EOFY 2026 Key Dates & Checklist for Australian Trades

When is EOFY in Australia?

In Australia, the 2026 financial year runs from 1 July 2025 to 30 June 2026.

Although the end of the financial year is when businesses and individuals wrap up their financial activities, it's not the only important date in the fiscal calendar. Missing deadlines can result in financial penalties, so businesses need to stay on top of lodgement and payment due dates.

EOFY deadlines and other dates for financial reporting

2026

Date	What's Due
21 May	Fringe benefits tax (FBT) return and payment due. (25 June if lodging through a tax agent.)
Early June	Fair Work Commission announces new award rates and minimum wage for 2026–27.
~15 June	Practical super payment deadline for tax deduction. Contributions must be received by the fund before 30 June — allow at least two weeks for clearing times.
28 June	Last pay run for bonuses and commissions — must be processed to appear in this year's income statements.
30 June	End of Australia's 2025/26 financial year. Deadline for asset write-offs, bad debt write-offs, prepayments, trust distribution resolutions, stocktake, and most deduction actions.
1 July	Start of Australia's 2026/27 financial year. Payday Super begins. ATO Small Business Superannuation Clearing House closes. New award rates take effect. PAYG tax rate for $18,201–$45,000 income drops from 16% to 15%. Paid Parental Leave expands to 24 weeks (with 12% super on government-funded PPL).
14 July	STP finalisation declaration due for most employers — confirms employees' income statements are tax-ready.
28 July	Q4 (Apr–Jun 2026) super guarantee payment deadline — the final quarterly super payment under the old rules.
31 October	2025/26 tax return due for self-lodgers (sole traders, partnerships and trusts).

2027

Date	What's Due
15 May	2025/26 tax return due if lodging via a registered tax agent (extended deadline).
28 February	2025/26 lodgment and payment due date for entities like small businesses that weren't due at an earlier date.
28 February	Final date for lodgment and payment (if required) for 2025/26 Annual GST returns — if you don't have an income tax return obligation.

Throughout the year, you'll likely have monthly and quarterly reporting obligations, including PAYG withholding, GST, and business activity statements. Keep in mind these dates may vary depending on your tax and business structure. Be sure to familiarise yourself with the official schedule from the Australian Tax Office (ATO).

Simpro's EOFY Guide: 13 expert tips for trade and field service businesses

Whether it's your first EOFY or you're looking to refine your current processes, this checklist covers the essential tasks and provides practical tips for seamlessly integrating them into your daily operations. This ensures your business is fully prepared for year-end while maximising your efforts. If we have to do the work, we might as well reap all the benefits!

1. Prepare for Payday Super (starting 1 July 2026)

This is the biggest operational change hitting trade businesses this year. Right now, employers pay superannuation guarantee (SG) contributions quarterly. From 1 July 2026, that changes. Under the new Payday Super rules, you'll need to pay super at the same time you pay wages, and contributions must reach your employees' super fund within seven business days of each payday.

If you run a weekly or fortnightly payroll — which most trade businesses do — that means super payments go from four times a year to 26 or even 52 times a year. For businesses with fluctuating or seasonal revenue, this has real cash flow implications.

💡 Tip: Start preparing now by talking to your payroll software provider about system readiness. If you currently use the ATO's Small Business Superannuation Clearing House, note that it's closing on 1 July 2026 — you'll need to transition to an alternative SuperStream-compliant clearing house before then. If possible, run a test cycle of paying super per pay run before 1 July so you can iron out any issues while the stakes are low.

2. Use the $20,000 instant asset write-off before it drops

The $20,000 instant asset write-off allows small businesses with aggregated turnover under $10 million to immediately deduct the full cost of eligible assets costing less than $20,000 each. The asset must be first used or installed and ready for use before 30 June 2026.

This is especially relevant for trade and field service businesses that regularly invest in tools, equipment, vehicles, and technology — think new power tools, diagnostic equipment, tablets for your field crew, or job management software.

