For Australian businesses, the fiscal year’s end is one of the most crucial times. Whether you are a small business owner, a sole proprietor, or the manager of a growing corporation, making the right preparations for June 30 can make a big difference. Making strategic planning for the future year, organising your finances, and utilising tax benefits are all made possible during EOFY. It goes beyond simply submitting tax returns.
Due to new regulations and shifting economic conditions, meeting your commitments for the 2024–2025 fiscal year is more crucial than ever. This thorough blog post outlines the end of financial year checklist for Australia.
| Date | Deadline / Description |
|---|---|
| 21 May 2025 | Return and payment for Fringe Benefits Tax (FBT) due. |
| 30 June 2025 | End of the 2024–25 financial year. Key business tax deadline. |
| 1 July 2025 | Start of the 2025–26 financial year. |
| 14 July 2025 | Due date for PAYG summaries not reported via STP for 2024–25. |
| 31 October 2025 | Tax return deadline for sole traders, trusts, and partnerships (2024–25). |
| Date | Deadline / Description |
|---|---|
| 28 February 2026 | Final date to lodge and pay 2024–25 annual GST return (if no income tax return is required). |
| 28 February 2026 | Lodgment/payment deadline for small businesses not due earlier for 2024–25. |
This checklist covers the necessary duties, regardless of whether this is your first EOFY or you want to improve your present procedures. It offers helpful advice for small business accounting in Australia on how to incorporate them into your everyday tasks with ease. This maximises your efforts and ensures that your company is ready for year-end.
Before anything else, ensure that all your financial documentation is accurate and up to date. This includes:
Verify that your bank accounts and your EOFY bookkeeping software, such as Xero, MYOB, QuickBooks, or another platform, are correctly reconciled. Any differences in your bank statements and records could cause issues if the ATO audits you and delays the compilation of your EOFY reports.
Currently, the Superannuation Guarantee rate is 11.5%. Ensure you have calculated and paid this correctly for all eligible employees. Super paid late is not tax-deductible and may also incur penalties. Always consult your professional accounting services expert to confirm eligibility and stay up to date on legislative changes.
This is not the time to “DIY” your taxes unless you are highly experienced. A qualified tax business consultant in Perth can help you:
Once the EOFY tasks are done, take some time to reflect and plan:
You also need to be aware of upcoming changes. For instance, the Superannuation Guarantee rate will increase to 12% on July 1, 2025, so plan your business tax return preparation accordingly.
Many Australian businesses are completely overwhelmed with paperwork, deadlines, and financial analysis as the end of the fiscal year draws near. Although EOFY can be a time to look back on the previous year and make plans for the future, it can also be a time when missed deductions, accounting errors, and compliance problems can have expensive repercussions.
Here is where an efficient accounting firm in Perth is very handy. You may save time, money, and stress during EOFY by having expert assistance, regardless of whether you are a sole proprietor or managing a medium-sized business.
Regarding tax reporting, superannuation, payroll, and lodgement dates, the Australian Taxation Office (ATO) has stringent regulations. Companies must adhere to evolving tax laws and superannuation rates. A partner in business advisory in Perth ensures that your company complies with all of these standards.
They make sure your reporting requirements are fulfilled accurately and on time, and they keep abreast of changes to tax laws. The possibility of ATO audits, fines, or interest charges as a result of mistakes or late filings is significantly decreased.
A primary objective during EOFY is to legitimately reduce your tax liability. A business tax expert is well-versed in all the deductions and offsets your company may qualify for—many of which are often missed by entrepreneurs managing taxes on their own. They efficiently assist with tax planning before June 30. These may include:
Your accounting partner will also prepare for tax time in Australia, such as whether to defer income or bring forward expenses, to create the most tax-efficient outcome. This strategic planning can make a real difference to your cash flow.
When you are attempting to manage complicated financial tasks and run your business at the same time, EOFY can be particularly difficult. The time-consuming process of creating financial reports and reconciling accounts can easily overwhelm business owners. In this case, an Australian business EOFY guide partner is beneficial.
You can relieve yourself of the burden by collaborating with an accounting solution. They manage the administrative and technical tasks, such as filing tax returns, completing payroll, and lodging BAS, while you concentrate on your core business. Professional accounting services in Perth significantly reduce the likelihood of mistakes and anxiety associated with EOFY.
EOFY is an excellent opportunity to evaluate your company’s performance and establish financial objectives for the upcoming year. It is not just about closing the books. A bookkeeping service provider may provide more in-depth insights by examining your financial data and determining trends, strengths, and shortcomings.
They can help you answer important questions such as:
These insights of bookkeepers for small businesses form the basis for smarter financial decision-making, helping your business grow sustainably and profitably.
As your company expands, its financial complexity increases. Over time, it becomes more challenging to handle payroll, GST, cash flow, and compliance alone. In addition to offering scalable support, an accounting partner in accounting for businesses may automate your workflow and implement cloud-based accounting solutions.
The professional bookkeeping service provider can also offer advice on more intricate arrangements, such as trusts, corporations, or Smsfs, to ensure that your financial plan changes as your company does.
EOFY does not need to be a burden. If you prepare correctly, you can use it as a strategic chance to improve your financial situation and make confident future plans. In addition to meeting your compliance requirements, you will give your company the greatest start possible for the next fiscal year, which begins on July 1, 2025, if you stay on top of your obligations, maximise your deductions, and hire a business tax planner.
To get the best advice from a business tax expert, you can contact Palladium Financial Group through their official website.
EOFY (End of Financial Year) marks the close of the financial reporting period. It’s when businesses finalise accounts, lodge tax returns, and review their financial performance.
Key tasks include reconciling accounts, lodging BAS, finalising payroll, paying superannuation, updating asset registers, and consulting an accountant for tax planning.
Businesses can typically claim deductions for operating expenses, office equipment, vehicle expenses, professional services, and prepaid expenses made before June 30.
The financial year ends on June 30. Tax returns are generally due by October 31, or later if lodged through a registered tax agent.
Start by organising receipts and invoices, reviewing financial statements, checking employee payroll records, and ensuring all super and tax obligations are up to date.
Yes, but ensure the contributions are received by the fund before June 30 to be eligible for a deduction in that financial year.
Essential reports include the profit and loss statement, balance sheet, cash flow report, and asset/depreciation schedules.
Absolutely. A qualified accountant can help you identify tax-saving opportunities, ensure compliance, and prepare accurate financial reports for a smoother EOFY process.
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