If you’re a sole trader or small business owner in Australia, EOFY probably doesn’t spark joy. It’s more like a ticking clock of receipts, spreadsheets, and ATO anxiety. But getting your stuff sorted doesn’t need to be a nightmare. You just need to know what to focus on—and block out the noise.
Here’s a quick, straight-talking checklist that’ll help you stay on top of things (and maybe even feel in control for once).
1. Sort Out Your Income and Expenses
Before you think about lodging anything, make sure you’ve actually got your financial records in order. That means pulling together your invoices, receipts, and any other bits and pieces showing how money moved through your business.
Tip: Don't wait until the last week of June. That’s when everyone else panics—and software glitches seem to magically appear.
2. Check Your Bank Statements Match Your Records
Go line by line. Make sure what’s in your books actually matches what’s in your bank. It sounds basic, but you'd be shocked how many people discover weird double-ups or missing income when it’s too late.
If you spot something off, deal with it now—not when the ATO’s already sniffing around.
3. Give Your Accounts a Proper Once-Over
We’re talking profit & loss, balance sheet, cash flow—the works. Even if you’re not a numbers person, it’s your job to know what your numbers are doing. If something looks odd, flag it for your bookkeeper or accountant.
This is also a great time to figure out what’s not working financially.
4. Tick Off Your Super and PAYG Obligations
Got a team? Even just a casual? You need to be across your super payments and any PAYG withholding. The ATO isn’t known for its forgiveness on this stuff.
Set reminders or automate it—just don’t forget it.
5. Claim What You’re Actually Allowed To
If it helps you run your business, there’s a decent chance it’s deductible. Think: internet, software, travel, home office expenses, gear, and so on.
Don’t guess. Check the ATO list or chat to a tax agent. Too many people under-claim because they’re scared, and others over-claim and get stung. Neither is fun.
6. Know Your Assets (and If You Can Write Them Off)
Bought something big this year—like a laptop, camera, or piece of equipment? You might be able to write it off straight away depending on the current rules.
The ATO changes the thresholds often, so don’t assume. Look it up or run it past your accountant.
7. Get Ready to Lodge (Properly)
EOFY isn’t the time to “wing it.” Either get your return ready to lodge yourself or line up a solid tax agent to handle it. If you’re doing it yourself, make sure you know the exact deadlines.
Heads up: You usually get more time if you go through a registered agent. That’s one way to buy some breathing room.
Final Word
Tax time’s not going away. But it can be way less stressful if you start early, stay organised, and use a tool like Ezyiah to keep everything in one place.
No more last-minute panic. No more mystery deductions. Just clean records, confident claims, and way fewer headaches.
Want to stop dreading EOFY every year?
Let Ezyiah help you take control—before the ATO takes it for you.
