End of Financial Year Checklist for Australian Studio's & Business Owners

The end of the Australian financial year lands on 30 June, and if you're running a dance studio, fitness class, or any kind of activity-based business, now is the time to get organised. Done right, EOFY isn't just a tax deadline,  it's a chance to clean up, save money, and set yourself up for a smoother year ahead.

Here's what to do (and what to ditch) before 30 June.

1. Get Your Books in Order

Before anything else, know where you stand financially. Pull together your profit and loss statements, review your income vs. expenses, and make sure your records are reconciled. 

Quick wins:

• Reconcile any outstanding transactions

• Chase any unpaid invoices before EOFY

• Make sure all income and expenses are properly categorised

How Can Class Manager Class Management Software Help? 

Pull your revenue reports, which can include every invoice and items, price, quantity, tax, and the dates that the invoice was paid. Or download income by month, class, or in a set time period to help you see your revenue. That way, you can clearly see which invoices have been paid and who still owes you money. (With Class Manager, you can make your 2027 tax return even easier by switching to our Automated billing feature, and you'll never have to chase an invoice again.) 

2. Claim Every Deduction You're Entitled To

This is where EOFY gets interesting. The ATO (Australia Tax Office) allows businesses to deduct a wide range of expenses, and many small business owners miss out simply because they don't know what's claimable.

Things you may be able to deduct:

• Equipment purchases (think new sound systems, mirrors, props, costumes, or studio gear)

• Business-related travel

• Home office expenses, if you manage admin from home (we know all business owners do!)

• Professional development, training courses, or memberships

• Marketing and advertising costs

• Prepaying upcoming expenses that are deductible, like insurance renewals or your class management software subscriptions, before 30 June can bring forward that deduction into this financial year

Always check with your accountant to confirm what applies to your situation.

3. Write Off Software and Tools That No Longer Serve You

Here's a tip that doesn't get talked about enough: ditch the dead weight.

If you're still paying for clunky, outdated software that's costing you more as your business grows, now is the perfect time to cut it. Not only can you potentially write off the cost of that software as a business expense, but you'll also stop the bleed of monthly fees going nowhere.

Ask yourself:

• Is this software actually making my life easier?

• Am I paying more as I grow, with no real benefit?

• Are there free or lower-cost alternatives that do the same job (or better)?

If the answer is "no, yes, and yes," let it go before 30 June.

How Can Class Manager Help? 

If you’re not already a Class Manager customer, Class Manager is a cost-effective (free, with no monthly subscription), class management software that is actually easy to use, doesn’t charge you more as you grow, and offers a range of features to help you save up to 25 hours a week on admin. 

4. Review and Streamline Your Business Costs

EOFY is the ideal moment to audit every subscription, tool, and service you're paying for. Look at each one and ask: Is this earning its keep?

Switching to smarter, cost-effective tools before the new financial year means you start fresh, leaner, more organised, and not throwing money at things that don't move your business forward.*cough, Class Manager, cough!*

5. Plan for the New Financial Year

Once you've wrapped up the year, use the momentum to set yourself up for July onwards. Look at:

• What worked and what didn't

• Where do you want to invest in the business?

• What processes can you simplify or automate

Starting the new year with intention — not just reacting — makes a real difference.

Speaking of Smarter Tools…Have You Looked at Class Manager and Stage Stubs?

If you're reviewing your software costs at EOFY (which you should be!), It's worth knowing about two tools built specifically for studios and class-based businesses, and they won't cost you a thing.

Class Manager is a class and studio management platform that's completely free to use. It only charges a small percentage fee per transaction, which you can pass on to your customers. No monthly fees, no growing costs as your business scales.

Stage Stubs is a ticketing platform built for studios and performing arts businesses. It's free for studios; the fee is passed on to your attendees, not you. So you get professional ticketing without the overhead.

Both tools are designed to simplify how you run your business day-to-day, less admin, less cost, more time for the things that matter. Ready to find out how Class Manager can help? Book a demo with our team, or create your free account here. 

EOFY Doesn't Have To Be Stressful

EOFY doesn't have to be stressful. Get your records straight, claim what you're owed, cut what's costing you unnecessarily, and step into the new financial year with a cleaner, leaner business.

And if part of that clean-up means swapping outdated, expensive software for something that actually works for studios like yours, well, that's a pretty good place to start.