The key detail: unless the government extends the threshold again, it drops to just $1,000 from 1 July 2026. If you've been putting off an equipment purchase you genuinely need, the window is closing.

💡 Tip: The $20,000 threshold applies per asset, so multiple items under $20,000 each can all qualify. But don't buy things you don't need just for the deduction — you're still spending real money. The write-off reduces your taxable income, it doesn't make the purchase free.

3. Prepare financial statements and reports

Under tax law, you are required to maintain records of all transactions related to your business's tax affairs. This includes documentation that supports the information reported in your tax returns and financial statements. Before submitting your tax return, it's essential to prepare your financial statements to ensure your records are accurate and up-to-date. This preparation varies depending on your business structure, but will likely include:

• the business balance sheet,
• profit and loss report, and
• cash flow statements.

💡 Tip: Leveraging a digital reporting tool can provide greater visibility into your finances, helping you identify errors early and allowing more time for necessary corrections. With Simpro's configurable dashboards and reporting features, you can get an in-depth view of your financial position without digging through spreadsheets.

4. Reconcile income and expense transactions

Double-check all income and expenses are accurately recorded and correctly categorised. This includes reviewing invoices, receipts, and payments. Pay particular attention to GST coding — incorrectly coded GST transactions can lead to errors on your BAS and attract ATO attention.

Any missed or misclassified transactions could impact your financial statements and lead to discrepancies in your tax filings, potentially resulting in penalties or audits.

💡 Tip: For businesses registered for GST, Taxify simplifies the sales tax process of applying GST to your sales, reducing the stress of tax calculations. With Taxify, you can easily ensure that your GST filings at year-end are accurate, helping you maintain the correct balance between GST collected and paid. If your software supports it, run a GST exception report to catch any miscoded transactions before EOFY.

5. Identify all eligible business expenses and deductions

Review your business expenses and identify any that are eligible for tax deductions. The more deductions you can legitimately claim, the lower your taxable income will be, reducing your overall tax liability.

💡 Tip: Here are some common business deductions according to the ATO:

• professional development training for field and admin staff
• software and subscriptions, including job management software from Simpro
• operating expenses such as office rent and fleet vehicle costs
• business-related travel expenses, including fuel and accommodation
• tools and equipment used for business purposes
• insurance premiums, legal and accounting fees

Small businesses can also claim an immediate deduction for prepaid expenses where the service period is 12 months or less and ends before the end of the next income year. This means you can prepay items like insurance, software subscriptions, or rent before 30 June to bring forward deductions and reduce your 2025–26 taxable income. The 12-month rule is strict — prepaying for longer periods requires apportionment.

6. Chase outstanding invoices and write off bad debts

EOFY is the right time to tighten up your accounts receivable. Review your aged debtor list and follow up on anything overdue — many of your customers are doing their own year-end housekeeping and may be more responsive to payment requests than usual.

If you've got invoices that are genuinely unrecoverable, write them off before 30 June so you can claim the deduction and adjust your GST accordingly. The debt must have been previously included as income and be genuinely uncollectible.

💡 Tip: Simpro's smart invoicing features let you keep track of unpaid invoices with automated reminders to ensure timely payments and improve cash flow management. Access detailed cash flow and GST reports anytime for enhanced financial visibility — so you know exactly where your outstanding debts sit heading into EOFY.

7. Conduct stocktake and asset valuation

If your business deals with many moving parts, a stocktake is essential for accurately assessing the value of inventory and assets. Ensuring everything is correctly valued and recorded is key, as this directly impacts your tax obligations. Some businesses engage an accountant or tax specialist to assist.

If you own depreciating assets like equipment or vehicles, ensure you account for their depreciation properly.

💡 Tip: Adopting an online stock and inventory management tool can simplify the process, reduce manual effort, and help you easily track new and existing assets. Simpro's inventory management features give you real-time visibility over stock levels and asset values.

