EOFY IS APPROACHING: Here’s a Quick Checklist for Queensland Tradies
- Mar 30
- 4 min read
With the end of the financial year (EOFY) fast approaching, tradies across Queensland should be getting organised now, to avoid last minute stress and missed tax saving opportunities.
Whether you’re on the tools full time or running a growing business, a simple EOFY checklist can help you stay compliant, maximise deductions and improve cash flow.
1. Get Your Receipts in Order
Accurate records are the foundation of every good tax return.
Make sure you:
Collect and organise all receipts (digital or paper)
Use an accounting system like Xero, MYOB or Quickbooks to capture receipts as you go (for example, Xero’s receipt capture app is called Hubdoc)
Categorise expenses correctly within your accounting system. You can create specific accounts for things like tools, fuel and materials.
2. Update Your Logbooks
Vehicle expenses are one of the biggest deductions for tradies, but only if properly documented.
Before 30 June:
Ensure your logbook is up to date (valid for 5 years)
Check your business use percentage is accurate
Record all vehicle related costs (fuel, servicing, insurance)
To keep track, you can:
Use a handwritten logbook or notepad
Use free apps to record your kilometers as you drive
3. Chase Outstanding Invoices
Unpaid invoices can place pressure on your cash flow and may also affect your overall tax position, particularly as the end of financial year approaches. Staying on top of your receivables helps ensure your business remains financially stable and gives you a clearer view of your true income.
What you can do:
Follow up overdue customer receivable. A simple reminder can often prompt quick payment, especially if the delay was unintentional
Enable automatic invoice reminders in your accounting system to send follow ups for you
Review your accounts receivable. Keep an eye on aged receivables to identify any patterns or problem accounts. This allows you to act early and manage any potential cash flow issues before they escalate.
Consider writing off bad debts if they’re unrecoverable. This can also have tax implications, so it is worth reviewing before year end to ensure everything is accounted for correctly.
4. Review Outstanding Bills & Expenses
It is just as important to stay on top of your outgoing payments as it is your income. A clear view of your expenses ensures your financial records are accurate and helps you make informed decisions before year end.
Record all supplier invoices and expenses. Make sure every bill and business expense has been entered into your accounting system, even if it has not yet been paid. This gives you a complete picture of your financial position.
Consider prepaying expenses (e.g. insurance, software). This can help bring forward deductions into the current financial year
Ensure all costs are captured before 30 June. Review your records to confirm that no expenses have been missed. This includes smaller or irregular costs that are easy to overlook.
5. Check Your Super Contributions
Super is often overlooked, yet it can play an important role in your tax planning strategy. Taking the time to review contributions before the end of financial year can help you stay compliant and make the most of available deductions.
Before EOFY:
Ensure employee super is paid and received on time. Super must be paid by the required deadlines and received by the fund to be deductible. Processing payments early can help avoid any timing issues.
Consider making additional personal contributions. Depending on your circumstances, making extra contributions may help reduce your taxable income while boosting your retirement savings.
Confirm contributions hit the fund before 30 June. It is not enough to process the payment, it must reach the super fund before the end of the financial year to count.
Be mindful of late super payments, as they are generally not tax deductible in the current financial year.
It’s important that you also prepare for the upcoming changes. With Payday Super coming up on 1 July 2026, now is a good time to review your processes and ensure you are ready for more frequent super payment requirements.
6. Know Your Numbers
Having a clear understanding of your financial position is key to making informed decisions, especially as the end of financial year approaches. Knowing where your business stands helps you plan ahead and avoid surprises.
Take the time to assess your income and expenses to see how your business has performed. This gives you a snapshot of your profitability and areas that may need attention.
Based on your current figures, calculate an estimate of the tax you may owe. This allows you to plan ahead rather than being caught off guard when it is due.
Ensure you’re putting money aside regularly can help you stay on top of your obligations and avoid cash flow strain when payments are required.
7. Book Your Tax Planning Session
Preparing for EOFY isn’t just about compliance, it’s about maximising your deductions, strengthening your cash flow position and setting your business up for the year ahead.
During a tax planning session, we run through:
Detailed projections
Scenario modelling
Tailored calculations
so we can clearly map out your expected tax position and implement appropriate strategies in time.
How Rise Accountants Can Help
EOFY is a busy time of year, especially when you're already focused on running your business. It's important to take a step back and make sure everything is in order. At Rise Accountants, we can:
Review your employee super payments to ensure everything is processed and received before the 30 June deadline
Check your overall tax position and how super impacts your deductions
Get you prepared for upcoming changes like Payday Super, so your systems and processes are ready
Preparing for EOFY isn’t just about getting everything in order, it’s about understanding your position, improving cash flow and planning ahead with clear, accurate insights into your expected tax outcome.