End of financial year checklist: what your business should be reviewing now

The end of the financial year (EOFY) is quickly approaching, and if you’re a business owner, now is the perfect time to put together your end of financial year checklist. Having a clear EOFY checklist helps you stay on top of key deadlines, reduce last-minute stress, and set your business up for a strong start to the new financial year. EOFY isn’t just about reporting, it’s about strategic planning. With the right support, the end of financial year can be an opportunity to review your business strategy, identify efficiencies, and take proactive steps to improve your financial outcomes.

Don’t leave it to the last day of June

Having a strategic EOFY preparation is everything. Leaving it to the last minute often means missed opportunities, unnecessary stress, and rushed decisions. Starting early gives you time to review your financials properly, make any necessary adjustments, and take advantage of strategic planning options before the 30 June deadline. That’s why your end of financial year checklist should begin well before the final days of June, so you have time to take meaningful action, not just tick boxes.

Proactive planning reduces stress and improves outcomes

End of financial year planning is about more than just compliance. By taking a proactive approach, you can:

• maximise deductions
• forecast more accurately
• avoid penalties and interest
• identify new opportunities for growth
• ensure your records and reporting are up to date

It also gives you peace of mind knowing that you’ve covered your bases and are in a strong position for the year ahead. These are exactly the types of benefits your end of financial year checklist should aim to deliver.

Review your business structure and operations

EOFY is a smart time to step back and evaluate how your business is structured. Ask yourself:

• Is your current business structure still the most tax-effective option?
• Are there any operational or ownership changes coming up that need to be factored in?
• Do your financial systems support efficient reporting and planning?

These questions can make a big difference to your tax obligations, your growth potential, and your risk profile. Including this review in your end of financial year checklist ensures nothing slips through the cracks.

Why working with a business advisor makes a difference

EOFY is one of the most valuable times to work with your accountant. Valorium Advisors help clients move beyond the basics to build smart, forward-thinking financial strategies. Our team can help you:

• develop a personalised end of financial year checklist
• review your current tax position and identify opportunities
• ensure compliance with all reporting obligations
• set goals and targets for the new financial year

Whether you’re managing your first EOFY or have years of experience, having an expert by your side helps you make confident, informed decisions for your business