If you run your own business and do your own books, the end of the financial year is where small gaps become expensive. A missed invoice, an uncategorised expense, or a bank account that was never reconciled all flow straight through to the tax you pay and the BAS you lodge.
The good news: getting EOFY right is mostly a checklist. You don't need an accountant to work through it — you need complete records and a clear order of operations. This guide walks through exactly what to do before 30 June, and what to do after, for Australian sole traders and small business owners doing it themselves.
Why EOFY is different when you do your own books
When a bookkeeper runs your accounts, they catch the gaps. When you do it yourself, nobody is checking that every transaction has been recorded and coded. That's fine — most of the work is mechanical — but the discipline is on you. The single biggest cause of a wrong tax outcome for self-filers isn't a complicated rule; it's incomplete data. Get the data complete first, and the calculations look after themselves.
Step 1 — Reconcile every account to 30 June
Reconciliation simply means matching what your records say against what the bank actually shows. Do it for every business bank account, credit card, and payment platform (PayPal, Stripe, Square) up to and including 30 June.
- Import or enter every transaction for the full year
- Match each one to an income or expense category
- Confirm your closing balance equals the bank's 30 June statement balance
If the balances don't agree, there's a missing or duplicated transaction — find it now, not in October. New to this? Start with What is bank reconciliation?
Step 2 — Make sure all your income is recorded
Go through every deposit and confirm it's recorded as income: invoices paid, cash sales, platform payouts, interest, and any government payments. The ATO's data-matching program already sees a lot of this, so omissions get noticed. If you report on a cash basis, income is counted when the money arrives; on an accruals basis, when you invoice. Pick one method and apply it consistently.
Step 3 — Capture every deductible expense
Work through your bank and card statements line by line. The deductions sole traders most often miss are the small recurring ones: software subscriptions, bank and merchant fees, the business portion of phone and internet, professional memberships, and home office running costs. To claim a GST credit on a purchase over $82.50 (GST-inclusive), you need a valid tax invoice — so chase any that are missing now. For more, see our sole trader deductions checklist and the work-from-home expenses guide.
Step 4 — Last-minute moves that only count before 30 June
Some actions only reduce this year's tax if they happen by 30 June:
- Pay deductible super contributions and lodge a Notice of Intent to Claim — super is deductible only when actually paid and received by the fund, not when accrued
- Buy and install equipment you genuinely need — assets under $20,000 each may be immediately deductible (aggregated turnover under $10 million, 2025–26)
- Pay outstanding deductible bills if you report on a cash basis
- Write off bad debts you've genuinely given up recovering
Step 5 — After 30 June: lodge your BAS and prepare your return
Once the year is closed:
- Lodge your June-quarter (Q4) BAS — due 28 July if you self-lodge
- Check that GST collected less GST paid in your books matches your BAS
- Pull your figures together for your income tax return (as a sole trader, you report business income in your individual return)
- Keep every record for five years
EOFY quick-reference (2025–26)
| Item | What to know |
|---|---|
| GST registration threshold | $75,000 annual turnover |
| GST on a taxable sale | 1/11th of the GST-inclusive price |
| Tax invoice needed to claim a GST credit | Purchases over $82.50 (incl GST) |
| Instant asset write-off | Under $20,000 per asset (turnover under $10M) |
| Super guarantee rate | 12% from 1 July 2025 |
| June-quarter BAS due (self-lodgers) | 28 July |
| Record-keeping period | 5 years |
Confirm current figures with the ATO, as thresholds and rates change between years.
Getting EOFY done without a bookkeeper
This is exactly what ReconLink is built for. Import a full year of CSV, Excel or PDF statements at once, and a 139-vendor default coding pack categorises the common ones automatically from day one — so you're reviewing transactions, not typing them. It reconciles your accounts and produces a BAS worksheet (labels G1–G19, 1A, 1B) you can read straight off.
The Solo plan covers one business doing its own books, with a 30-day free trial and no card required. There's an EOFY founding offer running now — see the EOFY offer or start free.
Frequently asked questions
Do I need an accountant to do my EOFY as a sole trader?
No. A sole trader with straightforward affairs can reconcile, lodge their own BAS, and prepare their own return. Consider a registered tax or BAS agent if you have employees, multiple entities, or complex GST — or for a one-off review before you lodge.
When are my BAS and tax return due?
If you self-lodge, the June-quarter BAS is generally due 28 July. A self-prepared individual tax return is generally due 31 October. Both dates can differ if you lodge through a registered agent — confirm with the ATO.
What records do I need to keep after EOFY?
Keep bank statements, sales records, tax invoices for purchases over $82.50, logbooks, and your BAS and return working papers for five years.
This article is general information for Australian small business owners, not tax advice. Confirm current rates, thresholds and lodgement dates with the ATO or a registered tax or BAS agent for your situation.