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EOFY 2025: The Ultimate Checklist for Australian Individuals & Business Owners

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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 organizing your finances, maximising deductions, and setting a clear roadmap for the new financial year.

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At Trinity Accounting Practice, we’ve put together this comprehensive, easy-to-follow EOFY checklist to help you stay ahead and take advantage of every opportunity available.

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✅ Why EOFY 2025 Is So Important

EOFY isn’t just about lodging a tax return. It’s your chance to:

• Maximise deductions
• Ensure compliance with ATO obligations
• Review business performance and restructure if needed
• Improve cash flow
• Plan for financial growth in 2026 and beyond

A proactive approach can save you thousands and position you or your business for sustainable success.

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🧾 EOFY Checklist for Individuals

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1. Collect and Organise Income Records

Ensure you have all sources of income, including:

• PAYG Payment Summaries or Income Statements (now available via MyGov)
• Bank interest and dividend statements
• Rental income and expenses
• Foreign income (if applicable)

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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

Use the ATO myDeductions app or speak with our team for a full review.

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3. Claim Investment-Related Deductions

This includes:

• Investment loan interest
• Property management fees
• Depreciation schedules for rental properties
• Accounting and financial advice fees

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4. Review Private Health Cover

If your income exceeds the Medicare Levy Surcharge threshold, private health cover may help avoid additional tax. It’s also a good time to review your rebate entitlements.

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5. Superannuation Contributions

• Concessional contributions are capped at $27,500 for 2024–25.
• If you’ve got unused concessional caps from prior years (since 2018–19), consider using the carry-forward rule.
• Personal contributions may be tax deductible.

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6. Charitable Donations

Donations over $2 to registered charities are tax-deductible. Make sure you have the receipts.

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💼 EOFY Checklist for Business Owners

Whether you’re a sole trader, company, trust, or partnership, you must prepare and review your business operations before EOFY.

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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

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2. Lodge and Reconcile BAS & IAS

Make sure all your Business Activity Statements and Instalment Activity Statements are reconciled and lodged.

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3. Review Accounts Receivable & Payable

• Chase overdue invoices
• Write off bad debts if necessary
• Ensure all supplier invoices are entered

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4. Conduct Stocktake

Businesses that carry inventory must conduct a physical stocktake. Write off obsolete or damaged stock before EOFY to maximise deductions.

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5. Review Assets and Depreciation

• Write off obsolete assets
• Update your depreciation schedule
• Use temporary full expensing if eligible for asset purchases made before 30 June 2025

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6. Superannuation for Staff

Super is only deductible when paid. Ensure June quarter super is paid and cleared before 30 June 2025 to claim the deduction.

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7. PAYG Withholding Annual Reporting

Prepare and finalise Single Touch Payroll (STP) declarations for all employees. These must be lodged with the ATO by 14 July 2025.

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8. Review Business Structure

Is your current structure still tax-effective? Consider whether it’s time to switch to a company or trust for asset protection or tax minimisation.

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💡 EOFY Tax-Saving Strategies

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✅ Prepay Expenses

Pay up to 12 months of business expenses in advance to bring forward deductions. This could include:

• Rent
• Insurance
• Software subscriptions

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✅ Bring Forward Capital Expenses

Take advantage of instant asset write-off or temporary full expensing before 30 June. Talk to us first to ensure eligibility.

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✅ Delay Invoicing (if cash basis)

If you operate on a cash accounting basis, deferring invoicing until 1 July can push income into the next financial year.

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✅ Review Motor Vehicle Claims

Ensure you are tracking business-use percentage correctly. You can claim:

• Cents per km (max 5,000km)
• Logbook method (must be valid and current)

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✅ Consider a Director Bonus or Dividend

Plan director bonuses and dividends carefully, ensuring they align with your tax planning strategy and cash flow.

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📊 Planning for FY 2026

EOFY isn't just about closing the books—it’s about opening a fresh page. Here's what to do for next year:

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1. Set Clear Financial Goals

Define key objectives such as:

• Revenue targets
• Profit margins
• Debt reduction
• Expansion

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2. Refresh Your Budget

Review your past 12-month performance and create a new budget and forecast using tools like Xero or MYOB.

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3. Implement New Software or Automation

Make FY 2026 more efficient by upgrading your systems. Trinity Accounting Practice is a Xero advisor and can guide your setup.

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4. Review Your Business Plan

Update your mission, vision, and strategy. Identify growth opportunities in your industry and set measurable KPIs.

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👨‍👩‍👧 Family & Personal EOFY Planning

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1. Review Your Family Trust Distribution

Resolutions must be made before 30 June 2025. Document everything, even if you plan to distribute to the same beneficiaries as last year.

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2. Review Your Will and Estate Plan

If you’ve had major life changes (birth, death, marriage, property purchase), update your will and financial plan accordingly.

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3. Set Up a Savings or Investment Plan

Consider salary sacrificing or setting up a high-interest savings account to support your future goals.

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⚠️ Avoid These EOFY Mistakes

• Waiting until July to sort your tax documents
• Missing super deadlines
• Failing to claim available deductions
• Overlooking tax planning for your family
• Not having separate business and personal bank accounts

EOFY is not the time to guess. Let us help.

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✅ Trinity Accounting Practice Is Here to Help

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EOFY is your annual opportunity to reset and grow stronger.

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

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🎯 Final Tips

• Book a pre-June 30 tax planning session with us
• Back up all your digital and paper records
• Don’t forget Division 7A loans, fringe benefits tax, or trust distribution minutes
• Use our checklist above to prepare early, not at the last minute

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