EOFY checklist and tax tips for individuals and small businesses
The end of financial year (EOFY) in Australia falls on 30 June and is often used as a time to review spending, organise financial records and prepare for the new financial year.
This guide includes practical EOFY checklists and organisational tips to help individuals and businesses stay on top of their finances and get ready for tax time.
Your EOFY guide - for individuals
Why EOFY can be a useful time to review your finances
EOFY can act as a useful mid-year financial reset and be a useful opportunity to:
- Review spending and account activity
- Organise receipts and financial recods
- Check recurring bills and subscriptions
- Prepare documents for tax time
- Plan budgets and upcoming purchases
Common EOFY tips
If you’re not sure where to start, keep things simple. Download your last few months of statements and scan through them – patterns often stand out pretty quickly. From there, you can group your spending into fixed costs, occasional expenses and income to get a clearer overview of your financial health. You don’t need to overhaul everything all at once.
Organise receipts and statements
Getting organised ahead of the end of financial tax year can save time later. Filing receipts, invoices and account statements throughout the year may to help reduce last-minute admin at EOFY.
Review your spending patterns
When you look back over the past few months, patterns are likely to stand out. Focusing on key areas can make financial adjustments feel more manageable. You might notice a majority of your spending falls into areas such as:
- Groceries
- Dining out and entertainment
- Streaming services
- Utilities and household bills
- Insurance payments
EOFY can also be a useful reminder to review automatic renewals and direct debits to check if services are still being used.
You can also check out these tips to track your spending.
Plan upcoming purchases and annual expenses
Some people use the EOFY period to:
- Replace older household items
- Prepare for upcoming travel or school expenses
- Review larger planned purchases
- Organise annual payments and renewals
If something’s been on your “replace soon” list, like a washing machine or laptop, EOFY sales can be a practical time to make those purchases. The key is sticking to what you already intended to buy, rather than getting pulled into any last-minute deals.
The timing of purchases can also make a difference, especially if several bills land around the same time. Where possible, try to align bill due dates with your income cycle, then you know what you’re left with for the rest of the month.
Common EOFY tips
If you’re not sure where to start, keep things simple. Download your last few months of statements and scan through them – patterns often stand out pretty quickly. From there, you can group your spending into fixed costs, occasional expenses and income to get a clearer overview of your financial health. You don’t need to overhaul everything all at once.
Organise receipts and statements
Getting organised ahead of the end of financial tax year can save time later. Filing receipts, invoices and account statements throughout the year may to help reduce last-minute admin at EOFY.
Review your spending patterns
When you look back over the past few months, patterns are likely to stand out. Focusing on key areas can make financial adjustments feel more manageable. You might notice a majority of your spending falls into areas such as:
- Dining out and entertainment
- Streaming services
- Utilities and household bills
- Insurance payments
EOFY can also be a useful reminder to review automatic renewals and direct debits to check if services are still being used.
You can also check out these tips to track your spending.
Plan upcoming purchases and annual expenses
Some people use the EOFY period to:
- Replace older household items
- Prepare for upcoming travel or school expenses
- Review larger planned purchases
- Organise annual payments and renewals
If something’s been on your “replace soon” list, like a washing machine or laptop, EOFY sales can be a practical time to make those purchases. The key is sticking to what you already intended to buy, rather than getting pulled into any last-minute deals.
The timing of purchases can also make a difference, especially if several bills land around the same time. Where possible, try to align bill due dates with your income cycle, then you know what you’re left with for the rest of the month.
EOFY tax preparation and record-keeping
Tax time checklist
EOFY is commonly associated with preparing records and documents for tax time. While tax requirements differ depending on individual circumstances, you can access the general guidance from the Australian Taxation Office (ATO) for individual and families to help you organise your financial information.
Many individuals use EOFY as a reminder to gather and organise important financial records such as:
- Income statements, payslips and payments received
- Bank and Credit Card statements
- Receipts and invoices for work-related expenses
- Invoices for deductible expenses
- Investment and asset statements
Common EOFY tax time mistakes to avoid
EOFY can become more challenging when records are incomplete or difficult to locate. Common issues include:
- Leaving document collection until the last minute
- Losing receipts or invoices
- Storing records across too many devices or accounts
- Forgetting about secondary income sources
- Not keeping records of recurring payments or transactions
- Relying solely on memory instead of maintaining records throughout the year
Staying organised year-round can help reduce administrative pressure during tax time.
Using your Credit Card or Charge Card to support EOFY planning
Tracking and consolidating expenses through your Card statements
If most of your spending goes through one Card, it can make reviewing everything much simpler. Instead of jumping between accounts, you’ve got a single view of your transactions in one monthly or annual statement.
