End of Financial Year Checklist for Maitland | Bottrell Accountants
End of Financial Year Checklist – Maitland Edition
EOFY Preparation Support by Bottrell Accountants, Tax Agents & Financial Planners
The end of the financial year (EOFY) is a critical time for individuals and business owners to ensure financial records are complete and tax obligations are properly addressed. Taking time before 30 June to review your tax position and plan ahead can result in better financial outcomes and avoid ATO-related complications.
At Bottrell Accountants, Tax Agents & Financial Planners, we provide tailored EOFY support for clients across Maitland. This checklist outlines the key actions Maitland locals should consider in the final weeks of the financial year.
Comprehensive Services Tailored to Your Needs
Strategic guidance to enhance business performance and growth.
Expert advice on tax planning, compliance, and returns to optimize your financial position.
Accurate financial reporting and record-keeping to keep your business on track.
Assistance with self-managed super funds, including setup, compliance, and management.
Personalized strategies to build and protect your wealth.
Efficient and compliant payroll processing tailored to your business needs.
Importance of EOFY Preparation
Why Maitland Clients Should Plan Ahead
Each financial year presents opportunities to maximise deductions, manage tax liabilities, and meet reporting obligations. Rushing to meet deadlines in July often leads to missed claims, errors, and unnecessary tax bills.
By planning before 30 June, you can:
• Identify legitimate deductions early
• Review super contributions and thresholds
• Finalise payroll and reporting obligations
• Ensure your records meet ATO standards
• Avoid penalties for late or incorrect lodgements
For Individuals and PAYG Employees
Organise Your Deduction Records
Now is the time to finalise your documentation for work-related expenses. Ensure you have kept all receipts, invoices, or digital copies related to:
• Uniforms and protective clothing
• Work-related travel or vehicle use
• Self-education or upskilling courses
• Union fees and professional memberships
• Mobile phone and internet usage
Review Your Income and PAYG Summaries
Your employer must provide you with an income statement through MyGov. Check for:
• Accurate year-to-date earnings
• Reported tax withheld
• Employer super contributions
• Any allowance or fringe benefits recorded
Consider Additional Super Contributions
If you have capacity, consider making a personal super contribution before 30 June to reduce taxable income. Ensure you do not exceed the concessional cap and lodge a Notice of Intent with your fund.
Check Private Health Insurance
Verify your health fund records and ensure you meet the minimum requirements to avoid the Medicare Levy Surcharge if your income is over the threshold.
For Sole Traders and Contractors
Reconcile Your Financial Records
Complete reconciliation of income and expenses using your accounting system. Ensure:
• Invoices are issued and matched with payments
• All business-related expenses are recorded
• GST collected and paid is accurate (if registered)
• You have separated business and personal transactions
Finalise Your Logbooks and Diaries
For any vehicle or home office claims, ensure you maintain a valid logbook or usage diary covering a representative period. The ATO may require this if you are audited.
Prepay Expenses Where Applicable
You may bring forward allowable deductions by prepaying expenses such as:
• Insurance premiums
• Subscriptions
• Rent or interest on business loans
• This can help reduce taxable income in the current financial year.
For Employers and Small Businesses
Finalise Payroll and STP Reporting
Employers must complete final Single Touch Payroll (STP) submissions and declare year-end payroll by 14 July.
Ensure:
• Employee details are correct
• Gross wages and PAYG withholding are accurate
• Superannuation contributions are paid and up to date
Super Guarantee Deadlines
Ensure all super payments for the June quarter are paid by 30 June to be deductible this financial year. Delayed payment may still satisfy compliance but not allow the deduction until the next year.
Review Asset Depreciation and Write-Offs
Review any assets purchased during the year. Depending on the rules in place, you may be eligible to write off the full cost of business assets under the instant asset write-off provision. Check thresholds and eligibility before applying.
General EOFY Actions for All Clients
Confirm Contact Details and MyGov Access
Ensure your details are correct with the ATO and your tax agent. Make sure your MyGov account is linked to the ATO for accessing income statements and notices.
Book Your Tax Appointment Early
Avoid the EOFY rush by securing a meeting in late June or early July. This allows you to discuss:
• Tax planning
• Estimated liabilities
• Upcoming compliance obligations
• Strategic advice for the next financial year
Tailored Advice from Bottrell Accountants Maitland
Our team at Bottrell Accountants, Tax Agents & Financial Planners provides detailed end-of-financial-year support for Maitland clients. Whether you are a PAYG earner, contractor, investor, or small business operator, we offer:
• Individual tax planning and return preparation
• Superannuation contribution reviews
• Business record and cash flow assessments
• GST and BAS compliance checks
• Employer payroll support and STP guidance
Our Maitland office is located at 93 Lawes Street, East Maitland. We offer both in-person and virtual consultations.
Take Action Before 30 June
Final Steps to Prepare for EOFY
Here is a quick summary of actions you can take today:
• Finalise your receipts and expense tracking
• Check income statement status on MyGov
• Review super contribution levels
• Ensure employee and payroll records are complete
• Make any final business purchases or prepayments
• Book your appointment with Bottrell Accountants Maitland
Book a Consultation
For a personalised EOFY review, contact our Maitland team on (02) 4933 6888 or book an appointment online.
Let us help you close out the financial year with confidence and clarity.
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