What is the difference between a Chartered Accountant and a regular accountant in Australia?

A Chartered Accountant (CA) has completed additional postgraduate training and practical experience beyond a standard accounting degree, and is credentialled by Chartered Accountants ANZ. This qualifies them to handle complex financial matters including tax planning, business structuring, SMSF auditing, and financial advisory work. A regular or general accountant holds a degree but typically does not hold the CA designation. At Verus, all our principals are Chartered Accountants, which means you receive specialist-level advice rather than generalist bookkeeping. This matters when your financial decisions have lasting tax or structural implications for your business or personal wealth.

How much does a tax accountant cost in Sydney?

The cost of a tax accountant in Sydney varies based on the complexity of your return and the services required. For a straightforward individual tax return, fees typically range from $150 to $400. For business tax returns (company, trust, or partnership), fees generally start from $500 and can rise significantly depending on the volume of transactions, payroll, and additional compliance work involved. At Verus, we offer transparent, fixed-fee pricing and a free initial consultation so you know exactly what to expect before you commit. Engaging a registered tax accountant rather than lodging yourself often saves more in deductions and maximises your return compared to the cost of the service.

What business structure should I choose when setting up a company in Australia?

Choosing the right business structure in Australia is one of the most important decisions you will make, as it affects your tax obligations, personal liability, and ability to grow. The four main options are: Sole Trader (simplest, lowest cost, but no liability protection), Partnership (shared ownership, each partner liable), Company (separate legal entity, limited liability, higher compliance costs), and Trust (flexible for asset protection and income distribution, but more complex to manage). For most SMEs and growing businesses, a company or discretionary trust structure offers the best balance of asset protection and tax efficiency. The right choice depends on your revenue, industry, number of owners, and long-term goals. Our chartered accountants at Verus can walk you through all options in a free consultation and set up the structure that works for you.

What is an SMSF and how do I know if one is right for me?

A Self-Managed Super Fund (SMSF) is a private superannuation fund you manage yourself, giving you direct control over how your retirement savings are invested. Unlike retail or industry super funds, an SMSF allows you to invest in a broader range of assets, including residential and commercial property, shares, and term deposits. An SMSF is generally worth considering if you have a combined super balance of at least $200,000 to $300,000, a long-term investment strategy, and the time to meet your trustee obligations. The ATO requires SMSFs to be audited annually and to comply with strict reporting rules. At Verus, our SMSF accountants manage the full setup, ongoing compliance, and annual audit requirements, so you can focus on building your retirement wealth without the administrative burden.

What is the difference between Xero and MYOB, and which is better for my business?

Both Xero and MYOB are leading cloud-based accounting platforms in Australia, but they suit different business needs. Xero is generally preferred by small businesses and startups for its clean interface, strong third-party app integrations, and real-time bank feeds. MYOB tends to suit businesses with more complex payroll requirements, multiple entities, or those that prefer a locally developed platform with strong ATO integration. At Verus, we are certified Xero Advisors and MYOB Partners, meaning we can implement, optimise, or migrate your accounting software regardless of which platform you use. Our team will assess your business size, payroll complexity, and reporting needs to recommend the right fit, so you are not paying for features you do not need.

What is a virtual CFO and does my small business need one?

A virtual CFO (vCFO) is an outsourced financial expert who performs the strategic functions of a Chief Financial Officer without the cost of a full-time executive hire. For small and medium businesses that need high-level financial planning, cash flow management, KPI tracking, and strategic advice but cannot justify a full-time CFO salary, a virtual CFO service fills that gap. At Verus, our virtual CFO service is available on demand, giving business owners access to strategic financial guidance when they need it most, whether that is during rapid growth, a restructure, a funding round, or when navigating a complex tax position. If you are a growing SME spending more time on financial decisions than on your core business, a virtual CFO is likely worth considering.

How can I legally reduce my business tax in Australia?

There are several legal strategies Australian business owners can use to reduce their tax liability. These include: choosing the right business structure (companies and trusts can offer significant tax advantages over sole traders); making pre-tax superannuation contributions; timing income and expenses around financial year end to manage taxable income; claiming all eligible deductions including home office, vehicle, equipment, and professional development costs; using small business tax concessions such as the instant asset write-off; and ensuring your business is split across family members or entities where appropriate. Tax minimisation is a specialist area and the rules change regularly with ATO updates and Federal Budgets. At Verus, our chartered accountants provide proactive tax planning as part of our annual service, not just at lodgement time, so you are always positioned to pay what you owe, and nothing more.

What is financial modelling and why does my business need it?

