13th May, 2024

How to own tax time for your business this EOFY

Stress-free EOFY strategies

Tax time can be a scramble for business owners — especially if you’re an end-of-financial-year (EOFY) newbie. 

The good news? With some planning and the right tools, you can tick the right tax boxes with minimal stress.

We talked to MYOB’s Community Relations Managers for Partners Leanne Berry and and Jody Sitters about making EOFY easier.

1. Put systems in place early

If your EOFY paperwork involves hunting down a year’s worth of receipts and invoices, it’s likely to be messy and time-consuming.

As Leanne explains, if you put systems and processes in place to capture that information throughout the year, you’re set up for success when EOFY rolls around.

“There is complexity — if you look at the Australian tax system, there is complexity around reporting, payroll and awards. Having systems in place from the start is better than getting 12 months down the track and having to pay increased fees your advisor to sort out the mess,” she says.

Put processes in place to track:

  • Inventory: Regularly update your stock levels to avoid a stocktake surprise.
  • Invoices: Chase up outstanding invoices early, not at the eleventh hour.
  • General transactions: Make a weekly date to review and record all financial transactions.
  • Expenses: Keep a record of receipts and assign an expense category.

2. Make sure your accounting system is up to scratch

If your current accounting software is more of a roadblock than a useful tool, it could be time for an upgrade.

Leanne says, “Make use of the tech that’s available to you to minimise the interruption to your work/life balance.”

MYOB accounting software is designed to help you navigate the EOFY process and keep up with ATO updates and new tax legislation.

EOFY for businesses


Key benefits:

  • Seamless system updates: Automatic updates mean you’re always compliant with the latest ATO rules.
  • Real-time GST tracking: Using MYOB Business, you can monitor and file GST, including any previous period changes, and submit it directly to the ATO.
  • Cash-flow management: Implement best practice strategies – regularly monitor invoices, reconcile your accounts to statements, and use the full functionality of your software to reduce costs and make informed decisions.

3. Keep your people happy with smart payroll

Payroll always needs careful attention — and even more so at EOFY.

If you’re using MYOB, run reports, adjust the date range to the current financial year, and check that employee details, rates, and contract terms are up to date and balances are accurate.

EOFY is also a great time to check that you comply with employer requirements like minimum wage, super guarantee percentage, PAYGW rates and contracts for the following year.

“Income tax changes and the new minimum wage come into effect from the 1st of July — it’s important to understand those rules so you can stay compliant,” Leanne says.

Here’s a look at key payroll tasks:

  • Enter all pay up to June 30th. If a pay period covers dates in June and July, the date it’s paid tells you which payroll year it should be included in.
  • Notify the ATO if you’ve terminated any employees during the year.
  • If you’re using MYOB, make sure your YTD verification and Payroll summary reports match.
  • Finalise your STP information for the year before the ATO deadline of the 14th of July.

4. Start using the MYOB Capture app for receipts

Picture this: you’ve left a coffee shop after a client meeting, and instead of stashing that tax-deductible receipt in your wallet (where it’ll likely be forgotten), you snap a photo on your phone with the MYOB Capture App.

“Take the photo; it goes straight in, and you don’t have to think about it again,” explains Jody.

“You can then match these documents up with bank feeds or expenses, so you don’t have to go into your accountant with a shoebox full of receipts that takes them hours to sort out.”

Seamless and straightforward, it’s one of the easiest ways to keep track of your spending and ensure you claim all your tax deductions at the end of the year.

5. Set new goals for the new year

EOFY is a good time to reflect on your progress and consider your goals for the coming year.

“Goals don’t have to be huge and ambitious to make a difference in your business. Keeping them SMART (Specific, Measurable, Achievable, Relevant and Time-bound),” explains Jody.

6. Build a strong financial team

Leanne and Jody agree that seeking expert advice is one of the most important jobs at tax time.

“My major tip is: you didn’t go into business to do the bookkeeping – so have a great bookkeeper,” Leanne adds.

Working closely with a bookkeeper, accountant and other financial advisors ensures your tax obligations are sorted.

Also, it helps you maximise tax deductions, establish new workflows or systems to simplify accounting, and set strategic goals.

“If you’ve got the software and you’re connected to an advisor, that will make a huge difference,” explains Jody. 

Make next year’s EOFY easier

Feeling disorganised and stressed in the lead-up to EOFY?

If you’re still sorting through paper receipts and wrangling spreadsheets or if your systems are not integrating seamlessly it could be a sign that your current systems aren’t keeping up with your business needs.

With an online business management platform like MYOB, you can simplify tax time, automate year-round expense tracking and other jobs, manage payroll, and get a clear view of your financial position at any moment. 

Make the change now, and next year’s EOFY will look very different.

Want to streamline your EOFY admin? Get MYOB from $5 a month for your first 8 months*. Limited time offer only. T&Cs apply

Information provided in this article is of a general nature and does not consider your personal situation. It does not constitute legal, financial, or other professional advice and should not be relied upon as a statement of law, policy or advice. You should consider whether this information is appropriate to your needs and, if necessary, seek independent advice. This information is only accurate at the time of publication. Although every effort has been made to verify the accuracy of the information contained on this webpage, MYOB disclaims, to the extent permitted by law, all liability for the information contained on this webpage or any loss or damage suffered by any person directly or indirectly through relying on this information.

MYOB is not a registered entity pursuant to the Tax Agent Services Act 2009 (TASA) and therefore cannot provide taxation advice to clients. If you have a query concerning taxation including filing your BAS return or annual tax statements then you should consult with your accountant or other registered tax adviser.