EOFY Ready: What Brisbane Businesses Should Be Doing Now
June 30 is fast approaching, and for many businesses, that means deadlines, compliance pressure, and the risk of missed opportunities if planning is delayed.
EOFY doesn’t need to feel like a rush to the finish line. With the right support, it becomes a valuable opportunity to improve your position and enter the new financial year with greater clarity and control. Working alongside experienced tax advisors in Brisbane can help turn this final stretch into a more strategic moment for your business.
Steps to Strengthen Your EOFY Position
There is still time to make meaningful progress. With your advisor’s support, you can focus on the areas that matter most:
- Reconcile your accounts
Up-to-date records form the basis for accurate reporting and informed decision-making.
- Confirm trustee resolutions
Distributions need to be signed off before 30 June. Your advisor can help ensure they align with your broader tax strategy.
- Make superannuation contributions
Contributions must be processed in time to qualify for a deduction in this financial year.
- Review asset purchases
Timing asset-related decisions may provide access to depreciation benefits or other tax advantages.
- Prepare for upcoming liabilities
Looking ahead to July’s BAS, PAYG, and income tax payments helps manage your cash flow as the new year begins.
Addressing these areas helps reduce pressure and gives your business greater visibility and control as the financial year wraps up.
Common Pitfalls to Watch For
When EOFY preparation is delayed, the consequences can be disruptive. Some of the most common issues include:
- Late or incomplete trust resolutions
Without a signed resolution, default tax outcomes may apply.
- Missed superannuation deadlines
Paying after 30 June means the deduction may not be available for this year.
- Unclaimed prior-year losses
These are often overlooked, despite their potential to reduce this year’s tax burden.
- Limited visibility over obligations
Unplanned liabilities can put avoidable strain on your cash flow as the new year begins.
Tackling these risks early gives your business more options and stronger footing going forward.
Why a Good Tax Advisor Makes the Difference
EOFY is a key time to review, clarify, and refocus your approach, not just submit paperwork. A skilled advisor will help you:
- assess your financial position
- identify potential tax planning opportunities
- manage lodgements and deadlines
- refine your reporting and forecasting
We regularly work with Brisbane-based SMEs looking to align their tax outcomes with broader business goals. These discussions often uncover ways to simplify decisions, improve timing, and reduce unnecessary pressure as the year wraps up.
At Advivo, our tax advisors in Brisbane support clients through EOFY with a combination of structure, insight, and forward-thinking advice. From reviewing distributions to preparing for the months ahead, our focus is on helping you finish the year with confidence and set a strong foundation for the one to come.
Final Thoughts: Take Control Before 30 June
The end of financial year comes with deadlines, but it also offers a chance to take stock, strengthen systems, and move forward with better perspective.
If you have not yet reviewed your EOFY position, now is the right time. Speak with Advivo’s experienced tax advisors in Brisbane to take control of your planning and step into the new financial year with confidence and clarity.
