There's nothing quite like the fresh start of a new financial year — full of opportunity, potential, and... paperwork.
If you're a small business owner in Perth, July isn't just about finishing your EOFY celebrations (or collapsing in a post-BAS nap). It's the most important time to reset your business, tidy up your systems, and start the year strong.
Here's your essential 15-point checklist to make sure you've covered your bases and are ready to thrive in FY26.
ACCOUNTING SOFTWARE UPDATES & CLEANUP
1. Lock down 2025
Make sure your software (e.g. MYOB, Xero, QuickBooks) has successfully locked off FY25 and is ready for FY26. Archive your data properly before making any changes.
2. Update default superannuation rates and thresholds
New year = new rates. Ensure all payroll settings reflect any ATO updates from 1 July 2025. This should be automatic in your software but it pays to cross check the first pay as you do it.
3. Review and clean your chart of accounts
Do you have duplicate or unused accounts cluttering your system? Now's the time to tidy up.
4. Reconcile all bank accounts and clear out suspense accounts
EOFY should mean everything is balanced — if not, dig in now to fix it before the new year gets too busy.
LEGAL & COMPLIANCE CHECKLIST
5. Lodge your EOFY reports (if you haven't already!)
Ensure STP lodgements, BAS and TPARs are submitted by their due dates. If you don't know when those deadlines are - talk to someone who does OR get googling.
6. Review ABN, GST, and business structure status
Are your registrations still correct? Has your business grown or changed? Talk to your accountant or advisor if your structure needs a refresh.
7. Check and update all employee awards and pay rates
Fair Work usually updates minimum wage and award rates from 1 July — make sure your payroll reflects these.
8. Renew business insurances and certificates
Public liability, professional indemnity, Workers Comp — don't let these expire unnoticed. And maybe even the registrations and insurances on all vehicles?
FINANCIAL PLANNING & FORECASTING SETUP
9. Set your FY26 budget and cash flow forecast
Review FY25's performance and build your roadmap for FY26. Your bookkeeper or advisor can help with projections that actually mean something.
10. Plan for major purchases or capital investments
Is this the year to upgrade that clunky old laptop or invest in new equipment? Get your numbers and timing right.
11. Review pricing and cost structures
Suppliers increase their prices regularly. Are you still charging enough? Are you still profitable?
TEAM TRAINING & SYSTEM UPDATES
12. Schedule compliance training for your teamWorkplace safety, privacy, bullying and harassment — refresh the essentials with your team early in the year. If you do the training, get everyone signed off on a policy as well.
13. Review internal systems and workflow tools
Is your CRM still doing the job? Is your inventory software creating more headaches than it's solving? Audit your systems and streamline where you can. Look at the subscription price there may be something cheaper that does the same job.
14. Update employee records and emergency contacts
It's a simple task, but often overlooked. While you're there, check if TFN Declarations or Super Choice forms need updating.
GOAL SETTING FOR THE NEW FINANCIAL YEAR
15. Set SMART goals (and write them down!)Whether you want to increase revenue, reduce expenses, or take your first holiday in three years — set measurable, realistic goals and check in on them quarterly.
Set the Tone for the Year Ahead
Setting your business up properly in July isn't just about compliance — it's about creating clarity and confidence for the year ahead.
Need help ticking some of these off? Chat to your bookkeeper, accountant, or trusted business advisor early in the month before things get too hectic.
Here's to a profitable, productive, and panic-free FY26!
