Most small business owners think about end of financial year in May or June. By then, most of the useful tax planning options are already gone. The financial year runs from 1 July to 30 June, so September is actually the perfect time to get organised for 30 June 2027. This EOFY checklist for Melbourne small businesses walks through what to review now, so June is a routine finish rather than a scramble.

Why start EOFY planning in September?

Tax planning works best when you still have time to act on it. If you wait until June, your decisions are limited to what you can do in a few weeks. If you review your numbers now, you have nine months to make sensible decisions about equipment, timing of income and expenses, cash flow and payroll, all based on real figures instead of guesses.

1. Get your bookkeeping up to date

Everything else depends on accurate records. Before you plan anything, check that:

• Bank and credit card feeds in Xero or MYOB are reconciled to the latest month
• Uncoded or duplicate transactions are cleared
• Supplier bills and customer invoices are entered and matched
• Personal expenses are separated from business expenses

If your records are months behind, catching up now is far cheaper and less stressful than doing it under a June deadline.

2. Review your year-to-date profit

Run a profit and loss report for July to September and compare it with last year. Ask three questions: Is income tracking above or below expectations? Are any costs growing faster than revenue? Is your profit level likely to move you into a higher tax bracket, or change what you owe in PAYG instalments? These answers shape every decision that follows.

3. Plan asset purchases sensibly

Small businesses with aggregated turnover under $10 million can immediately deduct the full cost of eligible assets costing less than $20,000 each, provided they are first used or installed ready for use in the income year. From 1 July 2026, this threshold is permanent, so there is no annual cliff to worry about.

Some points worth remembering: the asset must be ready for use by 30 June, not just ordered, and a deduction only makes sense if you genuinely need the equipment. Spending money just to get a deduction still means spending the money. Talk to your accountant before a large purchase, especially for vehicles, which have their own limits.

4. Get ready for Payday Super

From 1 July 2026, employers must pay super at the same time as wages, and contributions must reach the employee’s fund within seven business days of payday. Quarterly super payments no longer apply, and the ATO’s Small Business Superannuation Clearing House has closed.

For employers, this means checking that:

• Your payroll software calculates and pays super each pay run
• Employee super fund details are complete and correct
• Your cash flow can handle more frequent super payments
• Your Single Touch Payroll reporting is up to date

Late or incorrect super payments can lead to the super guarantee charge and penalties, so it is worth getting this right early.

5. Stay on top of BAS and GST

If you are GST registered, check that your BAS lodgements are current and that GST is coded correctly. Reconciling GST each month, rather than each quarter, catches mistakes while they are easy to fix. If you have fallen behind on BAS, dealing with it now is better than letting it pile up.

6. Check your PAYG instalments and cash flow

Instalments based on last year’s income may not match this year’s reality. If your income has changed significantly, review your instalment amounts so you are neither overpaying nor facing a large surprise at tax time. It also helps to set aside tax money regularly, instead of finding it all in one go.

7. Get your paperwork in order

The ATO expects you to keep business records for five years. Keep receipts, invoices, bank statements, vehicle logbooks (if claiming car expenses), and contracts in one organised place. Digital records in Xero, with attached receipts, make this simple.

Quick EOFY checklist

• Bookkeeping reconciled and up to date
• Year-to-date profit reviewed
• Planned asset purchases discussed with your accountant
• Payroll and Payday Super processes checked
• BAS and GST lodged and reconciled
• PAYG instalments reviewed
• Records stored and organised

Get help from a Vermont CPA accountant

At PremierOne Tax & Accounting, our CPA-qualified team helps Melbourne small businesses with bookkeeping, payroll, BAS, tax planning and Virtual CFO support. We look at your numbers well before year end, so decisions are made with time to spare.

If your records need catching up first, we can clean up your Xero or MYOB accounts and bring you current. Contact PremierOne today to book a conversation about your 2026-27 tax planning.