6 key ways to master your EOFY tax preparation

As we approach the end of another financial year, tax time continues to evolve. Alongside the usual End of Financial Year (EOFY) pressures, businesses are also navigating rising input costs and upcoming changes like Payday Super.

Here are six practical ways to stay on top of your EOFY preparation using Agrimaster and Wagemaster.

1. Prepare now for Payday Super

Payday Super will change how super is managed, moving from quarterly payments to being paid at the same time as wages.

Preparing now will make the transition easier:

• Review payroll processes to ensure super is calculated each pay run
• Plan for more frequent super payments and the cash flow impact
• Ensure your Wagemaster setup is accurate and up to date

Getting ahead now will reduce pressure later and help you stay compliant when the changes come into effect.

Learn what you need to do in Agrimaster and Wagemaster to prepare for Payday Super.

Read more about Payday Super and what’s changing for farmers.

2. Review your financial year boundaries in Wagemaster

If your final payroll extends beyond June 30, Wagemaster allows you to adjust your taxation boundaries so payments are reported in the correct financial year.

This is especially important for:

• Employee income statements
• Tax thresholds
• Super and payroll reporting

Learn how to adjust year-end taxation boundaries.

3. Compare year-to-date reports (don’t skip this)

One of the most common EOFY issues is mismatched data between payroll systems and Agrimaster.

To avoid this, utilise Agrimaster’s stacked reports feature to:

• Ensure totals for wages, PAYG, and super align across both systems
• Run a year-to-date wages and superannuation report in Agrimaster, and compare it to your Wagemaster year-to-date report
• For payroll data, treat Wagemaster as your source of truth
• Run a debtor and creditor report, and attend to any outstanding items

If there are discrepancies, correct them early, before finalising EOFY reporting.

Learn how to:

• ‍Create a stacked report
• ‍Reconcile super between Wagemaster and Agrimaster
• ‍Run payment summary reports in Wagemaster
• ‍Prepare the wages tax deductions report
• ‍Create an Agrimaster DR & CR outstanding report

Using Employment Hero or another payroll system?

‍If you’re processing payroll outside of Wagemaster (e.g. Employment Hero), it’s still critical to complete this step:

• Run your year-to-date payroll report from your payroll system
• Compare it against your Agrimaster wages report
• Ensure totals for wages, PAYG, and super align across both systems

Any differences should be investigated and corrected before EOFY to avoid reporting issues.

4. Leverage the notes feature

Make the most of Agrimaster’s file revision notes feature to track:

• EOFY progress
• File access history
• Backup status

Notes can only be added once a file is backed up, making this a simple way to ensure your data is secure and traceable.  

Learn how to add notes to files.

5. Stay on top of rising input costs, reconciliation and BAS

With increasing input costs across fuel, fertiliser, and operations, it’s more important than ever to ensure your BAS is accurate.

Make it a habit to:

• Review cashbook coding and allocations carefully
• Keep your books up to date, and reconcile at a minimum monthly
• Close your BAS on time

Keeping this updated helps avoid surprises and improves cash flow visibility.

Learn how to:

• Close tax periods and create BAS transactions
• ‍Reconcile accounts (Cashbook reconciliation)

Think about discussing with your accountant whether adjustments are needed for:

• Capital purchases
• Bad debts
• Outstanding invoices

Small timing decisions here can have a meaningful impact on your financial position.

6. Review your full tax setup (don’t set and forget)

EOFY is the perfect time to do a full check of your tax configurations in Agrimaster:

• Check your Tax setups
• Check that Fuel Tax rebates are reporting correctly in the BAS

If anything looks unclear or outdated, it’s worth getting support. A quick review now can prevent costly errors later.

Learn how to

• ‍Check tax setups
• ‍Tax setup

Need a hand?

EOFY doesn’t have to be overwhelming.

Our team can guide you through the 12 essential EOFY steps, help you prepare for Payday Super, and ensure everything is set up correctly across Agrimaster and Wagemaster.

Staying organised, proactive, and informed is the key to a smooth EOFY, especially as requirements continue to change.