Financial modelling is the process of building a structured representation of a business's financial performance, typically in a spreadsheet or financial tool, to forecast future outcomes and support decision-making. A good financial model lets you test scenarios, for example what happens to your cash flow if revenue drops 20%, or whether you can afford to hire two more staff in the next quarter, before committing real money. Businesses commonly use financial models for raising investment, applying for finance, planning acquisitions, and managing cash flow through growth periods. At Verus, our financial modelling service goes beyond spreadsheets. We combine accounting expertise with strategic insight to build models that are commercially relevant, clearly presented, and designed to hold up under scrutiny from investors and lenders.

Do I need an accountant to set up a company in Australia?

Technically, you do not legally require an accountant to register a company in Australia. You can register directly through ASIC and set up an ABN through the Australian Business Register yourself. However, the registration step is only a small part of setting up a business correctly. Most business owners who go it alone without professional advice end up choosing the wrong structure, missing key compliance obligations (payroll, BAS, ASIC annual reviews), or setting up their books in a way that costs more to fix later. An accountant ensures your structure is right from day one for your tax position, liability protection, and growth plans. At Verus, we handle the full setup process for companies, trusts, and SMSFs, including ASIC registration, ABN and ACN applications, and accounting software implementation, so nothing falls through the cracks.

What is the difference between a bookkeeper and an accountant in Australia?

A bookkeeper manages the day-to-day recording of financial transactions, including invoicing, payroll, bank reconciliation, BAS preparation, and accounts payable and receivable. An accountant takes this data and uses it to prepare financial statements, lodge tax returns, provide tax advice, and guide broader business strategy. Many businesses need both. In practice, a bookkeeper ensures your records are accurate and up to date, while an accountant interprets that data to minimise tax, support growth decisions, and meet compliance obligations. At Verus, we provide both services under one roof. Our bookkeeping team works in Xero, MYOB, and Reckon, and our chartered accountants use that clean data to deliver accurate reporting, strategic tax advice, and business advisory support tailored to your goals.

EOFY Tax Checklist for Small Business Owners in Australia (2025–2026)

EOFY tax checklist for small business owners Australia 2025-2026 — 30 June 2026 is a hard deadline. The actions you take in the next few weeks will shape your tax position for the entire financial year.

Quick Summary

30 June 2026 is a hard deadline. Tax deductions, asset write-offs, super payments, and personal contributions all hinge on this date.
The $20,000 instant asset write-off is now law for 2025–2026. Eligible assets must be used or installed and ready for use by 30 June 2026.
The superannuation guarantee rate is 12% for 2025–2026. Ensure all employee super is paid on time. Q4 super (April–June 2026) is due by 28 July 2026 and is still deductible in this financial year.
The Small Business Superannuation Clearing House (SBSCH) closes permanently on 30 June 2026.
The concessional super contributions cap is $30,000 for 2025–2026. Business owners can top up their personal super before 30 June to claim a tax deduction.
Prepaying eligible expenses before 30 June can bring deductions forward into this financial year under the 12-month rule.
Payday super starts 1 July 2026. Use EOFY as the moment to check your payroll systems are ready.

In This Article

Why EOFY 2025–2026 Matters More Than Usual
Your EOFY Tax Checklist for Small Business Owners (2025–2026)
Key EOFY Dates for Small Business Owners (2025–2026)
Should You Work With an Accountant for EOFY?
EOFY is Ripe With Opportunities

The weeks leading up to 30 June are days of prime importance for Australian small business owners. It is one of the few moments in the year when deliberate action can make a real difference to your tax position.

This year, the superannuation guarantee rate reached its final legislated level of 12% on 1 July 2025. The $20,000 instant asset write-off has now been legislated through 30 June 2026. And the ATO’s Small Business Superannuation Clearing House closes permanently at the end of this financial year.

On top of all that, Payday Super, the biggest overhaul to employer super obligations in decades, begins on 1 July 2026. This checklist pulls together the key actions every Australian small business owner should take before 30 June 2026, grounded in current ATO guidance.

Why EOFY 2025–2026 Matters More Than Usual

The end of every financial year brings the usual obligations: finalising books, paying super, and lodging BAS. But 2025–2026 has a handful of changes that make it particularly important for small business owners to pay close attention.

The Superannuation Guarantee Rate is Now 12%

The SG rate reached 12% on 1 July 2025. This means your employee super contributions are higher this year than they were last year. If you have not reviewed your payroll and cash flow to account for the increased rate, now is the time to do so.

The $20,000 Instant Asset Write-Off is Confirmed and Now Law

After years of annual renewals and legislative delays, the $20,000 instant asset write-off for 2025–2026 has passed Parliament.

The Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Act 2025 extended the threshold through 30 June 2026 for small businesses with an aggregated annual turnover under $10 million. If you have been holding off on a business equipment purchase, this is the financial year to act, but the asset must be first used or installed ready for use, before 30 June 2026.

The SBSCH Closes on 30 June 2026

The ATO’s free Small Business Superannuation Clearing House closed to new users on 1 October 2025 and will close entirely on 30 June 2026. If you are still using the SBSCH to pay employee super, you must transition to an alternative clearing house or payroll solution before this date.

Payday Super Starts 1 July 2026

From 1 July 2026, super must be paid on every payday and received by the employee’s fund within 7 business days. The 2025–2026 financial year is the last year under the quarterly super system.

Use EOFY as a prompt to check that your payroll software and processes are ready for this change. For a full breakdown of what payday super means for your business, see our guide: Payday Super Is Coming: What Australian Small Businesses Need to Do Before 1 July 2026.

Your EOFY Tax Checklist for Small Business Owners (2025–2026)

Work through each item below before 30 June. Where specific ATO rules apply, the source is cited directly.

☑ Reconcile your books and finalise your financial statements

Before you can act on any of the items below, your records need to be accurate and up to date.

Reconcile all bank accounts, credit card accounts, and loan accounts.
Ensure that clearing accounts and payroll clearing accounts show a zero balance at 30 June.
Run your key reports: Profit and Loss, Balance Sheet, and Cash Flow Statement.

The ATO requires businesses to keep records for at least 5 years. Accurate records also protect you in the event of an ATO review.

☑ Review and claim the $20,000 instant asset write-off

If your business has an aggregated annual turnover of less than $10 million, you can claim an immediate deduction for eligible depreciating assets costing less than $20,000 (excluding GST if you are registered for GST), provided the asset is first used or installed ready for use between 1 July 2025 and 30 June 2026.

Key rules confirmed by the ATO:

The $20,000 limit applies per asset. You can write off multiple eligible assets in the same year.
Both new and second-hand assets qualify, provided they are used for a taxable purpose.
Assets costing $20,000 or more go into the small-business depreciation pool (depreciated at 15% in year 1, 30% thereafter).
The asset must be installed and ready for use by 30 June 2026. Simply ordering it before that date is not sufficient.
Certain assets are excluded: capital works, assets leased to others, and assets not used primarily for business purposes.

For a detailed walkthrough of the rules, check how instant asset write-offs for small businesses work.

☑ Ensure all employee super obligations are met

The SG rate for 2025–26 is 12% of each eligible employee’s ordinary time earnings (OTE). Missing a super deadline means the contributions become non-deductible and the Super Guarantee Charge applies.

Key deadlines for 2025–2026 (confirmed by the ATO):

Q3 (January–March 2026): contributions must be received by employee super funds by 28 April 2026.
Q4 (April–June 2026): contributions are due by 28 July 2026 and remain deductible in the 2025–26 financial year if paid by this date.

Important: if you are paying through a commercial clearinghouse, allow extra processing time. The contribution is considered ‘paid’ on the date the super fund receives it, not the date you send it to the clearing house.

Also, a reminder: the SBSCH closes on 30 June 2026. Transition to an alternative super payment solution before this date. For payroll setup guidance, see our guide to setting up your business payroll.

☑ Top up your personal super contributions if eligible

If you are a business owner or sole trader, EOFY is one of the best opportunities to reduce your personal tax bill through superannuation. Personal contributions that you nominate as a tax deduction are counted as concessional contributions and taxed at 15% inside the fund, generally well below individual marginal tax rates.

Key figures for 2025–2026:

Concessional contributions cap: $30,000 per year. This includes employer SG contributions, salary sacrifice, and personal deductible contributions.
Carry-forward rule: If your total super balance was below $500,000 at 30 June 2025, you may be able to carry forward unused concessional cap amounts from the previous five years, allowing you to contribute above the annual cap.
Contribution deadline: Contributions must be received by your super fund before 30 June 2026 to be deductible in the 2025–26 year. Allow time for processing.

You must also lodge a Notice of Intent to Claim a Deduction with your super fund before you lodge your tax return, or before certain other events occur (such as rolling over your super).

☑ Reconcile your GST and ensure BAS lodgements are current

Reconcile your GST accounts against your bank statements and ensure all Business Activity Statements for the 2025–2026 year are lodged and paid on time.

If you are on a quarterly BAS cycle, your Q3 BAS (January–March 2026) was due 28 April 2026. Ensure Q4 is lodged by its due date in late July 2026.

The ATO has flagged GST compliance as an ongoing area of focus. Accurate GST records and timely BAS lodgement reduce your risk of ATO review.

