Don't Leave 30 June to Chance — A Perth Accountant's Guide to EOFY 2026
The end of the financial year has a way of arriving faster than expected. One minute it's Easter, the next it's 30 June and you're scrambling to find eight months of receipts. After more than thirty years working in corporate finance and accounting — and the past fifteen helping individuals and businesses across Perth navigate tax time — I can tell you that the difference between a stressful EOFY and a smooth one almost always comes down to preparation made in the weeks before 30 June, not the days after.
Perth's financial year ends the same way every year — right as the last of the summer sun fades. Don't let 30 June sneak up on you.
“Most people think tax is something that happens in July. The reality is, by the time you’re sitting across from your accountant in August, the decisions that would have saved you money expired on 30 June. Tax planning is a year-round discipline — lodgement is just the paperwork at the end.”
What the 2025–26 Federal Budget Means for Your Return
The recent Federal Budget included several measures worth understanding before you lodge. A quick summary:
Personal income tax cuts. The government confirmed further reductions to individual tax rates, meaning more Australians will retain a larger share of their income. If your employer hasn't adjusted your withholding to reflect the new rates, you may be sitting on a refund — or you may have inadvertently been underpaying. Worth checking before 30 June.
Energy bill relief. The extended energy rebate payments are classified as non-assessable, non-exempt income — they won't affect your taxable income. No action needed, but useful to know when your clients or staff ask.
Instant asset write-off extended. The $20,000 instant asset write-off threshold for small businesses with turnover under $10 million has been extended through this financial year. If you've been considering a business purchase, doing it before 30 June could allow a full deduction now rather than a depreciation schedule over several years.
Super on paid parental leave. From 1 July 2025, superannuation is payable on government-funded parental leave. If this applies to anyone on your payroll, your system needs to be configured correctly from day one — not corrected after the first payroll error.
ATO compliance activity. The Budget allocated additional funding to the ATO for increased compliance — particularly targeting rental deductions, work-related expense claims, and the shadow economy. Well-documented, legitimate claims have nothing to fear. Patchy records are a different story.
Budget measures can be complex and don't always apply uniformly across different situations. If you're uncertain how any of these affect you specifically, contact us before lodging — not after.
Please note: The above is a general summary of announced Budget measures, intended as a guide only. Some measures remain subject to legislative passage. This is not personal tax advice.
For Everyone: Get Your Records in Order Now
“The most expensive mistake I see — consistently, after three decades — isn’t fraud or aggressive claiming. It’s disorganisation. People losing deductions they were fully entitled to because they couldn’t find a receipt, or missing a deadline because they assumed someone else was watching the calendar. Good recordkeeping isn’t glamorous, but it’s worth real money.”
The biggest timewaster at tax time is chasing paperwork that should already be at hand. Start pulling together:
Income statements from your employer (these come through myGov via Single Touch Payroll — check yours is there and correct)
Bank statements covering the full financial year
Receipts for deductions — work-related expenses, charitable donations, income protection insurance premiums
Private health insurance statements if applicable
If you don't yet have a system for capturing this during the year, a simple dedicated folder — physical or digital — makes more difference than most people realise. We can recommend cloud-based approaches that eliminate the end-of-year scramble entirely.
For Sole Traders: Review Before 30 June, Not After
If you're running your own business, the decisions you make before 30 June can genuinely reduce your tax bill. That means having a clear picture of what came in and what went out — right now, not in July.
Specifically:
Reconcile your accounts. If you're on Xero, this should be straightforward. If your books are behind or your reconciliation is a mess, bring them to us — we'll sort it quickly.
Ensure all invoices are recorded, including any that are still outstanding.
Review your deductible expenses — home office costs, vehicle use, equipment, software subscriptions, professional memberships.
Consider whether any purchases planned for the next few months could be brought forward to take advantage of the instant asset write-off.
For Small Business Owners: A Few Additional Things to Action
Beyond the basics, small business owners need to address several items before the financial year closes:
Superannuation contributions. To be deductible this financial year, contributions must be received by your super fund by 30 June — not sent, received. Processing times vary between funds, so don't leave this to the last working day of the month.
Stocktake. If you carry inventory, a stocktake at 30 June is a requirement. A lower closing stock value reduces your taxable income — and this is a legitimate opportunity to write down obsolete or damaged stock at the same time.
Bad debts. Review your debtors list now. Debts formally written off before 30 June may be deductible. If a debt has been outstanding for an extended period with no realistic prospect of recovery, a decision made before 30 June is worth materially more than the same decision made in July.
Payroll and Single Touch Payroll finalisation. Your STP figures need to be finalised and accurate. Your employees lodge their own returns based on this data — errors create compounding problems.
Why Preparation Matters More Than Lodgement
“A lot of people come to us expecting an accountant to tell them what they owe. What we actually do is tell them what they don’t have to pay — and make sure they can prove the difference. That’s the job.”
A common misconception is that an accountant's primary job is to lodge your return. In reality, lodgement is the last step. The value is in what happens before it.
Tax law changes every year — rates shift, thresholds move, new measures come into effect. What applied last year may work differently this year, and opportunities that weren't relevant before may now apply to your situation. A good accountant helps you structure your affairs to minimise what you legitimately owe, while keeping you fully compliant with your obligations.
At Atramentum, we've been working with individuals, sole traders, and business owners across the Perth metropolitan area since 2010. As a Xero Silver Champion Partner and registered tax agent, we help clients stay on top of their obligations year-round — not just in June and July.
“I started Atramentum because I believed small business owners and families in Perth deserved the same quality of financial advice that large corporates take for granted. Fifteen years on, that hasn’t changed. EOFY is when it shows — clients who’ve stayed on top of things through the year walk out with clarity; clients who haven’t walk out wishing they’d called us in May.””
If you'd like to get organised before 30 June, get in touch or call us on (08) 9200-3465. The earlier you come to us, the more we can actually do.
Please note: The information above is a general summary of announced Budget measures and is intended as a guide only. Some measures may still be subject to legislative passage and could change before becoming law. This is not personal tax advice — speak with Atramentum before making any decisions based on Budget announcements.
