Your End of Financial Year Checklist

Whether you’re a business owner, property investor, or everyday home owner or home buyer, End of Financial Year should be circled in your calendar (If you don’t, be sure to circle June 30th!).

End of Financial year is the time to finalise tax returns, complete bookkeeping and get ready for Financial Year 2027.

Here’s some general checklist items to consider when getting ready for the end of financial year. Please note these are general advice only, and any actions taken for the end of financial year should be consulted and considered with the support of an independent accountant and tax specialist.

1. Organise Documents.

If you do the work and have processes in place every fiscal year, it covers most of the hard work, making it easier to streamline processes year on year. Good documents to have on hand are:

• A profit / loss statement
• List of Debtors and Creditors.
• Any assets you’ve bought or sold, as well as renovations and improvements made to the assets. This can be useful to calculate depreciation deductions.

Speak With an Accountant.

If you’ve made any investments in your business, be it equipment, software, or travel costs, you may be able to claim deductions or concessions on them. Be sure to hang on to invoices, receipts and proof of purchase.

Additionally, if you have an investment property , discussing with your accountant may provide insight into how to benefit most from your investment, and make the proper deductions.

Check your Borrowing Power.

What does the end of the financial year have to do with borrowing power? Well, EOFY acts as a finance reset for many people; it’s a time to start from scratch and take the opportunity to do the things you have been putting off.

Borrowing power is the amount of cash you can borrow from a lender as a loan. It’s predominantly determined by your income and expenses, meaning that planning around a fiscal year’s end could help provide clarity around your borrowing power.

Review your Home Loan.

While you’re focusing on finances, it’s a good time to check your home loan is still competitive. By rolling a home loan review into your EOFY checklist, you can ensure that you’re comparing your loan against others on the market annually.

Additionally, if you have an investment property loan, a home loan review may give you more information to bring to your accountant, such as interest paid on your loan, and relevant property expenses.

Make your Next Finance Move.

Is it time to buy, move home, or invest in property? The end of the fiscal year gives you a bigger picture of your finances. While you’re scheduling time with your accountant and financial adviser, be sure to make an appointment with us! We can help you refinance, explore borrowing power, and restructure your loan. Conquer the 2027 Financial Year with clarity and confidence, and reach out to us today. 

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