What specific end-of-financial-year tax steps should medical professionals take before 30 June 2025?

Medical professionals should ensure they’ve reconciled their contractor invoices, prepaid relevant continuing-education expenses, reviewed superannuation cap options, balanced asset purchases like equipment or practice refurbishments, and reviewed GST eligibility on mixed private/professional usage. At Trinity Accounting Practice we give tailored checklists for GPs, dentists, allied health practitioners and multi-specialty clinics.

How should a small business owner align the EOFY 2025 checklist with their future growth and cash-flow strategies?}

Small business owners should start by reconciling profit & loss so they understand tax payable; then consider accelerating deductibles before 30 June, deferring income, evaluating superannuation contributions, preparing a Capex plan for next year, and updating budgets for FY26. With our Sydney-based support we help business owners set these actions and integrate them into next-year forecasts.

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

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Introduction

As the 2025 financial year draws to a close, it is 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 is 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 is your 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

The earlier we assess your financial year position, the more strategies we can use to reduce tax before 30 June. Book your appointment now.

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2. Check Your Income Position

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

Medicare billings
Private patient fees
Telehealth consultations
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 have 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 percentage)
Accounting and legal fees
Practice running costs

If you are unsure about whether an item is deductible, contact us before 30 June so we can confirm before you miss the opportunity.

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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 of $30,000 for 2024-25.

To claim the deduction, you must:

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 before lodging your return

Carry-forward concessional contributions from unused prior years may also be available if your total super balance was below $500,000 at 30 June of the prior year.

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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

This strategy is most useful if you expect your income to be lower next year or if you are 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, and is now deemed uncollectable, you may write it off before 30 June and claim it as a tax deduction.

Ensure you document the steps taken to recover the debt before writing it off.

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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 during the year
Claim immediate deduction for eligible low-cost assets

We manage fixed asset registers for many of our clients to make this straightforward at tax time.

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8. Pay Employee Super on Time

Superannuation for employees must be paid at least quarterly and received by the fund before 30 June to be deductible in the current financial year.

Delays in processing by the super fund can affect deductibility, so do not leave it until the last week of June. Allow sufficient time for the payment to clear.

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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) finalisation by 14 July
Issue income statements to employees via myGov

Our bookkeeping team can help you complete this within your Xero or payroll system.

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10. Perform a Stocktake

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

Stock discrepancies can impact your profit calculation and tax payable, so accuracy matters.

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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 as early as possible

Failure to prepare resolutions by 30 June may result in the trust being taxed at the highest marginal rate.

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12. Declare Dividends or Retain Profits

Company directors should meet with us to:

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

We help you model different scenarios to minimise tax across your group structure.

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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, and be lodged on time.

We lodge most returns directly from Xero or MYOB. Late lodgements attract penalties, so please do not 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 ideal time to:

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

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

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16. Consider Future Structuring Opportunities

Are you planning to open another location, expand your services, buy a new practice, or bring in new business partners? We can provide tax-effective structure planning, including new company or trust setup.

If you need finance arrangements to support your plans, our mortgage brokerage division, Nexus Wealth Partners, can assist with business finance and lending options.

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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, and 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

Our Virtual CFO division, VCFO Australia, assists medical professionals and business clients in building real growth plans for the next 12 months, including budgeting, forecasting, and strategic financial management.

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Trinity EOFY Services

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

We also support clients in niche industries like healthcare, trades, and retail through tailored solutions, and our business advisory services help you make confident financial decisions all year.

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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.

Book your EOFY appointment with Trinity Accounting Practice and make EOFY 2025 your smoothest and most successful one yet.

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Trinity Accounting Practice

Accounting Firm in Beverly Hills, Sydney

Phone: 02 9543 6804

Address: 159 Stoney Creek Road, Beverly Hills NSW 2209

Website: www.trinitygroup.com.au

Weekend and after-hours appointments available

Book online now

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Our Virtual CFO division, VCFO Australia, provides strategic financial management, budgeting, forecasting, and compliance support for growing businesses and not-for-profits.

Learn more about what we offer

Discover the industries we specialise in

Our mortgage brokerage division, Nexus Wealth Partners Pty Ltd, assists clients with home loans, refinancing, and business finance.

Disclaimer: Information provided on this website is intended as a general overview only and does not replace professional advice tailored to your personal circumstances.

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