At Hills Accounting, the local Tax Accountant Hobart business owners trust, we regularly speak with people who suddenly realise June 30 is much closer than they thought.
One minute it feels like the financial year has just started — the next, EOFY is breathing down your neck while receipts are hiding in drawers and bookkeeping hasn’t been touched in months.https://hillsaccounting.com.au/
The good news? A little preparation now can save you a mountain of stress later.
When EOFY pressure starts building, the biggest mistake many people make is doing nothing because the job feels too overwhelming. The better approach is to tackle things one step at a time before the deadline panic really kicks in.
Start With Your Bookkeeping
Clean, up-to-date bookkeeping is the foundation of a smoother tax return. If your accounts are behind, now is the time to start reconciling bank accounts, checking invoices, and making sure your records actually match reality.
Messy bookkeeping often creates bigger problems later, including missed deductions, BAS mistakes, and unnecessary accountant fees while someone tries to untangle the chaos.
Gather Your Receipts and Records
The ATO loves records. Unfortunately, shoeboxes full of faded receipts and screenshots buried somewhere in your phone don’t count as an organised system.
Start collecting:
- work-related expenses,
- vehicle records,
- equipment purchases,
- bank statements,
- loan documents,
- super payment confirmations.
The sooner you gather everything together, the easier EOFY becomes.
Check Your Super Contributions
If you are planning to make additional super contributions before June 30, timing matters. Contributions generally need to be received by the fund before the end of the financial year to count.
Leaving this until the final few days can sometimes create unnecessary stress if payments are delayed.
The Australian Taxation Office (ATO) Super Guidance provides further information on record-keeping for businesses.
Review Vehicle and Asset Purchases
EOFY is often the time business owners start thinking about equipment purchases and vehicle deductions. But rushing into buying something purely for “tax reasons” can sometimes create more financial pressure than benefit.
Before making major purchases, it is worth sitting down with your accountant to understand:
- what may be deductible,
- how depreciation applies,
- and whether the purchase actually suits your business needs.
- Don’t Ignore Problems
One of the biggest EOFY traps is avoidance.
Many business owners know they are behind but keep putting things off because the situation feels uncomfortable. Unfortunately, avoiding bookkeeping or overdue tax matters rarely improves things. In most cases, the stress simply grows larger the longer it sits there.
Taking action early usually creates far better outcomes — financially and mentally.
A Little Planning Now Can Save Big Headaches Later
At Hills Accounting Hobart, we help Hobart businesses prepare for EOFY every year without the panic, confusion, or last-minute scrambling.
Whether you need help organising your records, sorting out overdue bookkeeping, or preparing for tax time properly, getting started now can make June 30 feel far less stressful.
Remember, this article is general in nature and doesn’t take into account your specific objectives, financial situation, or needs.
For advice tailored to your circumstances, have a chat with us at Hills Accounting Hobart.
Talk to Kathy and the team today
and stay ahead with Hills Insights.
Call 📞 03 6273 7800,
or email admin@hillsaccounting.com.au.
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