The end of the financial year (EOFY) is just around the corner, and for pharmacy owners, wrapping up the year efficiently is key to starting the new financial year on the right foot. With June 30 just around the corner, now is the ideal time to review the key tasks that can help maximise deductions, maintain accurate records, and position your pharmacy for a strong year ahead.
Below is your EOFY checklist to guide you through the process.
1. Review and Write Off Bad Debts
Review your debtors' ledger and identify any amounts that are unlikely to be recovered. Writing off bad debts before 30 June allows you to claim a tax deduction in the current financial year while ensuring your records accurately reflect outstanding receivables. Keep evidence of any attempts made to recover the debt to support your claim.
2. Adjust Owner's Shop Accounts
Review any personal purchases made through the pharmacy that remain unpaid. These amounts should either be repaid before 30 June or recorded as drawings to ensure your financial records accurately reflect the pharmacy's position.
3. Review and Write Off Shop Consumables
Identify any stock or consumables used internally within the pharmacy, such as cleaning supplies, and write them off accordingly. This ensures inventory values remain accurate and allows your accountant to correctly adjust year-end accounts.
4. Conduct a Physical Stocktake
Complete a stocktake and compare it against your inventory records to identify discrepancies, shrinkage, or stock errors. Accurate stock values are essential for EOFY reporting and tax purposes. If a full stocktake is not possible, focus on high-value items and obvious errors.
5. Ensure a Clean POS Cut-Off
Ensure all transactions have been finalised in your point-of-sale system as at 30 June. A clean cut-off helps ensure sales and income are recorded in the correct financial year and supports accurate reporting.
6. Count Cash on Hand
Count and record all cash on hand, including till floats and petty cash. Providing these figures to your accountant will help ensure your year-end financial reports accurately reflect your cash position.
7. Invoice and Install Assets Before 30 June
If you've purchased assets such as computers, shelving, or vehicles, ensure they are invoiced, installed, and ready for use before 30 June. If your pharmacy is classified as eligible small business, doing this may allow you to access the $20,000 instant asset write-off.
8. Make Superannuation Payments
If cash flow allows, consider paying June quarter superannuation contributions before 30 June. Contributions are only deductible in the current financial year if they are received by the super fund by that date, so allow sufficient processing time.
9. Renew Pharmacy Registration
Confirm your pharmacy registration has been renewed and paid before 30 June. Maintaining a current registration is essential for compliance and uninterrupted business operations.
10. Review Insurance Coverage
Review your insurance policies to ensure your level of cover remains appropriate for your current business operations. Consider any changes in staffing, turnover, or services and discuss these with your insurer or broker.
11. Review Employee Records
Check that employee records are up to date and that any inactive employees have had their final pay, leave entitlements, and termination payments processed correctly. Accurate payroll records are essential for meeting EOFY reporting obligations (STP Reporting) which needs to be completed by 14 July.
With Payday Super reforms approaching, now is also a good time to review your payroll processes and employee data to ensure your pharmacy is prepared for more frequent superannuation reporting and payment obligations. For more information about payday super, please head to our previous blog: https://www.peakstrategies.com.au/peak-strategies/2026/4/7/payday-super-is-coming-what-every-business-owner-needs-to-prepare-for
12. Tax Planning
Meet with your advisor before year-end to review your expected tax position and identify any opportunities to improve outcomes for the current and future financial years. Having clear business goals in mind will help make tax planning discussions more effective.
Conclusion:
Preparing for EOFY doesn’t have to be overwhelming. By following this checklist, you’ll not only ensure your pharmacy is compliant with tax regulations, but also optimise your financial position for the upcoming year. Remember, these tasks are vital for an accurate and efficient year-end process, and will help you set your pharmacy up for continued success.
Have any questions or need assistance? Reach out to your accountant or our team, we’re here to help with your pharmacy’s financial planning and success!