For most small business owners, the end of financial year (EOFY) means stress, late nights, and a scramble for paperwork that should’ve been filed months ago.

A Xero survey of over 1,000 Australian small business owners and decision-makers confirmed what many already feel: 83% find tax time overwhelming, and more than half have made mistakes that could cost them. Between misplaced receipts, missed deductions, or simple errors in figures, the pressure of EOFY can expose gaps in your financial process.

The Most Common EOFY Mistakes and What’s Behind Them

The Xero study revealed the most frequent EOFY errors include:

• Misplacing important receipts or documents (32%)
• Forgetting to claim a key deduction (31%)
• Entering incorrect numbers on tax returns (14%)

A big part of the problem is that many business owners still see EOFY as a one-day event. Nearly half (47%) of respondents believed this, while 43% thought EOFY prep was “easy,” and 42% said they believed it was just about taxes and paperwork.

In reality, EOFY is the culmination of 12 months of financial decision-making, and it deserves year-round attention.

What’s At Stake for WA Small Businesses?

At Peel Finance Brokers, we work closely with business owners, and we know just how many hats you wear daily. It’s easy for tax planning to take a back seat when you’re focused on staff, customers, and cash flow.

But when tax time goes wrong, the consequences go beyond penalties. Missed opportunities to reduce taxable income, poor visibility on financial health, and delayed access to finance can all stem from a disorganised EOFY.

How to Get Ahead of EOFY Without Losing Sleep

If EOFY has snuck up on you again, taking a few steps now can make all the difference, minimising stress and setting yourself up for smarter decisions in the next financial year.

Here’s where to start:

1. Pull Your Paperwork Together Early

Income statements, BAS records, loan documents, interest summaries, and expense receipts all matter. If you’re still chasing paperwork in late June, it’s already too late to claim with confidence.

2. Check Your Contact and Banking Details

Make sure your info is up to date with the ATO, your accountant, and any financial platforms you use. It’s a simple step that can prevent processing delays and miscommunications.

3. Review Your Deductions with a Professional

Think beyond the obvious. If you’ve been working from home, maintaining a business vehicle, or covering costs to generate income, you may be entitled to deductions you haven’t considered. An experienced tax adviser can help you maximise what you claim.

4. Lean on Your Accountant or Broker

EOFY isn’t just about tax; it’s also a time to assess your business’s structure, your access to finance, and whether your current systems still suit where your business is going. That’s where we come in.

5. Use EOFY to Refocus Your Financial Goals

Treat tax time as a checkpoint, not a finish line. Review your profit margins, revisit your finance strategy, and consider where you want your business to be next June.

At Peel Finance Brokers, we’ve seen what a difference the right guidance makes. Get in touch today and let’s talk about how to make the year ahead a little smoother and a lot more financially secure.

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