For years, I've watched Aussie businesses scramble in the last two weeks of June — furiously placing orders, counting stock on warehouse floors, and trying to figure out why their landed costs don't match their supplier invoices. It's chaos. And most of it is completely preventable.

The end of the Australian financial year — 30 June — isn't just a date on the tax calendar. For importers, it's a hard deadline that touches inventory valuation, duty reconciliation, customs compliance, cash flow, and supplier strategy all at once. Get it right, and you head into FY27 leaner and better positioned. Get it wrong, and your accountant will have a very colourful conversation with you in July.

This is your EOFY importing checklist for 2026. Whether you're sourcing from China, Vietnam, or anywhere else in Asia, here's what you need to action before 30 June.

Why EOFY Matters More Than Ever for Australian Importers

Australia's import market has been moving fast. Total annual imports hit nearly $310 billion in 2025 and are trending upward into 2026. At the same time, 47% of Australian businesses reported supply chain disruptions in a 2025 Australian Industry Group report — up from 35% in late 2024.

Mix in ongoing US-China trade tensions, freight rate volatility, and the AUD fluctuating against the USD, and you've got a landscape where sloppy EOFY preparation doesn't just cost you money — it can create real compliance headaches with the Australian Border Force (ABF) and the ATO.

Let's get into it.

The EOFY Importing Checklist: 8 Areas to Audit Before 30 June

1. Conduct Your Stocktake — Properly

If you hold trading stock, a physical stocktake is required if the value of stock on hand has changed by more than $5,000 during the year. But even if you're under that threshold, a thorough count protects you.

Here's what to audit:

a) Count all inventory accurately

That means warehouse stock, goods in transit, stock held by third-party 3PL providers (including if you use our China warehousing and fulfilment service), and any goods sitting in a bonded warehouse awaiting customs clearance.

b) Identify obsolete, damaged, or slow-moving stock

EOFY is the right time to write down or write off stock that can't be sold at full value. Document everything — damaged goods, discontinued lines, items with compliance issues. Your accountant needs this.

c) Choose your valuation method and apply it consistently

The ATO accepts three methods:

• Cost price — what you paid including freight, duty, and insurance
• Market selling value — if goods are selling below cost
• Replacement value — the current cost to reorder

Be consistent. Don't switch methods mid-year without talking to your accountant.

2. Reconcile Your Landed Costs

This is where many importers come unstuck. The invoice from your Chinese or Vietnamese supplier is just one part of the picture. Your true landed cost includes:

• Product cost (supplier invoice in USD or CNY, converted at the exchange rate on the invoice date)
• International freight (sea or air — see our guide to shipping from China to Australia)
• Marine insurance
• Import duty (calculated as a percentage of the customs value)
• GST on imports (10% on the customs value plus duty)
• Customs broker fees
• DAFF biosecurity levies (if applicable to your product category)
• Domestic freight from port to warehouse

Pull every import entry for FY26 and cross-check that your inventory records reflect the true landed cost, not just what you paid the factory. Discrepancies here are a common ATO audit trigger.

3. Audit Your Customs Entries

Request a full list of your import declarations from your customs broker for the FY26 period (1 July 2025 – 30 June 2026). Check for:

a) Correct tariff classifications (HS codes)

An incorrect HS code can mean you've been overpaying or underpaying duty all year. Overpayments can be refunded — but only if you identify them. Underpayments create a liability.

b) Country of origin claims

If you're importing from Vietnam and claiming preferential duty rates under ChAFTA (China-Australia Free Trade Agreement) or RCEP (Regional Comprehensive Economic Partnership), make sure your certificates of origin are on file. Missing paperwork = no preferential rate.

c) Duty drawback opportunities

If you've imported goods that were subsequently re-exported or used in manufacturing, you may be eligible for a duty drawback. This is money back in your pocket — but the claim must be lodged within 12 months of export.

