If EOFY has snuck up on you a little this year, you’re not alone.
For a lot of business owners, June comes with a quiet sense of:
“I probably should have looked at this earlier…”
The good news?
There’s still time to make a few meaningful moves before June 30.
Not everything needs to be done.
But the right actions now can make a real difference — both for your tax position and your clarity going into the new financial year.
Here are a few that are often overlooked:
-
Review Outstanding Invoices
Unpaid invoices don’t just affect cash flow — they can also impact your tax position.
Now is a good time to:
- Follow up on anything overdue
- Decide what’s realistically collectible
- Write off bad debts where appropriate
It’s a simple step, but one that’s often avoided.
-
Check for Missed or Misclassified Expenses
Throughout the year, things get coded quickly just to keep moving.
Before EOFY, it’s worth reviewing:
- Have all expenses been captured?
- Are they sitting in the right categories?
Small corrections here can add up.
-
Consider Timing (Where It Makes Sense)
Sometimes, bringing forward or delaying certain decisions can be beneficial.
For example:
- Prepaying some expenses
- Timing larger purchases
- Reviewing when income is recognised
This isn’t about rushing out to spend money — it’s about being intentional.
-
Clean Up Your Numbers
If your accounts feel a bit messy right now, you’re not alone.
But heading into EOFY with clean, up-to-date records means:
- Fewer surprises
- Better conversations
- More confidence in your decisions
Even a light tidy-up goes a long way.
-
Have the Conversation (Even If It Feels Late)
One of the biggest missed opportunities?
Not asking questions.
A quick EOFY conversation can help you:
- Identify anything you’ve missed
- Sense-check your approach
- Understand your position before it’s locked in
It doesn’t need to be complicated — just intentional.
EOFY Doesn’t Have to Be All or Nothing
There’s a common belief that if you haven’t been proactive all year, there’s no point doing anything now.
That’s not true.
You don’t need to do everything perfectly.
You just need to do a few things well.
A Simpler Approach
Instead of trying to tick every box, focus on:
- What will make the biggest difference?
- What will give you clarity going into July?
That’s where EOFY becomes useful — not overwhelming.
If you’d like support identifying what matters most for your business, we’re here to help. Contact us today to get started.