8. Finalise Single Touch Payroll (STP) and employee obligations

All employers report payroll information to the ATO through Single Touch Payroll. At EOFY, you need to complete an STP finalisation declaration by 14 July 2026. This confirms that the information reported throughout the year — wages, tax withheld, super — is complete and accurate.

Once finalised, your employees' income statements become available through myGov, which they'll use to lodge their own tax returns. Late finalisation delays this for your team and can result in ATO penalties.

Before you finalise, verify that all pay runs for the financial year have been processed, check that super guarantee amounts match what was actually paid, review any bonuses or commissions processed, and confirm employee details — TFNs, addresses, and fund information — are up to date. Remember that bonuses and commissions must be processed by 28 June to appear in this year's income statements.

With the ATO increasingly using STP data to flag discrepancies in real time, accuracy here matters more than ever.

💡 Tip: If you're using STP, there's no need for separate payment summaries — employees can access their income statement through myGov. If you're not yet using STP, you must manually provide payment summaries.

9. Review employment compliance and award rates

EOFY is a natural checkpoint for making sure you're paying people correctly and meeting your obligations as an employer.

The national minimum wage increased to $24.95 per hour (a 3.5% increase) from 1 July 2025, and every modern award rate went up by the same percentage. If you haven't verified your rates since then, now is the time to run an audit.

Also prepare for the next wage increase — the Fair Work Commission announces its Annual Wage Review decision in early June each year, with new rates taking effect from the first full pay period on or after 1 July. Once the 2026–27 decision is announced, update your payroll before processing your first July pay run.

💡 Tip: Check leave balances now. Confirm that annual leave and personal leave balances in your payroll system match what employees expect. Discrepancies tend to surface at EOFY when people check their income statements — better to catch them early. Remember, accrued leave is a liability on your balance sheet and can significantly affect your reported profit.

10. Review any fringe benefits (FBT) provided

If your business provides fringe benefits to employees — such as cars or loans — it's a requirement to calculate and report Fringe Benefits Tax (FBT) due by 21 May. Ensure you accurately include the value in your tax filings, and that FBT is paid where applicable.

💡 Tip: To streamline this process, consider using software that integrates FBT calculations with your payroll system. This reduces the risk of errors and ensures compliance, making managing fringe benefits year-round rather than waiting until EOFY easier.

11. Be aware that ATO interest on tax debt is no longer deductible

From 1 July 2025, the ATO General Interest Charge (GIC) on overdue tax debts is no longer a tax deduction. The GIC compounds daily, which means carrying a tax debt has become significantly more expensive this financial year — because you can no longer offset the interest against your taxable income.

If you have an outstanding tax debt, this is the year to deal with it. Lodge on time, pay on time, or arrange a payment plan with the ATO before interest accumulates.

💡 Tip: Ask your accountant or bookkeeper to forecast your tax liability now so you're not caught off guard by a large bill at lodgement time. Simpro's financial reporting and cash flow tools can help you get a clear picture of where your business sits ahead of 30 June.

12. Set financial goals and budgets for 2026/27

You've already put in the hard work come EOFY — whether it's reporting, reconciliation, or stocktakes. Let's maximise that effort to align with your business goals and growth plans. This is the perfect time to reassess your financial objectives for the coming year.

With Payday Super increasing the frequency of your outgoings from July, understanding your cash cycle — from job acceptance to final payment — is more important than heading into 2026–27 blind.

💡 Tip: Consider your job profitability across the year. Are you quoting accurately? Compare quoted amounts against actual job costs across a sample of completed projects. If there's a consistent gap, your estimating process may need recalibrating before the new financial year. Simpro's job costing and reporting tools can help you identify exactly where margin is being won or lost.

