The ATO doesn’t send reminders. June 30 arrives the same way every year, and the businesses that scramble are usually the ones that knew it was coming but kept pushing the prep work back.

If you run a small business in Ringwood, getting ahead of EOFY means more than pulling together receipts at the last minute. A good accountant in Ringwood will tell you the preparation window matters — the weeks before June 30, not the days after.

Get Your Records Actually Reconciled

Bank feeds lie, or rather, they lag. Any business using accounting software should be doing a proper reconciliation — not just assuming the software caught everything. Outstanding transactions, unreconciled invoices, payments sitting in a holding account — these are the things that create problems when a return gets lodged.

Payroll records need the same attention. If you’re an employer, check that your superannuation obligations are up to date. The ATO has made unpaid super a priority, and contributions need to be received by the fund — not just paid — before June 30 to count as a deduction this financial year.

Deductions That Get Missed

Prepaying expenses is one of the more straightforward planning moves available to small businesses. Subscriptions, insurance, rent, interest — prepaying before June 30 can bring those deductions forward into this financial year rather than the next. Not every business should do this, and it depends on your cash position and structure, but it’s a conversation worth having.

Asset write-offs are another area where timing changes the outcome. If you’ve purchased equipment — or you’re planning to — the date of purchase matters, not the date you started using it. A piece of equipment bought on June 29 is treated differently to one purchased on July 1.

Honestly? The businesses that get the most out of EOFY are the ones that have a conversation with their accountant in May, not July.

What a Tax Audit Risk Profile Looks Like

The ATO uses data matching extensively now. It cross-references bank data, payment platforms, property records, and even social media. A tax audit isn’t just something that happens to large businesses — sole traders and small operators get flagged too, usually because of inconsistencies between reported income and lifestyle indicators, or deductions that look out of proportion with revenue.

Keeping deductions defensible means keeping documentation. Not just the receipts, but the reason. A meal with a client is different to a team lunch, and the ATO expects you to know the difference. Vehicle logbooks, home office records, contractor payment summaries — these are all things that can get requested quickly if a return gets flagged.

Working From Home Deductions Have Changed

The fixed rate method was updated a couple of years ago and not everyone adjusted. The current rate is 67 cents per hour, and it covers more than the old version did — internet, phone, stationery, and some equipment costs are all bundled in. Running a separate calculation on top of that for items already captured by the fixed rate is a common error, and it’s one that creates a problem if records get reviewed.

Before You Lodge

A few things to confirm before the return goes in:

  • Business income matches what’s in your accounting software — and what the ATO will already have from third-party sources
  • Division 7A loan arrangements (if you operate through a company) are documented and compliant
  • Any vehicle or equipment used partly for personal purposes has a clear basis for the claimed percentage
  • Staff entitlements — leave, super, PAYG — are accurate and accounted for

The structure of your business also affects what’s available to you. Sole traders, partnerships, trusts, and companies each have different tax rates, offset eligibility, and planning options. If your business has grown significantly in the last twelve months, or you’ve changed your operating structure, EOFY is a reasonable moment to reassess whether that structure is still the right one.

June 30 won’t move, but the outcome can.