June 30 comes around every year and still manages to catch people off guard. A bit of preparation in the weeks before turns a stressful scramble into a straightforward wrap-up. Here's what to run through.
Reconcile everything
Make sure your bank accounts, credit cards, and loans are all reconciled up to June 30. Your accountant works from accurate books, and clean records mean a faster, cheaper return.
Chase outstanding invoices
Follow up money owed to you before year end. It's also the moment to identify any genuinely bad debts you won't recover, which may be able to be written off.
Review your deductions
Gather your receipts and check you've captured everything, home office costs, subscriptions, equipment, professional fees. If you were going to make a deductible purchase or super contribution anyway, doing it before June 30 brings the deduction into this year.
Count your stock
If you carry inventory, you generally need a stocktake at year end. Getting an accurate figure matters for your accounts and your tax position.
Sort your super
Employee super and any personal deductible contributions need to actually reach the fund before June 30 to count for this year. Leaving it to the last day risks the payment not clearing in time.
The bottom line
End of financial year is only chaotic when it's a surprise. A short checklist run through in June makes the whole thing calm. If you'd rather not manage it alone, getting your accountant involved before June 30 rather than after usually saves you money.
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