13. Audit your end-of-financial-year process

Finally, once the dust has settled, it's valuable to reflect on how the EOFY activities unfolded — the highs and the challenges of 2025/26. Key areas to review include:

• accuracy of financial records
• responsiveness to deadlines across the business
• time spent gathering and organising information
• tasks that could be simplified or automated
• readiness for new obligations like Payday Super

💡 Tip: By taking a proactive approach to reviewing your EOFY activities, you can implement strategies to improve efficiency, ensure tax compliance, and position your business for success in the new financial year — use this guide as a starting point.

Simplifying the EOFY with integrated financial features

Job management software like Simpro simplifies key aspects of your operations, including invoicing, payroll, inventory tracking, and reporting. By linking field teams with the office, Simpro helps businesses:

• monitor payments and invoices in real-time,
• automate calculations for job costs, expenses, and GST, and
• generate financial reports that aid in EOFY lodgements.

Simpro's accounting integrations and streamlined quotes ensure all your records are in one place, minimising double-handling and simplifying EOFY preparations.

Business and financial reporting — Gain an in-depth view of your finances with precise reports and configurable dashboards that put you in control. Stay on top of cash flow and be fully prepared for year-end.

Accounting integrations — Seamlessly integrate with your cloud accounting software to maintain accurate, transparent financial data that stays in sync across all systems.

Smart invoicing — Keep track of unpaid invoices with automated reminders to ensure timely payments and improve cash flow management. Access detailed cash flow and GST reports anytime for enhanced financial visibility.

Australia's EOFY glossary

Here are common words and phrases to know for the financial year:

• EOFY (End of Financial Year) marks the official date for the end of the financial year, which runs from 1 July to 30 June of the following year.
• GST (Goods and Services Tax) is the consumption tax applied to most goods and services in Australia. If your business is GST-registered, you must report the GST earned and paid. Businesses with a turnover of $75,000 or more in the past 12 months (or $150,000 for non-profit organisations) must register for GST in Australia.
• Assets are the resources owned by a business or individual used for business purposes, such as equipment, vehicles, and property, that may be subject to depreciation and tax reporting if they have an expected life of more than 12 months and cost more than $300 (for depreciation purposes) under Australian tax law.
• Financial Statements are reports detailing the financial activities of a business, including balance sheets, profit and loss statements, and cash flow statements.
• Tax Deductions are expenses that can be subtracted from gross income to reduce taxable income, such as business expenses, depreciation, and certain operational costs. Check with the ATO to see eligible tax deductions. Tools such as Simpro can be an eligible business expense.
• A Tax Return is the document filed with tax authorities that reports income, expenses, and other relevant financial information, enabling the ATO to prepare tax returns for businesses and individuals.
• Depreciation is the reduction in the value of assets, such as computers or vehicles, over time, which you can claim as a deduction for business purposes. Depreciation needs to be reported each financial year.
• Liabilities include debts or obligations the business owes, such as loans or unpaid invoices, that must be accounted for at EOFY.
• Reconciliation is the process of ensuring that financial records, including bank statements, accounts payable (i.e. expenses) and receivable (i.e. invoices) match and are accurate before EOFY.
• The Australian Taxation Office (ATO) is the government agency responsible for managing and enforcing tax laws in Australia. The ATO provides guidance, processes tax returns, and administers programs like the Australian Business Register (ABR).
• Payday Super is the new requirement, effective 1 July 2026, for employers to pay superannuation guarantee contributions at the same time as wages rather than quarterly. Contributions must reach employees' super funds within seven business days of each payday.
• Instant Asset Write-Off allows eligible small businesses to immediately deduct the full cost of qualifying assets below a set threshold, rather than depreciating them over multiple years.
• Single Touch Payroll (STP) is the ATO's payroll reporting system, where employers report wages, tax withheld, and super information each pay cycle. STP finalisation at EOFY makes employees' income statements available via myGov.

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This article provides general information only and is not intended as financial, tax, or legal advice. Consult a qualified accountant or registered tax agent for guidance specific to your business circumstances.