When is the end of the financial year in Australia?

The Australian financial year runs from 1 July to 30 June, so EOFY falls on 30 June. That date is the cut-off for the income you earned, the expenses you incurred, and any prepayments you want to count in the year. If you lodge your own tax return, it's generally due by 31 October, though using a registered tax agent can give you a later deadline.

What records do I need at tax time as a sole trader?

You need evidence of your income and your expenses: sales records and invoices you issued, receipts or tax invoices for what you bought, bank and card statements, and any logbooks or diaries that support work-related claims. The ATO generally asks you to keep these records for five years from when you lodge. Digital copies, including clear photos of receipts, are accepted as long as they're true and legible reproductions.

Can I prepay expenses before 30 June to reduce my tax?

Often yes. If you're a small business, you may be able to prepay certain expenses — such as insurance, subscriptions, or rent — before 30 June and claim the deduction in the current year, provided the prepayment covers a period of 12 months or less that ends in the next income year. There are conditions and it only helps if the cash-flow timing suits you, so confirm your eligibility at ato.gov.au or with a registered tax agent.

Do I still need paper receipts if I've gone digital?

No. Once you have a clear, complete digital copy of a receipt or tax invoice, you don't need to keep the paper version. The ATO accepts photos and scans as long as each is a true and clear reproduction of the original. This is genuinely useful for sole traders, because thermal EFTPOS receipts fade badly within a year or two.

EOFY Checklist for Sole Traders (2026)

Last updated 4 July 2026

For Australian sole traders, 30 June is the finish line. The end of the financial year (EOFY) is when you draw a line under twelve months of income and expenses, work out what you can claim, and hand a tidy set of records to your accountant. Leave it to the last week and it's a scramble; work through a checklist in the weeks before 30 June and tax time becomes calm — even a little satisfying. Here's a practical, do-it-in-order EOFY checklist to get your books ready.

First, the key EOFY dates

Date	What happens
30 June	End of the financial year — the cut-off for income, expenses and prepayments
1 July	New financial year begins; tax return lodgment opens
28 July	Q4 (Apr–Jun) BAS generally due if you lodge quarterly yourself
31 October	Deadline to lodge your own tax return (later if you use a registered tax agent)

These are the usual dates, but the ATO can adjust them and agent deadlines differ — confirm yours at ato.gov.au.

Your EOFY checklist, step by step

1. Reconcile your income and expenses

Start by making sure every dollar in and out is accounted for. Match your bank and card statements against your records so nothing is missing or double-counted, and confirm each transaction is coded to the right category. This is far easier if you've captured receipts as you went rather than facing a shoebox now. If you've been snapping receipts through the year with an app like Snapceipt, the merchant, total and GST are already read and categorised, so reconciling is a review rather than a re-entry job.

2. Chase outstanding invoices

Look at what your customers still owe you. Send a friendly reminder on anything overdue — the closer you get to 30 June, the more it pays to be on the front foot. Keep in mind that most sole traders report income on a cash basis, meaning you're taxed on money actually received, not invoices merely issued. Either way, know exactly what's outstanding so your income figure is correct and your cash flow is clear.

3. Gather every receipt

Pull together written evidence for everything you're claiming. As a rule, keep a receipt or tax invoice for each business purchase, and remember a valid tax invoice is what lets you claim GST credits on purchases over $82.50 (including GST) — see what makes a tax invoice valid. Check for gaps now, while you can still ask a supplier for a copy.

4. Finalise your logbooks

If you claim car or home-office costs, tidy the supporting records:

Car. Under the cents-per-km method you can claim a set rate per business kilometre (currently 88 cents, capped at 5,000 business km per car); the logbook method claims your actual business-use percentage. The ATO reviews the rate each year, so confirm the current figure — and compare the two methods in car expenses: cents per km vs logbook.
Working from home. The fixed-rate method is currently 70 cents per work hour, which needs a record of the hours you worked from home. The ATO updates this rate periodically — check the current figure and what it covers in the working-from-home deduction guide.

5. Tally your deductions

Now add up what you can claim. Run through the common categories — tools and equipment, software, insurance, phone and internet (business portion only), professional fees, advertising and travel — so nothing is left on the table. Our sole trader tax deductions checklist is a handy prompt for the ones people forget.

6. Check your GST and BAS

If you're registered for GST (mandatory once turnover hits $75,000), reconcile the GST you've collected on sales against the credits you're claiming on purchases, and make sure your June-quarter BAS lines up with your annual figures. Snapceipt keeps BAS-ready records by reading the GST on each receipt as you scan it, which makes this reconciliation quick. For the lodgment mechanics, see BAS due dates and how to lodge.

7. Consider prepaying deductible expenses

If cash flow allows, you may be able to bring forward a deduction by prepaying eligible expenses — insurance, subscriptions or rent, for example — before 30 June, provided the prepayment covers 12 months or less. It only helps if it suits your situation, so check the rules before you spend.

8. Prep the pack for your accountant

Finally, assemble everything in one place: your income summary, categorised expenses, receipts, logbooks, bank statements, GST/BAS figures, and a note of anything unusual this year. A clean, complete pack means fewer back-and-forth emails, a faster return, and often a smaller bill.

Keep next year easier

The sole traders who breeze through EOFY are the ones who capture receipts and code expenses all year, not the night before. Build that habit — a few minutes a month — and this checklist becomes a quick review instead of a marathon.

This is general information, not tax advice — check ato.gov.au or a registered tax agent for your situation.