The end of the financial year (EOFY) in Australia: that testing time when business owners across the country suddenly remember they’ve been putting off their bookkeeping for months! If you’re a small business owner feeling overwhelmed by the deadline, you’re definitely not alone.
Whether you run a family café in a regional area or a tech startup in Sydney, keeping on top of your EOFY duties is unavoidable, unfortunately. With a bit of smart planning and knowing when to call in the pros, like business solicitors, you’ll sail through EOFY with no dramas.
Below is your straightforward guide to EOFY obligations under Commercial Law in Australia, complete with a clear checklist, timing tips, and advice on when a company lawyer should step in.
Start Early: Understanding Your EOFY Timeline
The Aussie financial year runs from 1 July to 30 June. If you leave everything until the last minute, say, late June, it can turn into a right mess. Despite the feeling it’s a chore, savvy small business owners kick off their EOFY prep in April or May, giving themselves enough time to fix hiccups and avoid penalties.
| Who | Due Date |
| Self-lodging businesses | By 31 October |
| Businesses using tax agents | By 15 May (following year) |
| Quarterly BAS statements (June Q) | By 28 July |
| Superannuation payments (June Q) | By 28 July |
If those dates seem confusing, consider consulting a commercial solicitor who is familiar with the ATO deadlines.
Essential EOFY Checklist for Small Businesses
As mentioned already, getting your paperwork sorted early is half the battle. Here’s the nuts-and-bolts checklist to keep you on track:
a. Financial Records & Documentation
- Reconcile bank and card statements: Make sure every dollar is accounted for.
- Gather receipts, invoices, and expense claims: Scan them into a digital folder.
- Update your asset register: Note any new gear you bought or old stuff you sold.
- Calculate depreciation: Work out how much your assets have lost in value this year.
- Review inventory: Count stock on hand and match it against your records.
- Compile payroll records and PAYG summaries: Check super contributions and tax withheld.
b. Tax Preparation Requirements
- Profit & loss statement: List your sales, costs of goods sold, and expenses.
- Balance sheet: Detail your assets, liabilities, and equity.
- Calculate taxable income: Subtract allowable deductions from your assessable income.
- Identify tax deductions: From vehicle use to work-from-home expenses.
- Document capital gains or losses: If you sold property or shares.
- Review carry-forward losses: Losses from past years can reduce this year’s tax bill.
c. Superannuation Obligations
- Pay super for employees: Check each staff member’s fund details.
- Calculate guarantee charges: If you missed a payment earlier in the year.
- Prepare super reports: Provide employees with information on their super contributions.
Figuring Out Complex Legal Requirements
Some EOFY tasks are easy, but others involve the complexities of commercial law in Australia.
If your business has faced big changes such as a merger, restructuring, or major contract renegotiations, you’ll want to team up with a Commercial Law Firms in Sydney, which specialises in commercial compliance.
When to Consult a Legal Pro, Like Business Solicitors or Commercial Solicitors?
- Complex business structures or partnerships: Companies, trusts, or joint ventures.
- Significant ownership changes: New shareholders or key investors coming on board.
- International dealings: Cross-border contracts or export/import arrangements.
- Industry-specific licences: For alcohol, construction, financial services, etc.
- Disputes: with suppliers, customers, or staff.
- Major contract reviews: Leases, vendor agreements, or service contracts.
A seasoned commercial solicitor will help you interpret clauses, spot risks, and draft any needed amendments, saving you from potential headaches (and court fees) down the track.
Industry-Specific Considerations
Different sectors have their own quirks at EOFY. Here’s a quick glance:
| Industry | Key EOFY Tasks |
| Retail & E-commerce | Stocktake procedures, GST on sales, and cross-border transaction records |
| Professional services | Work-in-progress valuations; accrual accounting; late invoices |
| Manufacturing & Construction | Inventory valuation, progress payment claims, and retention amounts |
| Hospitality & Cafés | Food stock reconciliation, point-of-sale reporting, and waste disposal records |
If you’re unsure about your sector’s specific rules, searching for commercial lawyers near me with your industry tag can point you in the right direction.
Technology & Record-Keeping Solutions
Digital tools cut down on the paperwork and make life a lot less stressful:
- Cloud accounting software: Xero, MYOB, or QuickBooks automates data entry and reporting.
- Expense-tracking apps: Snap receipts on your phone, and they automatically sync.
- Bank feeds: Link your bank account for real-time transaction updates.
- Digital filing system: Create consistent folders for each financial year.
- Regular backups: Store copies of your files on external drives or secure cloud storage.
Technology doesn’t replace smart oversight. Even with the best software, it pays to have a business solicitor or accountant review your records.
Top 6 EOFY Mistakes to Avoid
Over the years, commercial law firms in Sydney have seen plenty of small businesses fall into the same traps. Dodge these common errors:
- Mixing personal and business expenses: Always keep separate bank accounts.
- Poor record-keeping: Don’t let receipts pile up in shoeboxes.
- Missing deductions: Know what you can claim, from phone bills to home office costs.
- Late super contributions: Penalties for missed payments can accumulate quickly.
- Overlooking licence renewals: Check your registrations and industry permits.
- Ignoring changes in business size: A sole trader has different EOFY duties than a company with staff.
Getting tripped up on any of these can cost more in fines and wasted time than investing in an expert upfront.
Working with Professional Advisors
You don’t need a massive law firm on retainer. But building a solid support network pays off:
- Accountants: For tax lodgements and financial advice.
- Business Solicitors: To handle contracts, disputes, and compliance.
- Commercial Lawyers Near Me: Local firms are knowledgeable about your state laws.
- Industry-specific advisors: Consultants who get your niche.
- Company Lawyer: For ongoing governance, director duties, and ASIC compliance.
Plug into local business networks, chambers of commerce, or industry groups to get referrals and build trusted relationships. You can also search for the term “commercial lawyers” near me and tag your specific requirements or industry.
Preparing for Next Year
EOFY is also about setting up for a smoother ride next time:
- Monthly financial reviews: Don’t wait for June, check your numbers each month.
- Update your business plan: Reflect on wins, losses, and upcoming goals.
- Review insurance: Make sure your cover is adequate for new assets or staff.
- Evaluate business structure: Is a company, trust, or partnership still the best fit?
- Schedule quarterly check-ins: With your accountant or commercial solicitor to nip issues in the bud.
By spreading the workload, the next EOFY will feel less like a marathon and more like a quick jog.
Summing Up
With early prep, the right digital tools, expert advice on each step, and a clear checklist, you’ll stay compliant and avoid ATO penalties. And when the legal side of things gets hairy, remember there are business solicitors just a search away.
Investing in proper EOFY preparation, whether that’s time, software, or a bit of professional advice, is nothing compared to the cost of non-compliance or missed tax savings. Nail your EOFY this year, and you’ll set yourself up for growth, confidence, and success in the year ahead.
Oliver Smith is an experienced blogger at Grammar Globe, Oliver Smith, an expert in English grammar and a master of wit, brings language to life with his playful take on puns. Through his works, he weaves humor into the rules of grammar, making learning fun and engaging for readers of all ages. Discover language with a smile!”
