Setting Up Your Expense Tracking for the New Financial Year
Every July, millions of Australian sole traders and freelancers get a fresh start. The new financial year is your chance to fix the habits that made last EOFY painful and set up a system that keeps you organised for the next twelve months. Whether last year was a scramble of lost receipts and late-night spreadsheet marathons or a reasonably smooth ride, a few hours of setup now will save you days of stress next June. Here’s how to set up your expense tracking for the new financial year so that next EOFY is the easiest one yet.
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EOFY Deadline: What Happens If You Lodge Your Tax Return Late in Australia
Every year, thousands of Australians miss the deadline to lodge their tax return – and many don’t realise the consequences until an ATO penalty notice lands in their inbox. If you’re wondering what happens when you lodge your tax return late in Australia, the answer depends on how late you are, whether you owe money, and what steps you take to fix it.
Read MoreInstant Asset Write-Off: What Small Businesses Can Claim in 2026
With the end of the financial year approaching, now is the time to think about whether you can use the instant asset write-off to reduce your tax bill. This scheme lets eligible Australian small businesses deduct the full cost of an asset immediately – rather than depreciating it over several years. If you’ve been putting off buying that new laptop, piece of equipment, or work vehicle, understanding the instant asset write-off could save you thousands before June 30.
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EOFY Tax Checklist for Freelancers: Get Ready for June 30
The end of the financial year is approaching, and for freelancers, that means it’s time to get organised. This EOFY tax checklist for freelancers covers everything you need to do before June 30, 2026 to maximise your deductions, avoid last-minute panic, and make lodgement as painless as possible. Whether you’re a seasoned sole trader or filing your first freelancer return, work through this list now and you’ll thank yourself in July.
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