4. Review Your Supplier Agreements and Pricing

EOFY is the best time to renegotiate with suppliers — and most good suppliers expect it. Before 30 June:

• Request updated price lists for FY27 — many Chinese suppliers adjust pricing in H2 as raw material costs shift
• Review your payment terms — if you're paying 100% upfront, now is the time to push for 30/70 or 50/50 terms
• Check your incoterms — are you buying FOB, CIF, or EXW? (Read our guide on FOB shipping for Australian importers if you're unsure)
• Lock in orders for Q1 FY27 — if you source from China, lead times post-Golden Week (October) can stretch significantly. Orders placed in June or July ship by September/October

5. Plan Your Cash Flow Around Duty and GST Payments

Import duty and GST are collected at the border — before you can release your goods. For businesses with large shipments arriving in June or July, this can create a cash crunch right at EOFY.

Work out what's in transit right now and when it's expected to land. Calculate the duty and GST liability so you're not caught off guard. If you're on a deferred GST scheme (available to businesses with an ABN and a clean compliance history), you can defer GST on imports to your BAS — a useful cash flow tool worth discussing with your accountant.

6. Assess Your Sourcing Strategy for FY27

EOFY isn't just a compliance exercise — it's a strategic reset point. Ask yourself:

• Are my margins holding up? If landed costs have crept up (freight, duty, FX), is your retail price still viable?
• Am I overly concentrated with one supplier or one country? The China-plus-one strategy is increasingly relevant — Vietnam and India are capturing more Australian import volume
• Do I have quality control processes in place? Over 60% of importers experience a significant quality decline after their first successful order. EOFY is a good time to formalise your QC procedures
• Am I leaving money on the table with my supply chain management? Our supply chain management service exists to help Aussie businesses run a tighter, more profitable operation

7. Prepare for the ABF's EOFY Audit Activity

The Australian Border Force ramps up compliance activity around EOFY. They focus on:

• Undervaluation of goods — declaring a lower customs value than the actual transaction price
• Incorrect tariff classifications
• False country of origin claims (particularly relevant for goods transshipped through third countries)
• GST evasion on low-value imports

Make sure your import records are clean and your documentation is complete. If you discover any errors, it's far better to self-report to the ABF than to wait for them to find it.

8. Get Your Import Documents Filed and Archived

Your customs records need to be retained for five years under Australian law. Before 30 June, make sure you have:

• Commercial invoices for all FY26 imports
• Bills of lading or airway bills
• Packing lists
• Import declarations (formally known as SACs — Self-Assessed Clearances, or formal import entries)
• Certificates of origin (where preferential duty rates were claimed)
• Quality inspection reports (if used)
• Payment records (bank transfers, LC documentation)

Store these digitally with a clear folder structure by supplier and shipment date. You'll thank yourself if you're ever audited.

Common EOFY Mistakes Australian Importers Make

Mistake 1: Treating stock in transit as "not yet received."
Goods on the water that you've paid for and taken title to (typically when shipped FOB) are your inventory — count them.

Mistake 2: Forgetting about goods at 3PL providers.
If you use a fulfilment centre in China, Hong Kong, or domestically, make sure those stock levels are included in your count.

Mistake 3: Using the supplier invoice price as landed cost.
This almost always understates your true inventory value and creates tax issues.

Mistake 4: Missing the June order window.
If you need stock for August-October, you need to be ordering now. Sea freight from China takes 18–25 days; add factory lead time and you're looking at 6–10 weeks total. Orders placed in late June ship in time for the August retail rush.

Mistake 5: Not reviewing tariff classifications annually.
HS codes and duty rates change. What you paid in FY25 may not be correct for FY26.

Get Ahead of EOFY with the Right Sourcing Partner

The businesses that handle EOFY best aren't necessarily the ones with the best accountants — they're the ones with clean, well-documented supply chains to begin with.

At Epic Sourcing, we work with Aussie businesses year-round to make sure their sourcing operations run tight: supplier management, quality control, freight coordination, and documentation. When EOFY rolls around, our clients have everything they need — no scrambling, no surprises.

If you want to go into FY27 with a stronger sourcing strategy, cleaner landed cost records, and a supplier base that's built for growth, book a discovery call with us or learn more about our OutSource service. Give us a bell at gday@epicsourcing.com.au — we're here to help you source smarter.

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