BAS, Payroll and EOFY: How to Plan, Not Panic

For many small business owners, the acronyms BAS, PAYG, and EOFY might as well scream “stress”. These key financial and compliance milestones creep up each quarter, often with last-minute scrambling, uncertain figures, and a mad rush to meet obligations.

But it doesn’t have to be that way.

This article offers a step-by-step breakdown of BAS, payroll and EOFY: how to plan, not panic, specifically tailored for small and medium businesses operating in the Australian context.

Whether you’re a sole trader with one casual employee or a growing team of ten, the secret to staying compliant and confident lies in systems, rhythm, and readiness, not adrenaline.

Let’s explore how to build those systems so tax season becomes a formality, not a fire drill.

Why Planning Beats Panic (Every Time)

Compliance isn’t just about avoiding penalties—it’s about creating clarity.

When you understand your numbers, maintain your records, and stay on top of your obligations, you can:

Reduce your tax liability through legitimate deductions
Improve your cash flow with accurate forecasting
Sleep better knowing you’re audit-ready
Focus on growth, not just survival

So why do so many businesses panic around BAS, payroll and EOFY?

Because they’re reviewing backwards, reacting instead of preparing. Planning transforms these recurring tasks from unpredictable interruptions into reliable checkpoints in your business rhythm.

Understanding the Big Three: BAS, Payroll and EOFY

Before learning BAS, payroll and EOFY: how to plan, not panic, let’s define each clearly.

Business Activity Statements (BAS)

Issued by the ATO monthly, quarterly, or annually (depending on your business), BAS reports on:

Goods and Services Tax (GST)
Pay As You Go (PAYG) withholding and instalments
Fringe Benefits Tax (FBT) instalments
Fuel tax credits and other industry-specific claims

BAS lodgements are due either monthly (21st of the following month) or quarterly (28th days after the quarter’s end).

Payroll

This covers everything involved in paying employees correctly and compliantly, including:

PAYG tax withholding
Superannuation Guarantee contributions
Leave accruals
Reporting via Single Touch Payroll (STP)

Payroll is a weekly, fortnightly or monthly process, but the compliance elements stack up over time and hit hardest at EOFY.

End of Financial Year (EOFY)

EOFY is not just June 30. It includes:

Finalising income statements via STP
Reconciliation of payroll and super
Stocktake, asset register, and depreciation
Lodging tax returns
Assessing your financial position and strategy

It’s the one time each year where all financial systems intersect—so preparation is critical.

What Goes Wrong—and Why

Most panic around BAS, payroll and EOFY happens for predictable reasons. These include:

Poor record-keeping throughout the year
Inconsistent bookkeeping routines
Manual payroll processes
Lack of calendar-based planning
Waiting until deadlines to check figures
Unreliable or outdated software
Trying to DIY beyond capacity

Understanding BAS, payroll and EOFY: how to plan, not panic means understanding that panic is not a failure of knowledge—it’s a failure of systems.

The Planning Framework That Prevents Panic

Below is the SBAAS-endorsed monthly and quarterly workflow that small businesses can use to reduce stress and stay compliant.

Weekly

Update transactions in accounting software
Reconcile bank feeds
File receipts and match to expenses
Approve timesheets
Verify payroll figures

Fortnightly

Process payroll via STP
Confirm PAYG and super obligations
Review leave balances and staff entitlements

Monthly

Reconcile payroll against reports
Check super accruals and ensure timely payment
Prepare draft BAS data (if lodging monthly)
Review debtor and creditor reports
Review financial dashboards
Set aside cash for upcoming obligations

Quarterly

Finalise and lodge BAS
Check GST coding accuracy
Conduct a director or partner meeting with a financial review
Book ATO payment dates in the calendar

Annually

Finalise STP
Lodge TPAR (if required)
Conduct stocktake (if relevant)
Update asset register and depreciation
Complete year-end reconciliation
Provide books to the accountant for tax return

This approach turns compliance into cadence.

Common BAS Mistakes—and How to Avoid Them

When thinking about BAS, payroll and EOFY: how to plan, not panic, BAS is often where businesses stumble first.

Mistake 1: Misreporting GST on purchases or sales

Solution: Set up rules in your accounting software and double-check supplier GST registration.

Mistake 2: Claiming GST without a tax invoice

Solution: Never file claims without a proper invoice, even small ones.

