June 30 Checklist for Business Owners

We’re already halfway through June, which means time is running out to tick off those important business tasks before the end of the month — and the end of the financial year. This is a crucial period for business owners, especially those juggling multiple responsibilities, such as owner-operators. The lead-up to 30 June is often hectic, with a long list of administrative and financial duties that must be completed to comply with legal and regulatory requirements.

At Ascent Accountants, we’re here to help make this busy time more manageable and ensure your business is ready to start the new financial year strong. 

Your end of year business checklist. 

Breaking down these tasks into manageable steps means you can focus on what matters most — growing your business. Here are the key actions to prepare and complete before, and just after, 30 June: 

1. Wages reconciliation 

Ensure all wages are correctly paid and reported through Single Touch Payroll (STP). Confirm wages are accurately reflected in your Activity Statements lodged with the ATO.

2. Single Touch Payroll finalisation 

Complete your STP reconciliation with the ATO by 14 July through your payroll software. 

3. Superannuation reconciliation 

Check that all superannuation contributions are correct and paid by 28 July at the latest. 

4. Superannuation payments 

Make superannuation payments for staff and any additional contributions by 25 June to claim the tax deduction in this financial year. 

5. Private use and Fringe Benefits Tax (FBT) calculations 

Perform final calculations for private use and FBT for your 30 June BAS return. Reconcile private use on vehicles and other assets, including these as contributions in the BAS. 

6. Bank reconciliation 

Complete bank reconciliations for all business accounts and credit cards as at 30 June. 

7. Stock take 

Conduct a thorough stock take on 30 June to verify your inventory. 

8. Owner’s drawings review 

Review any owner’s drawings taken from the business and ensure they are repaid before 30 June. 

9. Bonus agreements 

Establish bonus agreements aimed at tax minimisation based on your financial targets. 

10. Annual contractor payment summary statements 

Prepare and complete these statements by 28 August if you pay contractors in specified industries. 

11. Planning for 2025/2026 

Review your business performance comprehensively, create budgets, and set strategic goals for the upcoming financial year. 

Additional notes on EOFY prep. 

• Ensure your payroll software is calculating superannuation at 12% on wages by 1 July. 
• For small businesses, the instant asset write-off allows you to immediately write off second-hand or new assets and equipment up to $20,000 for the 2024/25 financial year. Items must be purchased, installed, or first used by 30 June 2025. 
• Bonus agreements should be carefully structured to align with your tax planning and business goals. 

Let’s do it right the first time. 

Completing these tasks accurately and on time is vital to avoid penalties and streamline your financial planning. If you feel overwhelmed or need assistance, Ascent Accountants are ready to support you with tailored solutions for reconciliations, form preparations, and all other critical EOFY processes.