How to Identify the EOFY Jobs That Matter Most

As the end of the financial year approaches, most people start thinking about tax returns, deductions, and organising their financial records. Without a plan, the weeks leading up to 30 June can quickly feel overwhelming.

A smoother EOFY comes from focusing on the tasks that have the biggest impact, those that can reduce tax, improve the accuracy of your records, and help you prepare for the year ahead.

By concentrating on the most important EOFY jobs, you can avoid last‑minute stress and make the most of the opportunities available before the financial year ends.

Why Is It Important to Prioritise EOFY Tasks?

EOFY preparation is not simply about lodging a tax return. It is an opportunity to review your finances, ensure compliance with tax obligations, and identify areas where you may benefit from deductions or improved record keeping.

Prioritising the right tasks helps you:

• Avoid missing important tax deductions
• Ensure records are accurate before lodging your return
• Improve cash flow planning for the new financial year
• Reduce the risk of errors or compliance issues

A structured approach allows you to focus on the tasks that have the biggest financial impact rather than spending time on minor administrative details.

Key EOFY Jobs That Matter Most

Below are some of the most important End of Financial Year tasks Australians should consider.

1. Review Your Income and Expense Records

Before lodging a tax return, it is essential to review all sources of income and confirm that your records are complete. This includes salary income, business income, investment income, and government payments.

Checking your expenses is equally important. Ensure receipts and invoices are organised and clearly recorded so that eligible deductions can be properly claimed.

Accurate records reduce the likelihood of errors and make the tax return process much smoother.

2. Identify Eligible Tax Deductions

Many Australians overlook deductions simply because they do not review their expenses closely enough before the end of the financial year.

Common deductible expenses may include:

• Work-related expenses
• Self-education costs related to your job
• Professional memberships or subscriptions
• Donations to registered charities
• Home office expenses

Reviewing these expenses before 30 June ensures they are correctly documented and eligible to be claimed when lodging a tax return with the Australian Taxation Office.

3. Check Superannuation Contributions

Superannuation can play an important role in tax planning. Some individuals choose to make additional contributions before the end of the financial year to boost their retirement savings and potentially gain tax benefits.

Reviewing contributions allows you to confirm:

• Employer contributions have been paid correctly
• Any personal contributions are within contribution caps
• Additional contributions are processed before 30 June if required

Superannuation contributions must generally be received by your fund before the end of the financial year to be counted.

4. Review Capital Gains and Investments

If you have bought or sold shares, property, or other investments during the year, it is important to review any potential capital gains or losses.

Understanding these outcomes before EOFY can help with tax planning. In some cases, individuals may offset capital gains with capital losses from other investments.

Reviewing your investment portfolio also provides an opportunity to assess whether it still aligns with your financial goals.

5. Finalise Business Income and Expenses

For business owners and self-employed individuals, EOFY preparation often involves reviewing financial records to ensure income and expenses are recorded correctly.

Important tasks may include:

• Reconciling bank accounts
• Confirming invoices issued and payments received
• Recording outstanding expenses
• Reviewing business-related deductions

Accurate bookkeeping is essential for preparing financial statements and lodging business tax returns.

6. Update Payroll and Employee Records

Employers must ensure payroll information is correct before the financial year closes. This includes verifying employee earnings, tax withheld, and superannuation contributions.

Many businesses now report payroll information through Single Touch Payroll systems, which are submitted directly to the Australian Taxation Office throughout the year.

Reviewing these records ensures that employee income statements will be accurate when the financial year ends.

7. Organise Financial Documents

One of the simplest but most valuable EOFY jobs is organising your financial documents. Keeping records well-structured can save time and prevent unnecessary stress when preparing tax returns.

Useful documents to organise include:

• Income statements
• Investment records
• Deductible expense receipts
• Loan and interest statements
• Superannuation contribution records

Having these documents ready can also make it easier for your accountant or adviser to prepare your return efficiently.

8. Review Your Financial Position for the New Year

EOFY is also an ideal time to step back and review your broader financial position. This can include assessing savings goals, investment strategies, insurance coverage, or debt levels.

Taking time to reflect on the past financial year and discussing your situation with your local Central Coast accountants (or wherever you are located in Australia) allows you to set clearer financial goals for the year ahead.

End of Financial Year preparation does not need to be stressful. By focusing on the tasks that have the greatest financial impact, Australians can approach EOFY with greater confidence and organisation.

