Your EOFY Survival Guide: Six Actions to Close the Books with Confidence

Australian finance teams are juggling volatile markets, tighter ATO scrutiny and remote-work logistics—all while racing the 30 June deadline. Our EOFY Checklist for Australian Businesses lays out a practical roadmap to sail through the crunch period and start the new year in fighting shape.

As June 30 approaches, Australian businesses are bracing for the End of Financial Year (EOFY) crunch. It's a period that can be both daunting and overwhelming, especially with the Australian Taxation Office (ATO) intensifying its focus on areas such as record keeping, work-related expenses, rental property income, and capital gains from crypto assets, property, and shares . 

Our EOFY checklist tailored specifically for Australian businesses to help you: 

• Streamline Record Keeping: Ensure your financial records align with ATO requirements, minimising the time and effort needed for EOFY processes. 

• Maintain Compliance: Stay updated with current tax obligations and avoid common pitfalls that could lead to penalties. 

• Protect Against Scams: Be vigilant against tax-time scams that target businesses, especially during the EOFY period. 

Why This Checklist Matters 

In the words of Fabian Calle, Managing Director for Small and Medium Business at SAP Concur Australia and New Zealand: 

"Australian businesses have had an extremely challenging few years with sustained business interruptions and market volatility. For these reasons, the EOFY processes are likely to be more time-consuming and complex for most organisations." 

But what if there was a way to navigate this period with confidence and clarity? 

1. Tighten Up Your Record keeping 

A clear audit trail of every dollar earned or spent keeps the ATO happy and slashes rework. Focus on: 

• Digitising all invoices, receipts and work related documentations

• Storing source documents in a single secure cloud repository for at least five years 

• Reconciling travel, expense and payroll data weekly to avoid month-end backlogs 

• Performing a pre-EOFY stocktake and matching it to inventory ledgers 

Pro tip: Use an automated capture tool so the paperwork files itself.

2. Check Your Statements Against Current Regulations 

Standards and disclosures move fast. Before the auditor calls: 

• Compare financial statements with the latest ASIC and ATO guidelines 

• Review director declarations, conflict-management notes and related-party transactions 

• Update employee and superannuation records for new thresholds 

• Build a rolling compliance calendar that flags regulatory changes as they land 

A quick gap analysis now stops last-minute rewrites in June.

3. Guard Against EOFY Scams 

Tax season is open season for fraudsters. Strengthen your defences: 

• Publish a one-page scam-spotting guide to every employee 

• Train staff to hover over email addresses and verify bank-detail changes 

• Require two-person approval on unsolicited payment or supplier updates 

• Log and review all incidents to identify patterns and tighten controls 

Losses from remote-access scams topped seven million dollars in just seven months—don’t let your business be the next headline.

4. Review Your Overall Business Position 

EOFY reports reveal where cash leaks or growth opportunities hide. Use that insight to: 

• Refresh budgets and sales forecasts for the new financial year 

• Audit subscriptions and vendor contracts for under-utilised spend 

• Reassess insurance cover and risk exposure 

• Realign marketing plans with updated customer and macro data 

Treat EOFY as a strategic reset rather than a compliance chore.

5. Automate High-Volume Finance Tasks 

Manual PDF and email workflows are liabilities when e-invoicing is the new norm. Automation can: 

• Capture invoices with AI-powered OCR and validate them in seconds 

• Perform three-way matching and flag exceptions automatically 

• Provide real-time dashboards for cash-flow forecasting and spend analysis 

• Push mobile approvals so processes never stall when managers are off-site 

• Save an average of 148 hours a week and $54K a year in finance labour costs 

Start with travel, expense and invoice processing, the quickest wins for most companies.

6. Kick-start the New Financial Year 

Momentum matters on 1 July. Lock in a fast start by: 

• Reconciling actuals versus budget on day one and setting quarterly targets 

• Scheduling policy refresh sessions to embed lessons learned 

• Automating recurring reports so they land without manual effort 

• Communicating any new thresholds, rates or approval limits to every budget owner 

Companies that reset quickly turn EOFY insights into competitive edge before rivals even catch their breath.

Rapid-Fire EOFY Checklist 

• Reconcile every ledger and bank feed 

• Verify GST, PAYG and super totals 

• Archive supporting documents in secure cloud storage 

• Run scam-awareness refresher for staff 

• Benchmark current automation gaps and set a rollout timeline 

EOFY needn’t be a scramble. By tightening records, validating compliance, blocking scams, reviewing strategy, automating at scale and rebooting fast, you shrink risk, reclaim time and position your business for growth on 1 July.  

Download the Full EOFY Checklist