☑ Finalise payroll and Single Touch Payroll (STP) reporting

By 14 July 2026, you are required to make a finalisation declaration through your STP-enabled payroll software, marking each employee’s income statement as “Tax ready”. This replaces the old payment summary and is what your employees need to lodge their own tax returns.

Before finalising, check that all wages, allowances, and super contributions have been reported correctly throughout the year. Errors in STP data can cause issues for employees and prompt ATO follow-up.

For a full list of what you and your employees will need at tax time, check what to take to your accountant for a tax return.

☑ Review your business structure

EOFY is one of the best times of year to step back and ask whether your current business structure still suits where your business is today. Tax obligations, asset protection, and succession planning can all be affected by your structure.

If your business has grown significantly, or if you have been considering restructuring, talk to your accountant before 30 June. Some structural changes can only be made at the start of a new financial year, and planning needs to begin well in advance.

☑ Lodge your Taxable Payments Annual Report (TPAR) if applicable

If your business makes payments to contractors in certain industries, including building and construction, cleaning, courier and road freight, IT, and security, you may be required to lodge a Taxable Payments Annual Report (TPAR) with the ATO.

The TPAR for the 2025–2026 financial year is due by 28 August 2026. However, you will need to have your contractor payment records in order by 30 June to lodge on time. Check the ATO’s TPAR guidance to confirm whether your business is required to lodge.

Use EOFY as a Planning Reset for 2026-2027

The best EOFY conversations are about setting up the next one. Review your cash flow forecasts in light of the payday super starting 1 July 2026, the new qualifying earnings framework, and any planned business investments. A clear plan now avoids surprises in Q1.

For more strategies, see our tax tips for small business owners.

Key EOFY Dates for Small Business Owners (2025–2026)

All dates confirmed by the ATO. Dates falling on a weekend or public holiday move to the next business day.

Date	What’s Due	Why It Matters
28 April 2026	Q3 SG contributions due	Super for Jan–Mar 2026 quarter must be received by employee super funds
30 June 2026	End of financial year / SBSCH closes / asset write-off deadline	Last day for eligible asset purchases, prepaid expenses, personal super contributions, and bad debt write-offs to count in 2025–2026
28 July 2026	Q4 SG contributions due	Super for Apr–Jun 2026 quarter is due. Still deductible in 2025–26 if paid by this date
28 August 2026	TPAR lodgement due (if applicable)	Taxable Payments Annual Report for contractors in relevant industries
31 October 2026	Tax return lodgement deadline (self-lodging)	Deadline for individuals and sole traders lodging their own 2025–2026 return
15 May 2027	Tax return deadline via a registered tax agent	Extended deadline for clients of registered tax agents. You must engage the agent by 31 October 2026

Source: ATO – Key Dates June 2026 | ATO – Super Payment Due Dates

Should You Work With an Accountant for EOFY?

It depends on your situation, but for most small business owners, the answer is yes, and the value is highest when you engage early rather than on 29 June.

A registered tax agent can help you:

Identify deductions you may have missed, including asset write-offs, prepaid expenses, and eligible super contributions
Review your business structure and flag any changes worth considering before the new financial year
Ensure your STP reporting and payroll are correct before finalisation
Prepare for Payday Super and ensure your systems are compliant by 1 July 2026
Access extended lodgement deadlines (through to 15 May 2027 for tax returns, compared to 31 October 2026 if self-lodging)

If you want to make sure you are getting the most out of this financial year and starting the next one on a solid footing, our team at Verus is here to help. Book a consultation with our tax accountant today.

EOFY is Ripe With Opportunities

The businesses that come out of EOFY in the best position are the ones that approach June with a clear list and enough lead time to act on it.

To summarise the most time-sensitive actions:

Reconcile your books and finalise financial statements
Make eligible asset purchases and ensure they are installed by 30 June
Prepay qualifying expenses before 30 June
Write off genuinely bad debts before 30 June
Pay or plan your Q4 super contributions (due 28 July 2026)
Top up personal super contributions before 30 June if eligible
Finalise payroll and STP reporting by 14 July 2026
Transition off the SBSCH before 30 June 2026

And do not forget the bigger picture: 1 July 2026 brings Payday Super. How prepared your payroll systems are on 1 July will be a direct reflection of how much attention you paid in June. Need a hand working through this list? Get in touch with the team at Verus; we work with small businesses across Australia to make tax time straightforward.

Ready to Make the Most of EOFY 2025–2026?

Speak to our team at Verus AA for an honest, no-pressure review of your tax position, super obligations, and payroll readiness before the financial year closes.

Book a Free Consultation Call 02 9980 1556

973 Pacific Hwy, Pymble NSW 2073 | Mon-Fri 9am-5pm