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.<\/p>\n Before anything else, reconcile your books. Ensure every transaction from 1 July 2025 to 30 June 2026 is recorded in your accounting software \u2014 whether you use Xero, MYOB, or QuickBooks.<\/p>\n Key actions:<\/p>\n If your bookkeeping<\/a> 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.<\/p>\n The golden rule of EOFY tax planning: bring forward expenses and defer income<\/strong> where legitimate. For small businesses, consider:<\/p>\n Super guarantee (SG) contributions must be received<\/em> by the employee’s super fund \u2014 not just paid \u2014 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<\/strong>.<\/p>\n Also consider:<\/p>\n For detailed superannuation advice<\/a>, our team can model the optimal contribution strategy for your situation.<\/p>\n 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.<\/p>\n Key considerations:<\/p>\n Structural changes take time to implement, so if this is on your radar, speak to our business advisory team<\/a> sooner rather than later.<\/p>\n 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.<\/p>\n Check that your GST reporting is accurate \u2014 the ATO has flagged GST on private expenses<\/strong> and incorrect GST credits<\/strong> as key audit focus areas for 2026.<\/p>\n 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<\/strong> for working from home expenses, but you must maintain a record of hours worked from home (such as a timesheet or diary).<\/p>\n 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 \u2014 this creates a legitimate deduction.<\/p>\n If you use a vehicle for business purposes, check that you’re using the most beneficial method:<\/p>\n The ATO has noted that motor vehicle claims are a top audit target<\/strong> for 2026, so ensure your records are solid.<\/p>\n 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 \u2014 you can vary your Q4 instalment to reduce cash flow pressure.<\/p>\n Conversely, if income has increased significantly, consider whether you need to increase your instalments to avoid a large tax bill at return time.<\/p>\n The single most valuable thing a small business owner in Melbourne or Brisbane<\/strong> 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 \u2014 they help you plan<\/em> your tax position before the year ends, when you can still take action.<\/p>\n At Wiselink Accountants, our tax planning consultations<\/a> typically cover:<\/p>\n With offices in Melbourne (Camberwell)<\/strong> and Brisbane (Eight Mile Plains)<\/a><\/strong>, Wiselink Accountants has been helping small businesses navigate EOFY since 2013. Our CPA-qualified team provides bilingual service in English and Chinese.<\/p>\n Don’t leave your EOFY planning to the last minute. Book your tax planning appointment today<\/a><\/strong> and make sure you’re claiming every dollar you’re entitled to.<\/p>\n 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.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" The end of the financial year is 10 weeks away. Here are 10 essential actions every Melbourne and Brisbane small business owner should take before 30 June to maximise deductions and avoid costly mistakes.<\/p>\n","protected":false},"author":2,"featured_media":4080,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,17,61,18],"tags":[],"class_list":["post-4079","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-topics","category-business-solutions","category-english-post","category-business"],"_links":{"self":[{"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/posts\/4079","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/comments?post=4079"}],"version-history":[{"count":1,"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/posts\/4079\/revisions"}],"predecessor-version":[{"id":4081,"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/posts\/4079\/revisions\/4081"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/media\/4080"}],"wp:attachment":[{"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/media?parent=4079"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/categories?post=4079"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/tags?post=4079"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}1. Review Your Income and Expenses<\/h2>\n
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2. Maximise Your Deductions<\/h2>\n
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3. Superannuation \u2014 Pay Before 30 June<\/h2>\n
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4. Review Your Business Structure<\/h2>\n
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5. Lodge All Outstanding BAS<\/h2>\n
6. Document Your Working From Home Claims<\/h2>\n
7. Stocktake (If Applicable)<\/h2>\n
8. Review Your Motor Vehicle Claims<\/h2>\n
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9. Check Your PAYG Instalments<\/h2>\n
10. Book Your Tax Planning Appointment<\/h2>\n
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Key EOFY Dates to Remember<\/h2>\n
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How Wiselink Accountants Can Help<\/h2>\n
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