Mistake 3: Late lodgements and payments

Solution: Use automatic calendar reminders or outsource to a BAS agent for timely lodgement.

Mistake 4: Not reconciling payroll before BAS

Solution: PAYG and super must match payroll data before inclusion in your BAS.

Mistake 5: Filing BAS without reviewing the P&L or balance sheet

Solution: These reports reveal anomalies—review them every quarter.

Payroll Panic Triggers—and Their Fixes

Payroll affects people. Mistakes here impact morale, reputation, and compliance.

Problem: Super not paid on time

Fix: Automate super via clearing houses and schedule regular reviews.

Problem: STP not lodged or incorrectly reported

Fix: diarise due dates and then diarise 1 week before to lodge super to allow clearing house time to meet deadlines.

This will change with payday super.

Problem: Incorrect leave accruals

Fix: Verify the award rules in your system. Use templates based on employee types.

Problem: Confusion around contractor vs employee classification

Fix: Use the ATO’s tool or speak to your advisor—misclassification is a common risk.

Payroll needs process, not panic.

EOFY: The Annual Audit You Can Control

EOFY is not a surprise. It happens every year. Yet many small businesses approach it like it’s a sudden crisis.

Here’s how to get it right:

In April–May

Review your financial YTD performance
Identify deductions and bring-forward opportunities
Plan super top-ups before 30 June
Revisit your asset purchases and depreciation strategy
Schedule a meeting with your advisor

In June

Finalise payroll
Reconcile super, PAYG and wages
Update your budget and cash flow forecast
Begin preparing tax return documents

EOFY should be an opportunity to assess performance, not just finalise tax.

Leveraging Your Accountant and Bookkeeper Effectively

The best way to handle BAS, payroll and EOFY: how to plan, not panic is to know which tasks are yours—and which should be outsourced.

Your accountant can:

Advise on tax planning and structures
Review and finalise year-end adjustments
Lodge returns
Provide strategic insight

Your bookkeeper can:

Maintain day-to-day records
Reconcile accounts
Process payroll and super if registered as a BAS agent
Lodge BAS if registered as a BAS agent

But both need your cooperation: accurate records, timely access, and proactive communication.

Technology That Makes It Easier

Modern accounting and HR software can automate much of your compliance process. Top tools include:

Xero: Cloud-based accounting with payroll and BAS integration
QuickBooks Online: Ideal for cash-based businesses and GST tracking
MYOB: Suitable for payroll-heavy businesses and inventory management
Deputy or Tanda: For rostering and award-compliant timesheets
Super Clearing Houses: Automate super payments and track contributions

Technology is only useful if used correctly—ensure your systems are updated and integrated.

Avoiding Audit Triggers

When the ATO sees red flags, you want your books to be airtight.

Watch for:

Inconsistent BAS vs tax returns
Unusual swings in reported income
Unexplained or duplicated transactions
Frequent late lodgements
Employee complaints about unpaid entitlements

Staying calm at EOFY means being compliant all year round.

Final Thoughts: Control Beats Crisis

No matter your size, sector or setup—compliance is manageable when built into your rhythm.

Understanding BAS, payroll and EOFY: how to plan, not panic doesn’t require specialist skills. It requires discipline, process, and support.

Because at the end of the day, panic is optional. Planning is available.

Ready to Get Your Financial Compliance Under Control?

SBAAS supports small businesses across Australia with integrated bookkeeping, payroll processing, BAS lodgement and EOFY preparation through our Actually Supported service model.

Book a consultation today or learn more about SBAAS and say goodbye to dreadlines for good.

Trudi Allgood

Chief Commercial Officer

Trudi is the Chief Commercial Officer at SBAAS. With over 20 years of experience in finance, human resources, and operational leadership, she is known for guiding organisations through complex change with clarity, confidence, and results-driven focus.

She has successfully managed government-funded programs, including the NDIS and the Indigenous Eye Health Service (IRIS) project, ensuring full compliance with reporting and performance requirements. Trudi’s extensive project management experience extends from the implementation of new payroll systems to the delivery of complex build and renovation works, consistently meeting timelines, budgets, and stakeholder expectations.

Her practical leadership style, strong communication skills, and commitment to continuous improvement make her a trusted advisor. Passionate about the role of small businesses in Australia’s economy, Trudi is dedicated to helping them grow sustainably, perform at their best, and deliver long-term impact.

Qualifications: