Top Accounting Tasks to Complete Before the Financial Year Ends: A Guide for Australian Firms
The period leading up to June 30 is a paradox. It is simultaneously the most critical window for strategic client advisory and the most operationally chaotic time of the year. With staff shortages impacting 90% of firms and regulatory changes looming, the traditional “scramble” is no longer a viable strategy.
To navigate the next season successfully, firms must shift from reactive compliance to proactive management. Your capacity is your most valuable currency. By ticking off these critical tasks now, you not only secure your firm’s workflow but also position yourself as the strategic partner your clients need.
Here are the top accounting tasks your firm needs to complete before the clock strikes midnight on June 30.
1. Conduct a Strategic Client Portfolio Review
Before the flood of shoebox receipts begins, evaluate who you are serving. The End of Financial Year (EOFY) is the perfect time to assess client profitability.
- The Task: Review your client list to identify “scope creep.” Which clients required 20% more time than billed last year? Who is consistently late with data?
The Stat: Industry data suggests that top-performing firms generate 50% of revenue from advisory, yet many are bogged down by low-margin compliance work. Use this time to re-price or disengage from clients who drain your resources, freeing up capacity for high-value work.
2. Pre-Game the New “Non-Deductible Interest” Rule
As of 1 July 2025, the Australian Taxation Office (ATO) interest charges on overdue tax debts (GIC and SIC) will no longer be tax-deductible. This is a massive legislative shift that requires immediate client communication.
- The Task: Review your client base for those with existing payment plans or habitual late payment histories. You must advise them now that the cost of using the ATO as a “bank” is effectively increasing by 30% (for corporate entities).
The Strategy: Proactive communication here prevents “bill shock” in FY26 and positions you as a forward-thinking advisor.
3. Finalise Trust Distributions and Div 7A Loans
These are the perennial compliance traps. Every year, the ATO flags trustee resolutions made after 30 June as invalid, leading to punitive tax outcomes.
- The Task: Ensure all discretionary trust distribution minutes are drafted and signed before 30 June. Simultaneously, review all Division 7A loans. Ensure minimum repayments are calculated and communicated to clients to prevent deemed dividends.
The Stat: Errors in these areas are among the top triggers for ATO reviews, yet they are entirely preventable with a robust year-end accounting checklist.
4. Optimise Superannuation and STP Finalisation
With the Super Guarantee rate rising to 12% on 1 July 2025, payroll compliance is under the microscope.
- The Task: Advise business clients to clear all superannuation liabilities before 30 June to claim the tax deduction in the current year. Furthermore, prepare for Single Touch Payroll (STP) finalisation.
The Risk: Late super payments are non-deductible and attract the Super Guarantee Charge (SGC). A proactive reminder here saves your clients money and saves your team from fixing messy ledgers later.
5. Solve the Capacity Crunch with Strategic Outsourcing
Perhaps the most critical task isn’t about what you do, but how you do it. The accounting talent shortage in Australia is acute, with 46% of accounting teams facing personnel shortages. Entering the busy season understaffed is a recipe for burnout and errors.
- The Task: Assess your team’s capacity now. If you are forecasting a bottleneck, engage an outsourced accounting services partner before the peak hits.
- The Solution: APT Business Services provides the “pressure release valve” your firm needs. We handle the time-consuming compliance work – tax return preparation, BAS, and bookkeeping – allowing your local team to focus on the high-level review and client advisory.
The Bottom Line The difference between a chaotic EOFY and a profitable one lies in preparation. By addressing these tasks now, you protect your firm from the accounting firm capacity issues that plague the industry every July. Don’t wait for the burnout statistics to claim your team. Partner with APT to ensure this financial year end is your most efficient yet.
Disclaimer
The content provided in this blog is for general informational and educational purposes only and represents the views and insights of APT Business Services as of the date of publication. It does not constitute, and should not be interpreted as, professional legal, financial, accounting, tax, or business advice tailored to your specific situation. The business and regulatory landscapes are dynamic and subject to change. Therefore, before making any decisions based upon the information presented here, we strongly encourage you to seek personalised advice from a qualified professional who can thoroughly assess your unique circumstances.