Wrapping Up the Financial Year? Here's Your July Checklist
As July rolls in, many individuals and business owners find themselves in the in-between zone: reflecting on the year that’s just ended while trying to get ahead for the new one.
It’s completely normal for early July to feel like a mix of catch-up and kickstart—but staying on top of a few key tasks now can save you time, money, and stress down the track.
Here’s your July Checklist wrap-up checklist to help you stay organised, compliant, and in control of your financial future.
1. Finalise Your Previous Tax Return(s)
If you haven’t lodged your 2023–24 tax return yet, don’t stress—but don’t wait too long either. Finalising your return ensures:
You're compliant with ATO deadlines
You receive any refund owed to you sooner
You have a clear snapshot of your previous year’s performance
Tip: Work with a tax adviser to double-check for any missed deductions or entitlements before lodging.
2. Capture All Eligible Deductions
This is where working with a professional can really pay off—literally. Many individuals and businesses miss valuable deductions simply because they’re not aware of them.
Common deductions include:
Home office expenses
Tools, tech, or training related to your work
Motor vehicle or travel costs for business use
Super contributions and insurance premiums
A Strategem tax specialist can help you uncover every eligible deduction.
3. Review Super Contributions
Did you make the most of your concessional (pre-tax) or non-concessional (after-tax) contributions? If not, there may still be options available, especially with carry-forward provisions or small business CGT concessions.
July is also a great time to:
Check your fund performance
Consolidate multiple accounts
Update beneficiary details
Remember, smart super strategies can have a big long-term impact on your retirement wealth.
4. Close Off Outstanding Invoices
Still chasing payments from the last financial year? Make it a priority to close off any remaining invoices or reconcile your accounts. This helps:
Improve cash flow
Clean up your books
Give you a clearer path forward in FY 2025–26
Bonus: Staying up to date with receivables also improves your business’s financial health when seeking finance or investment.
Need Help? We’re Here to Support You
Whether you're lodging your return or preparing for the year ahead, Strategem’s experienced advisers are ready to help you finish strong and start smarter.
We offer:
Book your EOFY follow-up session today:
Melbourne Office | Bendigo Office
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If you need further advice, please do not hesitate to contact our office on (03) 5445 4777 and one of our Accountants & Advisors are available to support you.
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