EOFY 2025: The Ultimate Checklist for Australian Individuals & Business Owners
Introduction
As we approach 30 June 2025, the End of Financial Year (EOFY) in Australia brings both obligations and opportunities. For individuals and businesses alike, this period is critical for organising your finances, maximising deductions, and setting a clear roadmap for the new financial year.
At Trinity Accounting Practice, we have put together this comprehensive, easy-to-follow EOFY checklist to help you stay ahead and take advantage of every opportunity available.
Why EOFY 2025 Is So Important
EOFY is not just about lodging a tax return. It is your chance to:
- Maximise deductions before the deadline
- Ensure compliance with all obligations
- Review business performance and restructure if needed
- Improve cash flow heading into the new financial year
- Plan for financial growth in 2026 and beyond
A proactive approach can save you thousands and position you or your business for sustainable success.
EOFY Checklist for Individuals
1. Collect and Organise Income Records
Ensure you have all sources of income, including:
- PAYG Payment Summaries or Income Statements (available via myGov)
- Bank interest and dividend statements
- Rental income and expenses
- Foreign income (if applicable)
2. Maximise Work-Related Deductions
Claimable items may include:
- Uniforms and protective clothing
- Tools or equipment related to your trade
- Home office expenses (utilities, internet, depreciation)
- Work-related car and travel expenses
- Courses and seminars related to your employment
Speak with our team for a full review of your eligible deductions before 30 June.
3. Claim Investment-Related Deductions
This includes:
- Investment loan interest
- Property management fees
- Depreciation schedules for rental properties
- Accounting and financial advice fees
4. Review Private Health Cover
If your income exceeds the Medicare Levy Surcharge threshold, private health cover may help avoid additional tax. It is also a good time to review your rebate entitlements.
5. Superannuation Contributions
- Concessional contributions are capped at $30,000 for 2024-25
- If you have unused concessional caps from prior years (since 2018-19) and your total super balance was below $500,000 at 30 June of the prior year, consider using the carry-forward rule
- Personal contributions may be tax deductible if you submit a valid Notice of Intent to Claim to your super fund
6. Charitable Donations
Donations over $2 to registered deductible gift recipients are tax-deductible. Make sure you have the receipts to substantiate your claims.
EOFY Checklist for Business Owners
Whether you are a sole trader, company, trust, or partnership, you must prepare and review your business operations before EOFY.
1. Finalise Your Books
Ensure all income and expenses are accurately recorded in your accounting software. Reconcile:
- Bank accounts
- Credit card accounts
- Loan accounts
- Petty cash
Our bookkeeping team can assist with end-of-year reconciliation and clean-up if your records need attention.
2. Lodge and Reconcile BAS and IAS
Make sure all your Business Activity Statements and Instalment Activity Statements are reconciled and lodged before year-end.
3. Review Accounts Receivable and Payable
- Chase overdue invoices before 30 June
- Write off bad debts if necessary to claim a deduction
- Ensure all supplier invoices are entered and accounted for
4. Conduct Stocktake
Businesses that carry inventory must conduct a physical stocktake. Write off obsolete or damaged stock before EOFY to maximise deductions.
5. Review Assets and Depreciation
- Write off obsolete assets no longer in use
- Update your depreciation schedule
- Check eligibility for instant asset write-off for purchases made before 30 June 2025
6. Superannuation for Staff
Super is only deductible when paid and received by the fund. Ensure June quarter super is paid and cleared before 30 June 2025 to claim the deduction in the current year. Allow sufficient processing time.
7. PAYG Withholding Annual Reporting
Prepare and finalise Single Touch Payroll (STP) declarations for all employees. These must be finalised by 14 July 2025.
8. Review Business Structure
Is your current structure still tax-effective? Consider whether it is time to switch to a company or trust for asset protection or tax minimisation. Our business advisory team can review your structure and recommend changes where appropriate.
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EOFY Tax-Saving Strategies
Prepaid Expenses
Pay up to 12 months of business expenses in advance to bring forward deductions. This could include rent, insurance, and software subscriptions.
Bring Forward Capital Expenses
Take advantage of instant asset write-off provisions before 30 June. Talk to us first to ensure eligibility and that the purchase makes commercial sense.
Delay Invoicing (Cash Basis Only)
If you operate on a cash accounting basis, deferring invoicing until 1 July can push income into the next financial year. This strategy should be used carefully and only where it aligns with your overall tax plan.
Review Motor Vehicle Claims
Ensure you are tracking business-use percentage correctly. You can claim using either the cents per kilometre method (maximum 5,000 km) or the logbook method (must be valid and current).
Consider a Director Bonus or Dividend
Plan director bonuses and dividends carefully, ensuring they align with your tax planning strategy and cash flow. We help you model different scenarios to minimise tax across your group.
Planning for FY2026
EOFY is not just about closing the books. It is about opening a fresh page for the year ahead.
Set Clear Financial Goals
Define key objectives such as revenue targets, profit margins, debt reduction, and expansion plans.
Refresh Your Budget
Review your past 12-month performance and create a new budget and forecast. Our Virtual CFO division, VCFO Australia, helps businesses build realistic budgets and rolling forecasts for the year ahead.
Implement New Software or Automation
Make FY2026 more efficient by upgrading your systems. As certified Xero advisors, Trinity Accounting Practice can guide your setup, migration, and training.
Review Your Business Plan
Update your mission, vision, and strategy. Identify growth opportunities in your industry and set measurable KPIs.
Family and Personal EOFY Planning
Review Your Family Trust Distribution
Trust resolutions must be made before 30 June 2025. Document everything, even if you plan to distribute to the same beneficiaries as last year. Failure to prepare resolutions by the deadline may result in the trust being taxed at the highest marginal rate.
Review Your Will and Estate Plan
If you have had major life changes such as a birth, death, marriage, or property purchase, update your will and financial plan accordingly.
Set Up a Savings or Investment Plan
Consider salary sacrificing into super or setting up a dedicated savings account to support your future goals.
Common EOFY Mistakes to Avoid
- Waiting until July to sort your tax documents
- Missing super payment deadlines
- Failing to claim available deductions
- Overlooking tax planning for your family trust
- Not having separate business and personal bank accounts
- Forgetting Division 7A loans, fringe benefits tax, or trust distribution minutes
EOFY is not the time to guess. Let us help you get it right.
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Conclusion
EOFY is your annual opportunity to reset and grow stronger. Book a pre-30 June tax planning session with Trinity Accounting Practice to ensure you have maximised every opportunity and met every obligation.
If you need finance to support your personal or business goals, our mortgage brokerage division, Nexus Wealth Partners, can assist with home loans, refinancing, and business finance.
Book your EOFY appointment with Trinity Accounting Practice today.
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
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
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Read more tax and accounting tips on our blog
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.