Key priorities include reviewing income and expenses, identifying eligible tax deductions, checking superannuation contributions, assessing investments, and ensuring business and payroll records are accurate. Organising financial documents and reviewing your broader financial position can also provide valuable insights as you enter the new financial year.

Identifying the EOFY jobs that matter most helps ensure nothing important is overlooked and allows you to make informed financial decisions before the financial year closes on 30 June.
Important information – Oracle Advisory Group makes no representation or warranties as to the accuracy or completeness of any statement in it including, without limitation, any forecasts. The information in this document is general information only and is not based on the objectives, financial situation or needs of any particular investor. An investor should, before making any investment decisions, consider the appropriateness of the information in this document, and seek their own professional advice. Past performance is not a reliable indicator of future performance. The information provided in the document is current as the time of publication.

Frequently Asked Questions

Ideally, several weeks before 30 June. Starting early gives you time to locate missing records, make superannuation contributions before deadlines, review investments, and address any issues before the financial year closes. Leaving it to the last week limits your options and increases the risk of errors.
Work-related expenses are among the most frequently overlooked, including home office costs, self-education fees related to your current role, professional memberships and subscriptions, and tools or equipment purchased for work. Donations to registered charities are also deductible but often forgotten. The key is reviewing your actual expenses well before lodging, rather than relying on memory.
Yes, in some circumstances. Personal concessional contributions can be tax-deductible if you are eligible and have not exceeded the annual contribution cap. The contribution must be received by your super fund before 30 June to count for that financial year. It is worth checking your year-to-date employer contributions first to confirm how much cap space remains.
Capital losses can be used to offset capital gains made during the same financial year, which reduces the amount of taxable capital gain. If your losses exceed your gains, the remainder can be carried forward to offset future capital gains. Reviewing your investment portfolio before 30 June allows you to make informed decisions about whether to realise any losses.
You will generally need income statements from employers (now generated via Single Touch Payroll), bank statements, investment records showing any purchases or sales, receipts for deductible expenses, superannuation contribution statements, and records of any rental income and expenses if applicable. Having these organised before you meet with your accountant saves time and reduces the chance of omissions.
Business owners have additional responsibilities, including reconciling bank accounts, confirming all invoices and payments are recorded, reviewing outstanding debtors and creditors, and ensuring payroll and superannuation obligations are up to date. Accurate bookkeeping throughout the year makes EOFY preparation substantially easier and supports the preparation of financial statements for tax lodgement.
Single Touch Payroll (STP) is a system that requires employers to report payroll information, including wages, tax withheld, and superannuation, directly to the ATO each pay cycle. For employees, this means income statements are now pre-filled or available through myGov rather than issued as payment summaries. Employers need to ensure their STP reporting is complete and accurate before the financial year ends.
It is one of the best times. Because you are already reviewing income, expenses, investments, and savings, EOFY provides a natural opportunity to assess whether your financial goals are on track, whether your debt levels are manageable, and whether your insurance and investment strategies still suit your circumstances. Speaking with an accountant or financial adviser at this time allows you to carry useful insights into the new financial year.

Glossary of Terms

• EOFY (End of Financial Year) — The close of the Australian financial year, which falls on 30 June. It marks the deadline for many tax, superannuation, and payroll obligations, and triggers the period for lodging income tax returns.
• Tax deduction — An expense that can be subtracted from your assessable income, reducing the amount of income on which tax is calculated. To be deductible, expenses generally must be directly related to earning income.
• Concessional contribution — A before-tax superannuation contribution, including employer contributions and salary sacrifice arrangements. These contributions are taxed at 15 per cent within the super fund and count toward the concessional contributions cap.
• Contribution cap — The annual limit on how much can be contributed to superannuation in a given category. Exceeding the cap can result in additional tax.
•  Capital gain — The profit made when an asset, such as shares or property, is sold for more than its original purchase price. Capital gains are generally included in assessable income, though discounts may apply if the asset was held for more than 12 months.
•  Capital loss — The loss incurred when an asset is sold for less than its purchase price. Capital losses can only be used to offset capital gains, not other income.
•  Single Touch Payroll (STP) — A mandatory ATO reporting system that requires employers to submit payroll data, including wages, tax withheld, and superannuation, each time payroll is processed.
•  Bank reconciliation — The process of matching a business's internal financial records against its bank statements to confirm all transactions are accurately recorded, and any discrepancies are identified and resolved.