EOFY in quickly approaching: What Your Bookkeeper or BAS Agent Needs From You

As the end of the financial year approaches in Australia, many business owners leave their bookkeeping and tax preparation until the last minute. That usually means stress, missing documents, delayed tax returns, and sometimes avoidable ATO issues.

Getting organised before 30 June makes the entire process smoother — for you, your bookkeeper, your BAS agent, and your accountant.

Here’s a practical guide to what businesses should prepare for EOFY and why it matters.

Why EOFY Preparation Matters

A clean set of financial records helps your business:

• Lodge tax returns on time

• Maximise legitimate deductions

• Reduce accountant fees

• Improve cash flow visibility

• Avoid ATO penalties or audits

• Make better business decisions for the new financial year

Whether you’re a sole trader, company, trust, or partnership, EOFY preparation is essential.

What Your Bookkeeper or BAS Agent Needs From You

1. Bank Statements and Loan Statements

Provide statements for all:

• Business bank accounts

• Credit cards

• Business loans

• Asset finance or vehicle loans

• Offset accounts linked to business borrowings

Your bookkeeper needs these to reconcile transactions and confirm balances are correct as at 30 June.

2. Sales and Income Records

Make sure all income has been recorded, including:

• Unpaid invoices

• Cash sales

• EFTPOS transactions

• Online sales platforms

• Stripe, Square or PayPal reports

• Interest income

• Government grants or rebates

Missing income records create inaccurate financial reports and can trigger ATO scrutiny.

3. Expense Records and Receipts

Gather receipts and supporting documents for:

• Office expenses

• Motor vehicle expenses

• Travel and accommodation

• Subscriptions and software

• Advertising and marketing

• Repairs and maintenance

• Equipment purchases

• Contractor payments

Digital copies are fine — just make sure they’re readable and complete.

4. Payroll Information

If you employ staff, your bookkeeper will need:

• Payroll reports

• Superannuation payment confirmations

• PAYG withholding records

• Employee termination details

• Leave balances

• Single Touch Payroll finalisation information

  
  

EOFY is also the time to ensure wages and super have been reported correctly.

5. Superannuation Records

To claim super deductions this financial year, super payments generally need to be received by employees’ super funds before 30 June.

Provide:

• Super payment confirmations

• Clearing house receipts

• Any outstanding super liabilities

Late super payments can affect deductibility and create compliance issues.

6. Asset Purchases

If you purchased business assets during the year, provide:

• Tax invoices

• Finance agreements

• Settlement statements

• Asset purchase dates

• Trade-in details

This includes:

• Vehicles

• Computers

• Machinery

• Office equipment

• Tools

• Furniture

  
  

Your accountant will determine depreciation and any available instant asset write-off eligibility.

7. Stocktake Information

If your business holds inventory, complete a stocktake close to 30 June.

Include:

• Stock on hand values

• Obsolete or damaged stock

• Work in progress

• Raw materials

Accurate stock figures are important for calculating business profit correctly.

Common EOFY Mistakes Businesses Make

Mixing Personal and Business Expenses

Using personal accounts for business spending creates reconciliation issues and increases bookkeeping time.

Ignoring Unpaid Invoices

Outstanding debtors and creditors affect the accuracy of your financial reports.

Missing Receipts

Without supporting documentation, deductions may not be claimable.

Leaving It Too Late

The earlier your records are organised, the more time your advisor has to identify tax planning opportunities.

EOFY Checklist for Business Owners

Before sending information to your bookkeeper or BAS agent, check that you have:

• Reconciled all bank accounts

• Uploaded receipts and invoices

• Finalised payroll

• Paid or scheduled super

• Reviewed unpaid bills and invoices

• Completed stocktake (if applicable)

• Provided finance and loan statements

• Updated software subscriptions and integrationsj

  
  

Good Record Keeping Saves Money

Businesses with organised bookkeeping usually:

• Pay lower accounting fees

• Lodge BAS and tax returns faster

• Have fewer ATO problems

• Understand their profitability better

• Make stronger financial decisions

EOFY shouldn’t be a panic period. With proper preparation, it becomes an opportunity to review your business performance and plan ahead confidently.

Final Thought

Your bookkeeper and BAS agent can only work with the information you provide. The more accurate and complete your records are, the more valuable their advice becomes.

EOFY preparation is not just about compliance — it’s about building a healthier business.

If you haven’t started organising your records yet, now is the time.