Year-End Business Checklist

# Year-End Business Checklist

## Purpose
Begin in May each year to ensure a smooth end-of-financial-year process and avoid last-minute scrambles with your accountant.

## When to Use
An EOFY checklist covering tax preparation, superannuation reconciliation, asset depreciation, stocktake, and financial statement preparation.

## Instructions
1. Review the template below and familiarise yourself with the structure
2. Replace all [bracketed placeholders] with your business details
3. Customise the tone and formatting to match your brand
4. Save in your preferred tool (Xero or MYOB)

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## Year-End Business Checklist (Australian Financial Year: 1 July - 30 June)

### May: Early Preparation (Owner: Finance Manager)
- [ ] Schedule meeting with accountant to discuss EOFY strategy and deadlines
- [ ] Review any planned asset purchases that could be claimed this financial year
- [ ] Assess eligibility for instant asset write-off or depreciation incentives
- [ ] Identify any bad debts to be written off before 30 June
- [ ] Review prepaid expenses and consider timing of deductible payments
- [ ] Confirm superannuation payments are up to date (final quarter due 28 July)

### June: Financial Reconciliation (Owner: Finance Manager / Bookkeeper)
- [ ] Bank accounts reconciled to 30 June
- [ ] Credit card statements reconciled to 30 June
- [ ] Petty cash counted and reconciled
- [ ] Outstanding invoices reviewed and aged debtors chased
- [ ] Outstanding bills reviewed and accrued where necessary
- [ ] Loan balances confirmed with lenders (statements as at 30 June)
- [ ] Intercompany transactions reconciled (if applicable)

### Payroll & Superannuation (Owner: Payroll Officer)
- [ ] All pay runs processed up to and including 30 June
- [ ] Single Touch Payroll (STP) finalisation event submitted to ATO
- [ ] Employee payment summaries reviewed for accuracy
- [ ] Superannuation guarantee payments for Q4 calculated (due 28 July)
- [ ] Reportable fringe benefits amounts calculated and included in STP
- [ ] Unused leave balances verified for all employees

### Assets & Inventory (Owner: Finance Manager)
- [ ] Fixed asset register updated with all additions and disposals
- [ ] Depreciation calculated for the full financial year
- [ ] Physical stocktake conducted as close to 30 June as practical
- [ ] Stock value reconciled with accounting system
- [ ] Obsolete or damaged stock identified and written down

### Tax Preparation (Owner: Finance Manager)
- [ ] Profit and loss statement generated for the full financial year
- [ ] Balance sheet generated as at 30 June
- [ ] BAS for Q4 (April-June) prepared for lodgement
- [ ] GST reconciliation completed for the full year
- [ ] Private use adjustments calculated for any mixed-use assets
- [ ] Trust distribution minutes prepared (if applicable, must be by 30 June)
- [ ] All tax-deductible donations and contributions documented

### Compliance & Documentation (Owner: Business Owner)
- [ ] Company annual review completed with ASIC (if applicable)
- [ ] Workers compensation declaration of wages submitted
- [ ] Insurance policies reviewed and renewed (public liability, PI, contents)
- [ ] All EOFY documents and working papers filed in secure, organised folders
- [ ] Accountant provided with complete records and access to accounting system

### Forward Planning (Owner: Business Owner)
- [ ] New financial year budget drafted
- [ ] Pricing review completed for products and services
- [ ] Superannuation guarantee rate confirmed for new financial year
- [ ] New minimum wage rates checked and payroll updated if required

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**Complexity:** advanced | **Setup time:** 30 minutes | **Tools:** Xero, MYOB, QuickBooks