EOFY Planning for Farmers and Small Businesses: What to Check Before 30 June
As we approach the end of the financial year, now is the time to review where things stand and make sure there are no missed opportunities before 30 June.
Whether you're running a grain farm, managing a family business, or doing a bit of both, EOFY planning is about more than tax. It's about understanding your position, making informed decisions, and preparing for the year ahead.
To help, we've created two practical EOFY checklists:
For Small Business Owners
Cash flow, tax planning, superannuation, record keeping and profitability.
Download the Small Business EOFY Checklist
For Farmers
Grain marketing and timing of sales, Farm Management Deposits, machinery purchases, cash flow, and succession planning.
Why EOFY Planning Matters
EOFY planning isn't about spending money simply to reduce tax.
It's about understanding your numbers while there is still time to act.
A review before 30 June can help identify opportunities, improve cash flow planning and provide a clearer picture of where your business is heading.
The earlier these conversations happen, the more options you generally have available.
Small Business EOFY Planning
Review Business Performance
Before the year ends, take a step back and assess how your business has performed.
Consider:
- Revenue and profitability
- Outstanding debtors
- Cash flow position
- Upcoming expenses
Understanding where you stand now makes planning for the next financial year much easier.
Review Asset Purchases
If you've been considering purchasing equipment, vehicles or technology, EOFY is a good time to review whether those purchases make sense.
The focus should be on what benefits the business long-term, not simply what reduces tax.
Check Super and Tax Planning Opportunities
Additional super contributions may provide both tax and retirement planning benefits.
EOFY is also a good opportunity to review any available tax planning strategies and ensure your records are up to date.
Download the Small Business EOFY Checklist
Our checklist covers the key EOFY areas every small business owner should review before 30 June.
Farmers EOFY Planning
Review Grain on Hand
For grain growers, grain marketing and timing of sales remain key EOFY considerations.
The method used to value grain can impact your taxable income and should be reviewed carefully before year-end.
Review Machinery and Input Costs
EOFY is a good time to assess:
- Planned machinery purchases
- Fuel and fertiliser requirements
- Infrastructure investments
- Seasonal cash flow needs
The goal is to ensure any spending decisions support both the farm business and family finances.
Think About the Bigger Picture
Many EOFY conversations naturally lead into discussions around:
- Succession planning
- Business structures
- Asset ownership
- Future family involvement
These conversations don't need to be finalised before 30 June, but starting them early often creates better outcomes.
Download the Farmers EOFY Checklist
Our Farmers EOFY Checklist covers the key areas farming businesses should review before year-end.
EOFY Planning Starts with a Conversation
Every farm and business is different.
What works for one family or business may not be right for another.
That's why EOFY planning works best when it's tailored to your circumstances, goals and future plans.
If you'd like help understanding your options before 30 June, get in touch with the Smith Shearer team.
We're here to help local farmers and regional businesses make informed decisions and head into the new financial year with confidence.
Need help before 30 June? Contact Smith Shearer today.
