As the end of the financial year approaches, struggling businesses must act decisively to ensure compliance and lay the foundation for recovery. With the ATO ramping up debt recovery and an increase in business insolvencies, it’s more important than ever to get ahead before 30 June.

At Supertax, we work with businesses across Australia to stabilise operations, optimise tax positions, and develop sustainable strategies. Here are 8 practical steps your business can take before EOFY if you’re facing financial distress.

1. Organise and Review Financial Records
Gather all critical financial documents—such as bank statements, invoices, receipts, and loan agreements. Ensure your accounts are accurate and fully reconciled. This clarity is essential for both compliance and planning your next steps.

2. Assess Income and Expenses
Review all income streams and outgoing costs. Highlight areas where you can cut non-essential expenses or improve efficiency. Knowing your cash flow position can help you make quicker, smarter decisions under pressure.

3. Stay on Top of Tax Obligations
Ensure your BAS, IAS, and income tax returns are lodged on time. If you’re unable to pay in full, contact the ATO early to arrange a payment plan. Timely action can reduce penalties and protect your business credit standing.

4. Finalise Payroll and Super Contributions
Use Single Touch Payroll (STP) to ensure all employee wages and super contributions are accurate and reported. Any underpayment can lead to ATO audits and significant penalties, especially as EOFY reporting becomes mandatory.

5. Evaluate Your Business Structure
Is your current structure still working? Now is the time to reassess. You might benefit from restructuring operations, renegotiating with suppliers, or even pivoting your business model to regain profitability.

6. Seek Professional Guidance
Engage with experienced accountants and advisors—like the team at Supertax—who can help you maximise deductions, understand your tax obligations, and create a realistic recovery plan.

7. Explore Small Business Restructuring (SBR)
For businesses at risk of insolvency, the ATO-backed Small Business Restructuring (SBR) process could provide a legal pathway to resolve debts and continue trading. Speak with a registered restructuring practitioner to explore eligibility.

8. Plan Ahead for FY2026
Set achievable budgets and KPIs for the new year. By regularly tracking your financial metrics, you can adapt to market shifts and avoid repeating past mistakes.

Don’t Face It Alone — We’re Here to Help

EOFY can be stressful, but it’s also an opportunity to reset. At Supertax, we help businesses across Australia manage their obligations, unlock tax savings, and regain control of their financial future.

📞 Call us today on (03) 7074 8818 or

🌐 Visit www.mysupertax.com.au to speak with a tax expert.