What Is EOFY? A Simple Guide for Contractors

What does EOFY mean?

EOFY means End of Financial Year. It is the point where Australian businesses close off their financial records for the year and prepare information for tax reporting, accounting, payroll and business planning.

For contractors — particularly in mining, construction, field service, engineering, maintenance and heavy industry — EOFY usually involves reviewing income, expenses, invoices, receipts, payroll records, superannuation, assets and equipment, tax deductions, outstanding payments and overall business performance.

When is EOFY in Australia?

In Australia, EOFY is on 30 June and the new financial year begins on 1 July. So the Australian financial year runs from 1 July to 30 June.

• 2025–26 financial year: 1 July 2025 to 30 June 2026
• 2026–27 financial year: 1 July 2026 to 30 June 2027

Why is EOFY important for contractors?

EOFY matters because contractors need complete, accurate records before tax time. Disorganised records at EOFY can quickly become a problem, leading to:

• missed deductions
• inaccurate reporting
• unpaid invoices being overlooked
• cash flow issues
• payroll errors
• duplicated admin work
• stress for business owners and admin teams
• delays getting information to your accountant

What should contractors do before EOFY?

Before EOFY, contractors should review business records and make sure invoices have been sent, expenses recorded, receipts uploaded, payroll information is correct and outstanding payments have been chased.

1. Review outstanding invoices

EOFY is a good time to check which invoices are still unpaid. Review:

• invoices sent to clients
• invoices still in draft
• overdue payments
• completed jobs that have not been invoiced
• do-and-charge work that still needs to be billed
• variations or extras that have not been added to an invoice

Missed invoicing is one of the easiest ways for contractors to lose money. See our guide on quotes vs invoices if you want to tighten this process.

2. Check expenses and receipts

Contractor expenses are often spread across jobs, sites, teams and suppliers. Common contractor expenses include:

• fuel, tools, equipment and machinery maintenance
• vehicle costs, PPE, materials and subcontractors
• accommodation and flights
• software, phone and internet costs
• training, insurance and safety equipment

Make sure expenses are recorded correctly and receipts are easy to find so your accountant can identify business expenses and possible deductions.

3. Reconcile your accounts

Account reconciliation means checking that your business records match your bank transactions. This helps identify missing payments, duplicate transactions, incorrect entries, unpaid invoices, supplier payments and unrecorded expenses — especially important when money is moving across multiple jobs, suppliers and projects.

4. Review payroll and superannuation

If you have employees, EOFY is the time to check wages paid, overtime, allowances, leave balances, superannuation, employee details, payroll reports and STP reporting.

This is especially important for contractors with site-based workers, field staff, workshop teams, apprentices and casual employees. Read more about Payday Super changes from 1 July 2026 so you're ready for the new financial year.

5. Check assets and equipment

Contractors rely on expensive tools, vehicles, machinery and equipment. Review your asset register and check vehicles, machinery, trailers, tools, laptops, tablets, phones, workshop equipment, site equipment and safety gear. Review purchases, depreciation, maintenance records and any assets that have been sold, replaced or written off.

6. Review job profitability

EOFY is also a great time to review which jobs, clients and projects were actually profitable. Look at job costs, labour, materials, suppliers, travel, equipment, quoted vs actual costs, margin, markup, invoiced value and profit per job.

If you're not sure where to start, our guide to margin vs markup for contractors walks through the formulas and a worked example.

7. Follow up unpaid client payments

Late payments hit cash flow hard — especially when you need to cover wages, fuel, materials, equipment and subcontractor costs upfront. Before EOFY, review overdue invoices, clients with multiple unpaid invoices, invoices waiting on purchase orders, disputed invoices, incomplete payment details and invoices missing supporting documentation.

8. Prepare information for your accountant

Your accountant or bookkeeper will typically need:

• profit and loss reports
• balance sheet
• payroll and superannuation records
• bank reconciliation reports
• invoices and receipts
• asset purchases and loan information
• business expenses
• GST and BAS records

Common EOFY challenges for contractors

EOFY can be stressful because business information is often spread across too many places:

• invoices stored in one system
• receipts sitting in emails or phones
• job costs tracked in spreadsheets
• payroll information kept separately
• field updates sent through texts or WhatsApp
• supplier invoices sitting with different staff
• missing purchase order details
• unclear job margins
• delayed admin from site teams

EOFY checklist for contractors

How SprintSuite helps contractors at EOFY

SprintSuite helps mining, field service, workshop and heavy industry contractors keep operational and financial information connected — so EOFY is not a scramble. From a single platform, teams can manage:

• quotes and invoices
• job costing and purchase requests
• receipt uploads and supplier management
• asset records and compliance information
• staff training and mobilisation
• real-time reporting and job visibility

When EOFY arrives, having accurate records already in place makes reporting, reconciliation, invoicing and business review much easier.

EOFY FAQs for contractors