End of Financial Year Checklist for Queensland Tradies

Getting Your Trade Business Ready for 30 June

If you’re a tradie in Queensland, the end of financial year (EOFY) can feel overwhelming. Between running jobs, managing subbies, and chasing invoices, tax time often gets pushed to the back of the queue. But taking a few hours now to get organised can save you thousands in tax — and plenty of stress when it’s time to lodge.

As a CPA and Registered Tax Agent who works with tradies across Kallangur, North Lakes, and the broader Moreton Bay region, I’ve put together this practical EOFY checklist specifically for tradespeople and construction businesses.

✅ 1. Reconcile Your Income

Before you do anything else, make sure every invoice you’ve issued this financial year is accounted for. Check your accounting software against your bank statements and look for:

• Invoices issued but not yet paid (these are still assessable income if you report on an accruals basis)
• Cash payments received but not invoiced
• Progress claims and retention amounts
• Any income received through third-party platforms

If you’re on a cash basis, only income actually received before 30 June counts. Understanding your reporting method is critical — and it’s something your accountant should have set up correctly from day one.

✅ 2. Stocktake Your Tools and Equipment

Walk through your workshop, ute, and trailer. Make a list of all tools and equipment you’ve purchased this financial year. Common items tradies forget to claim include:

• Power tools and hand tools
• Safety equipment (boots, hard hats, hi-vis, harnesses)
• Measuring and testing equipment (laser levels, multimeters)
• Toolboxes and storage systems
• Ute accessories (canopies, racks, drawers) — note that these may need to be depreciated

Items under the instant asset write-off threshold can be claimed in full this year. Higher-value assets are depreciated over their effective life. Check the ATO depreciation schedules for specific rates.

✅ 3. Update Your Vehicle Logbook

If you use the logbook method for your work vehicle (and you should if you drive more than 5,000 business kilometres), check that your logbook is current. A valid logbook must cover a continuous 12-week period and is valid for five years, provided your usage pattern hasn’t changed significantly.

If your logbook has expired, start a new one now. Record every trip: date, odometer readings, purpose, and kilometres travelled. Even if you start mid-year, a current logbook is better than an expired one at tax time.

✅ 4. Review Subcontractor Payments

If you’ve paid subcontractors during the year, you need to report these payments in your Taxable Payments Annual Report (TPAR). This is due by 28 August each year. Make sure you have:

• ABN details for every subbie
• Total amounts paid to each (including GST)
• GST amounts included in payments
• Any amounts withheld (if they didn’t quote an ABN)

The ATO cross-matches TPAR data against subcontractor tax returns, so accuracy matters. If you didn’t withhold from payments where no ABN was quoted, you may face penalties.

✅ 5. Check Your Superannuation Compliance

Super guarantee is currently 12% of ordinary time earnings for each eligible employee. The Q4 (April–June) super payment must be received by the employee’s super fund by 28 July to be deductible in this financial year. Key points:

• Pay super for all eligible workers, including apprentices and casual employees who earn $450+ per month
• If you use a clearing house, allow processing time — payments aren’t “made” until the fund receives them
• Check for any unpaid super from earlier quarters — the Super Guarantee Charge (SGC) includes penalties and interest
• If you’re a sole trader or partner, consider making personal deductible super contributions to reduce your tax

✅ 6. Reconcile Your BAS

Ensure your BAS lodgements are up to date and reconciled against your accounting records. Common issues for tradies include:

• Claiming GST on items that are GST-free (some insurance types, certain government fees)
• Not claiming GST on fuel purchases (keep all fuel receipts!)
• Incorrect treatment of progress claims and retention
• Timing differences between invoice date and payment date

If you’re behind on BAS lodgements, get them sorted before 30 June. Late lodgement penalties accumulate, and the ATO can estimate your liability if you don’t lodge.

✅ 7. Prepay Deductible Expenses

If cash flow allows, consider prepaying some expenses before 30 June to bring forward deductions into this financial year:

• Insurance premiums due in July or August
• Rent on your workshop or storage yard
• Subscriptions and memberships (trade associations, software)
• Planned training courses or tickets

Small businesses can generally deduct prepaid expenses of 12 months or less immediately. This is a straightforward way to reduce your tax bill if you’ve had a profitable year.

✅ 8. Review Outstanding Debts

If you have clients who haven’t paid and you’ve exhausted reasonable collection efforts, you can write off the bad debt before 30 June. This converts an unpaid invoice into a tax deduction and allows you to claim back any GST already remitted on the sale. Document your collection efforts in case the ATO queries the write-off.

✅ 9. Organise Your Records

The ATO requires you to keep records for five years. Before EOFY, make sure you have:

• All receipts digitised (use an app like Hubdoc, Dext, or your phone camera)
• Bank statements downloaded or accessible
• Loan statements for any business borrowings
• Asset purchase receipts with serial numbers for valuable tools
• A current depreciation schedule

✅ 10. Book Your Tax Planning Appointment

The best time to do tax planning is before 30 June — not after. A pre-EOFY consultation with a CPA gives you time to act on strategies like additional super contributions, asset purchases, or debt write-offs.

At Tax Serve, we work with tradies and construction businesses across Brisbane’s north. Our business accounting packages include proactive tax planning so you’re never scrambling at EOFY. Contact us today to book your pre-June 30 review.