End of Financial Year (EOFY) 2025 Checklist for Medical Professionals and Business Owners

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By Trinity Accounting Practice | Accounting Firm in Beverly Hills

📍 159 Stoney Creek Road Beverly Hills NSW 2209
☎️ 02 9543 6804
🌐 www.trinitygroup.com.au
📅 Weekend & after-hours appointments available!
📅 Booking Link: https://calendly.com/ramy-hanna

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EOFY 2025: What You Need to Do Before 30 June

As the 2025 financial year draws to a close, it’s vital that professionals, particularly those in the medical, healthcare, and small business sectors, prepare for EOFY early. Tax planning is not just about lodging your return on time; it’s about maximising deductions, avoiding unnecessary liabilities, and setting your business or practice up for success.

At Trinity Accounting Practice, we work with doctors, GPs, allied health providers, surgeons, and small business owners across NSW to make EOFY smooth and stress-free. Here’s your ultimate checklist.

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1. Book Your EOFY Review Appointment Early

EOFY is our busiest time of the year. We strongly encourage all our clients to:

• Schedule their EOFY planning session before mid-June
• Bring their latest Xero, MYOB, or QuickBooks files
• Provide updated income and expense summaries

💡 Trinity Tip: The earlier we assess your financial year position, the more strategies we can use to reduce tax before 30 June.

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2. Check Your Income Position

It’s essential to understand your total income for the year, including:

• Medicare billings
• Private patient fees
• Telehealth consults
• Practice profit distributions
• Dividends, interest, or rental income

Knowing your total income helps us determine your marginal tax rate and the most effective tax-saving strategies for you.

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3. Review Your Expenses and Claimable Deductions

The ATO allows a wide range of deductions for medical professionals and business owners. Make sure you’ve captured everything, such as:

• Medical equipment and tools
• Professional indemnity insurance
• CPD courses and seminars
• Work-related travel (locum, home visits)
• Mobile and internet (work-related %)
• Accounting and legal fees
• Practice running costs

💡 Trinity Tip: If you're unsure about whether an item is deductible, contact us before 30 June.

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4. Maximise Super Contributions Before 30 June

Medical professionals and business owners can claim a deduction for personal concessional super contributions, up to the cap ($27,500 for 2025).

To do this:

• Make the contribution before 30 June
• Ensure the fund receives the contribution in time
• Submit a valid Notice of Intent to Claim to your super fund

💡 Trinity Tip: Carry-forward concessional contributions from unused prior years may be available.

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5. Consider Prepaying Expenses

You may be able to claim next year’s expenses this year by prepaying them before 30 June.

Eligible prepayments include:

• Rent or lease agreements
• Professional subscriptions
• Income protection insurance
• Practice software and IT costs

💡 Trinity Tip: This strategy is most useful if you expect your income to be lower next year or if you're in a higher tax bracket now.

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6. Write Off Bad Debts

Have any patients or clients failed to pay you? If the debt is:

• Genuine and recorded in your accounts
• Has been actively pursued
• Now deemed uncollectable

Then you may write it off before 30 June and claim it as a tax deduction.

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7. Review Your Depreciation Schedule

All business and professional clients should review their asset depreciation schedules to:

• Write off fully depreciated or scrapped assets
• Maximise deductions for any new assets acquired
• Claim immediate deduction for eligible low-cost assets

💡 Trinity Tip: We manage fixed asset registers for many of our clients to make this easy at tax time.

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8. Pay Employee Super on Time

Superannuation for employees must be:

• Paid at least quarterly
• Received by the fund before 30 June to be deductible

Delays in processing by the super fund can affect deductibility, so do not leave it until the last week of June.

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9. Finalise Payroll and STP

If you run a medical practice or business with employees:

• Ensure all payroll data is reconciled
• Lodge your final STP (Single Touch Payroll) by 14 July
• Issue income statements to employees via MyGov

Trinity Accounting can help you complete this within your Xero or payroll system.

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10. Perform a Stocktake (if applicable)

Medical practices or businesses with inventory should:

• Complete a physical stocktake by 30 June
• Write off obsolete or expired items
• Match actual stock to accounting records

💡 Trinity Tip: Stock discrepancies can impact your profit calculation and tax payable.

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11. Trust Distributions and Resolutions

If you operate a family trust, discretionary trust, or unit trust, you must:

• Prepare and sign trust resolutions by 30 June
• Nominate which beneficiaries receive what income
• Provide Trinity with estimated figures ASAP

Failure to prepare resolutions may result in the trust being taxed at the highest rate.

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12. Declare Dividends or Retain Profits?

Company directors should meet with us to:

• Decide on whether to declare dividends for 2025
• Consider the impact on shareholder income
• Retain profits if needed for growth or tax minimisation

💡 Trinity Tip: We help you model different scenarios to minimise tax across the group.

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13. Lodge BAS, IAS, and PAYG

Final Business Activity Statements (BAS) and Instalment Activity Statements (IAS) must be:

• Accurate
• Include all GST and PAYG obligations
• Lodged on time

We lodge most returns directly from Xero or MYOB. Late lodgments attract ATO penalties, so please don’t delay.

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14. Update Your Logbooks

If you use your personal car for work:

• Ensure your logbook is up to date and valid for 12 weeks
• Include start and end odometer readings
• Record work-related trips and kilometres

This allows us to maximise your vehicle expense claims, whether under the logbook or cents per kilometre method.

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15. Update Business Records and ASIC Compliance

EOFY is the perfect time to:

• Update your business or company details with ASIC
• Review your business name renewal
• Confirm addresses, shareholders, and officeholders

Trinity Accounting Practice handles all ASIC compliance and reminders for our clients.

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16. Consider Future Structuring Opportunities

Do you plan to:

• Open another location or expand your services?
• Buy a new practice?
• Bring in new business partners?

We can provide tax-effective structure planning, including new company or trust setup and finance arrangements through our partner firm, Nexus Wealth Partners.

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17. Backup and Secure Your Financial Data

Ensure all financial documents are:

• Backed up to secure cloud systems
• Accessible to your accountant or bookkeeper
• Compliant with privacy and data retention standards

Trinity clients benefit from our secure client portal powered by SuiteFiles and Office 365.

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18. Prepare for FY2026: Budget, Goals, Forecasts

A strong start to the new financial year includes:

• Finalising your FY2025 financial statements early
• Setting a budget for FY2026
• Forecasting cash flow and business goals
• Reviewing insurances and finance facilities

We assist all our business and medical clients in building real growth plans for the next 12 months.

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Trinity EOFY Services Include:

• ✅ Personal and business tax return preparation
• ✅ Trust, company, and partnership tax strategies
• ✅ Xero and MYOB file review and clean-up
• ✅ EOFY payroll processing and STP finalisation
• ✅ Superannuation review and contribution strategy
• ✅ ASIC compliance and business structure reviews
• ✅ Financial statements and budget forecasting
• ✅ Cloud bookkeeping setup and support

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Book Your EOFY Appointment Today

EOFY planning should never be rushed. The earlier you act, the more we can save you in tax and compliance costs.

👉 Trinity Accounting Practice
✅ Accounting Firm in Beverly Hills
📍 159 Stoney Creek Road Beverly Hills NSW 2209
☎️ 02 9543 6804
🌐 www.trinitygroup.com.au
📅 Weekend & after-hours appointments available
📅 Booking Link: https://calendly.com/ramy-hanna

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Let Trinity Accounting Practice help you make EOFY 2025 your smoothest and most successful one yet.

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