Mastering End of Financial Year Prep for Tradies
3 November 2026 · 6 min read · By Heaney Accounting
Why EOFY matters for your trade business
The end of the financial year is often a stressful time for tradies, but it is also the best opportunity to reduce your tax bill and set your business up for the coming year. Staying organized keeps the ATO happy and helps you understand exactly how much money you made.
Your step-by-step EOFY checklist
- Reconcile all bank transactions in your accounting software.
- Review your asset register and record any items that were sold or scrapped.
- Finalize your payroll and ensure single touch payroll finalization is processed.
- Gather all outstanding invoices you need to pay to claim deductions early.
- Check that your stocktake is complete if you carry significant materials.
Pro Tip: Don't leave your bookkeeping until July 1st. Getting your data in early means your tax return will be processed faster and you will have more clarity on your profit.
- Tool repairs and maintenance costs
- Subscription fees for trade software or associations
- Laundry costs for branded workwear
- Training and certification renewals
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