How this usually works
Work backwards from what needs to be lodged and when. For most small businesses that means reconciling books, checking GST and PAYG, finalising payroll and super, then preparing the BAS and tax return with any year-end adjustments.
Once you know your deadlines and gaps, decide whether you need bookkeeping tidy-up, a BAS agent to review GST, or a registered tax agent to complete the return. If you use Xero, MYOB or QuickBooks Online, ensure the workflow is documented and all statements match the software.
Australian context to keep in view
- Financial year is 1 July to 30 June. Individuals not using a tax agent generally lodge by 31 October. Businesses on agent lists may have extended due dates.
- Employers must finalise STP (income statements) with the ATO soon after year-end—typically by 14 July for standard employers.
- Superannuation for the June quarter is due by 28 July to claim a deduction in the prior year (ensure funds receive it on time).
- Trust distribution resolutions must generally be in place by 30 June. Companies should review Division 7A for any director or shareholder loans.
- The FBT year runs 1 April to 31 March. If you provide benefits (cars, entertainment), assess whether FBT returns are required.
Tax time checklist
Use this step-by-step list to prepare efficiently and reduce the chance of amendments later.
- Bank and cash
- Reconcile all bank, credit card and loan accounts to statements at 30 June.
- Clear suspense, clearing and unmatched transactions.
- Sales and purchases
- Ensure invoices and bills are entered and dated correctly.
- Follow up overdue customers and review supplier credits.
- GST and BAS
- Confirm GST coding on income and expenses, especially mixed or private items.
- Match BAS lodged amounts to the general ledger and fix variances.
- Payroll, STP and super
- Reconcile gross wages, PAYG withholding and superannuation to pays and reports.
- Finalise STP and pay super contributions on time to claim deductions.
- Assets, stock and year-end entries
- Record asset purchases/disposals and attach invoices; update the asset register.
- Do a stocktake if you hold trading stock and adjust for write-downs if applicable.
- Consider prepayments and accruals where relevant.
- Structure-specific actions
- Sole traders: gather private health, work-from-home records, car logbooks and receipts.
- Companies: review Division 7A and franking accounts; minute director decisions.
- Trusts: prepare trustee resolutions for distributions by 30 June.
Documents to gather
Pull these records together so you or your accountant can prepare and lodge accurately.
- Bank, credit card and loan statements covering the full year and 30 June closing balances.
- Sales invoices, contracts and any adjustment notes or credit memos.
- Supplier bills, receipts and statements, including recurring subscriptions.
- Payroll reports, PAYG summaries, STP finalisation report and superannuation confirmations.
- Asset purchase invoices, finance documents and disposal details.
- Stocktake counts or valuation method, and write-down support if applicable.
- Vehicle logbooks, home office/work-from-home records, and apportionment calculations.
- Trust minutes, dividend statements, loan agreements and Division 7A documents where relevant.
What to compare before you commit
Scope
Confirm your quote covers cleanup, year-end adjustments, STP finalisation, BAS alignment, tax return preparation and ATO liaison if needed.
Software fit
Ensure your provider is fluent in your system (Xero, MYOB, QuickBooks Online) and can explain the reconciliation and workpapers process.
Turnaround and communication
Agree on timelines for EOFY work, who chases missing info, and how urgent ATO matters are escalated during peak periods.
Commercial fit
Compare fixed fee vs hourly, meeting rhythm, reporting depth, and whether you want compliance-only or advisory support.
Common mistakes to avoid
- Claiming GST on non-creditable or private expenses.
- Missing June super payments and losing the deduction.
- Forgetting stocktake adjustments where required.
- Treating assets as expenses or missing depreciation.
- Not preparing trust distribution minutes by 30 June.
- Overlooking Division 7A rules on director/shareholder loans.
- Lodging before fully reconciling bank and payroll accounts.
Key dates at a glance
- 1 July: New financial year begins; start preparing for EOFY wrap-up.
- 14 July (typical): STP finalisation due for standard employers.
- 28 July: Superannuation for the June quarter due to claim prior-year deduction.
- 31 October: Individual lodgement due if not using a registered tax agent.
- Quarterly: BAS due each quarter; monthly for some. Agent lodgement programs may extend dates.
- FBT: Year runs 1 April–31 March with separate due dates.
Best next steps
Define your outcome: tidy books, BAS review, payroll/STP finalisation, or full tax preparation. Then choose the service path that matches the work required and your deadlines.
If you want a guided path, send a brief using the form below and include your structure, software, timing pressure and any ATO issues.
Frequently asked questions
How to prepare for tax time?
Reconcile accounts, gather records, check GST/BAS and payroll, finalise super and STP, review assets and stock, and plan for due dates. If anything is incomplete, get a registered tax agent or BAS agent to review before you lodge.
What should I check before deciding?
Confirm your structure, registrations (ABN, GST, PAYG, FBT), software status, payroll/STP and super, BAS cycle, PAYG instalments, stocktake needs, asset register and any trust or Division 7A actions.
When should I get professional advice?
Seek help for overdue lodgements, complex deductions, CGT events, trust distributions, director loans, FBT, or when switching software near year-end.
What is the safest next step?
Follow the checklist, fix gaps, then choose a service path: bookkeeping tidy-up, BAS review, payroll finalisation or tax return preparation. Use the form below if you want us to match you to the right support.