Reviewing Card statements regularly can help individuals
- Monitor spending activity
- Identify recurring charges
- Check payment timing
- Keep records organised in one place
American Express tools to help you stay on track
Monitor spending with the Amex App®
The Amex App® allows Card Members to manage their Accounts, check balances, pay bills and view their rewards points balance. It gives real-time visibility of your transactions, which can help with:
- View recent transactions
- Check balances
- Monitor spending activity
- Receive account alerts
- See rewards balance and redemption options
Additional Cards for shared household expenses
An American Express Additional Card1 for family members can be useful for households with shared expenses with all expenses visible through the same Account.
Your EOFY guide - for businesses
EOFY checklist for small businesses
EOFY is also an important organisational period for sole traders, small businesses and side hustles.
Separate business and personal expenses
Personal Credit Cards should be used for individual expenses and Business Credit Cards or Business Charge Cards for business spending. Keeping personal and business transactions separate also makes it much easier to track expenses, review cashflow, organise records more efficiently, simplify reconciliation processes and prepare for tax time. Explore the key differences between Personal vs. Business Cards.
Review spending and operational costs
If you are a business, keeping financial records organised throughout the year may reduce the amount of admin required at EOFY. Some businesses will review:
If you are a business, keeping financial records organised throughout the year may reduce the amount of admin required at EOFY. Some businesses will review:
- Subscription services
- Software tools
- Travel expenses
- Office or equipment costs
- Marketing spend
- Utility and operating expenses
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EOFY tax preparation and record-keeping
You can access the general guidance from the Australian Taxation Office (ATO) for businesses to help you organise your financial information
Businesses often have additional record-keeping requirements compared with individuals such as:
Businesses may also choose to work with an accountant, bookkeeper or a tax professional to help with tax time requirements. |
EOFY tax preparation and record-keeping
You can access the general guidance from the Australian Taxation Office (ATO) for businesses to help you organise your financial information
Businesses often have additional record-keeping requirements compared with individuals such as:
Businesses may also choose to work with an accountant, bookkeeper or a tax professional to help with tax time requirements. |
Make the most of your Business Credit Card or Charge Card for EOFY
Streamline your Financial Reporting
Business Credit Cards and Business Charge Cards can support expense management with dedicated tools. Amex Business Cards offer automatic transaction feeds from your Card Accounts into Xero, Intuit Quickbooks and MYOB®2 to make reconciliation hassle-free and reduce manual administration.
Consolidate staff spend with Employee Cards
With Amex Employee Cards3, you can gain added visibility and control over your Business' finances by consolidating employee expenditures, while earning rewards points on their spend.
FAQs
The Australian financial year ends on 30 June each year and begins again on 1 July.
Common EOFY tasks for individuals and businesses typically include reviewing spending, organising records, checking recurring expenses and preparing financial documents for your account if you use one.
It’s also a good time to think about upcoming annual expenses, so there are fewer surprises in the new financial year.
For some people, using one primary payment method may make it easier to review transactions and monitor spending activity in one place for EOFY.
The documents you need for tax time depend on your individual circumstances but typically include Credit Card statements, payslips, receipts and invoices, investment and asset statements.
- Leaving organisation and record review until late June - reviewing records regularly throughout the year may help reduce last-minute pressure.
- Losing visibility over recurring expenses - recurring charges can become difficult to track over time, especially across multiple subscriptions or payment methods. Reviewing account activity regularly may help you identify ongoing commitments more clearly.
- Making unplanned purchases during EOFY sales - EOFY promotions can create urgency around spending. Some people prefer to plan purchases in advance and review budgets before committing to larger or irregular expenses.
Check out the range of American Express Cards to find the right Card for you.
1. Additional Card Members. Additional Card Members must be 16 years of age or over. The Primary Card Member will be liable to pay for all transactions made by Additional Card Members. Earning of points is subject to the terms and conditions of the Rewards Program the Primary Card Member is actively enrolled. All points earned on Additional Card Member spend will go to the Primary Card Members Account. The Primary Card Member cannot add an Additional Card under their own name or email address and cannot add an Additional card under the name or email address of a previously approved Additional Card application on the Account.
2. Accounting Software Integration. Xero connection: Eligible Card Members can connect their American Express Card issued by American Express Australia via secure API with Xero. User must be a Xero subscriber, have an American Express Online Account, and the Card must be active and in good standing.
QuickBooks Online connection: Eligible Card Members can connect their American Express Card issued by American Express Australia via secure API with QuickBooks Online or QuickBooks Self Employed. User must be a Quick Books subscriber, have an American Express Online Account, and the Card must be active and in good standing.
MYOB Integration: MYOB bank feed is available to American Express Cards issued by American Express Australia Limited with the exception of American Express Corporate Cards. The Card must be active at the time of enrolment.
3. Employee Cards. Employee Card Members must be over 18 years of age. The Business and the Primary Card Member are jointly and severally liable for all Employee Card spending. Each employee is entitled to only one (1) Employee Card.