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Call us: +44 (0) 24 7601 6308
For many Australian accountants, the end of the financial year is a mad dash to the finish line of what has been a long year of tax planning, data analysing, and client management. This time of year can be all consuming if you’re underprepared and even more so when new Government regulations are set to take hold. Now is the time to recalibrate your systems, procedures, and make sure your team is ready for the busiest period of the annual calendar.
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The goal is to execute your strategy early and be an accounting firm that handles EOFY in your stride, rather than it be another financial year that you barely survive. This checklist is designed to prepare you to head into peak season with enough proactive forethought that you can handle any issues that may arise. From compliance obligation, outsourcing tips, team management, and client communication - we’ve got it covered.
Pre-emptive communication makes your firm look proactive while allowing your clients to be informed of what can make tax time smoother for them. You can standardise this checklist email so administration efforts remain low while communication stays high.
Notify your clients of their tax related obligations, key deadlines, planning opportunities, and outstanding documents to make the process seamless for both you and your clients.
If you have clients who are lawyers, other accountants, real estate agencies, or trust and company service providers, they will need to be aware of what is required as of July 1st, 2026 for their businesses.
Under these reforms, the businesses will need to adopt a risk-based management system which requires customer identification practices, tracking transactions and phishing, record keeping, and submitting reports that identify suspicious or large transactions.
Take the time to audit the tasks currently in play, the order they need to be completed in, and the turnaround time that is expected to complete them to standard.
A brief, weekly check-in can accomplish this easily, and keep everyone aligned to the expectations for the end of the financial year.
Whether you’re communicating your firm’s capacity to clients to manage expectations, or seeking help from an outside source - the first step is to make sure you are aware of what can realistically be accomplished during peak season.
If compliance work is stacking up already, the best time to reach out for assistance is now. Many accountants are developing long-standing partnerships with outsourcing companies who are integral to getting through EOFY effectively. They are well-versed in the requirements of the industry and are ready to jump in to help out with end-of-year tax returns, bookkeeping, payroll, and more.
Every advisor has a handful of clients who are slow to submit the required documents they need to ensure this time of year runs smoothly. Take note of who the usual suspects are throughout the year and follow up with them consistently to make your job easier when it comes to tax time.
Set clear deadlines, inform them about delays and penalties like Failure To Lodge (FTL) if deadlines are missed, and hold strong boundaries for turnaround times if they come to you in a panic. You can still handle their account with understanding and professionalism regarding realistic timelines.
Business clients will often come to you seeking advice about the timing of their deductions and whether or not they should defer their income to get the most out of their tax return. As their advisor, you can inform them on additional super contributions, writing off debts, pre-paying expenses, or advising them on timing their invoices before June 30.
Have these conversations as early as possible, not in the final moments before the end of the financial year when opportunities to do so are too late.
Protecting your work/life balance is paramount when navigating the end of the financial year. Stress, burnout, and client miscommunication can elevate during these periods and without a plan, the strain of peak season will overwhelm even the most seasoned accountant. Let your clients know when you will be online, and most importantly, offline. Stay true to those times unless urgent matters arise.
Plan for recovery time for both you and your team. This could include team mental health breaks throughout the day, not checking emails after hours, delegating tasks effectively, and organising after-work activities once the dust settles on this time of year. Encourage an environment that prioritises support through open communication, teamwork, and a culture that welcomes sharing the load.
Once things calm down, take the time to debrief with both your team and your clients about how the end of financial year went. Send an email to your clients to share what was accomplished, what will be required in the following year, and the actions they can take in future to ensure a smooth landing in 2027. Send a survey internally to your team and externally to your clients. The survey intention would be to see how the busy season was handled and could include questions like:
The best time to prepare for the next end of financial year is usually immediately following the last. Take the time to assess how your firm can stay motivated to execute tasks with impact, prepare with a strategic mindset, and manage stress so that the end of financial year can be a time to thrive, rather than just survive.
