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Finance & Tax

End of Financial Year Checklist Australia 2025

Published January 2025 • 12 min read

The end of financial year (EOFY) on June 30 is one of the most important dates on the Australian business calendar. Get it right, and you'll maximise your tax deductions, stay compliant, and start the new financial year on solid footing. Get it wrong, and you could face penalties, miss deductions, or create an accounting nightmare.

This comprehensive checklist covers everything Australian small businesses need to do before, during, and after June 30.

$20,000
Average tax savings from proper EOFY planning

EOFY Timeline: Key Dates

Don't leave everything to the last week of June. Spread your EOFY tasks across April, May, and June to avoid stress and mistakes.

April

Planning & Review

Review YTD financials, plan purchases, review asset register

May

Action Items

Chase outstanding invoices, make planned purchases, superannuation catch-up

June

Final Tasks

Stocktake, bad debt write-offs, final super payments, reconciliation

July

Post-EOFY

STP finalisation, payroll reconciliation, gather documents for accountant

Critical Deadline: Super Guarantee payments must be received by the super fund by June 30 to claim the deduction in this financial year. Allow 3-5 business days for processing - don't pay on June 28!

1. Financial Records Review

Your first task is ensuring your financial records are accurate and complete. Errors discovered after EOFY are much harder to fix.

Records Checklist:

  • Reconcile all bank accounts to accounting software
  • Reconcile petty cash
  • Review accounts receivable (who owes you)
  • Review accounts payable (who you owe)
  • Check for duplicate transactions
  • Ensure all invoices are entered
  • Review and categorise uncategorised transactions
  • Check loan balances match statements
  • Reconcile credit card statements
  • Review suspense accounts and clear them

Common Issues to Watch For

  • Unreconciled items: Bank feeds that didn't match correctly
  • Missing invoices: Cash sales or invoices not entered
  • Double-ups: Same transaction entered twice
  • Wrong GST coding: Items coded as GST-free that should include GST
  • Personal expenses: Ensure business and personal expenses are separated

2. Superannuation Obligations

Super Guarantee is one of the most commonly missed EOFY obligations, and the penalties are severe.

Super Guarantee Rate 2024-25 2025-26
Rate 11.5% 12%
Maximum quarterly earnings base $62,500 $65,070 (indexed)
Warning: If super is paid late, you'll pay the Super Guarantee Charge (SGC) which includes:
  • The super amount owed (calculated on total salary, not just ordinary time earnings)
  • Interest of 10% per annum
  • $20 administration fee per employee per quarter
  • SGC is NOT tax deductible

Super Checklist:

  • Review all employees are receiving correct super rate
  • Confirm contractor arrangements (are they really contractors?)
  • Pay Q4 super by June 23 (to ensure receipt by June 30)
  • Consider making additional super contributions before June 30
  • Check employee super fund details are current
  • Review any stapled super fund notifications

3. Asset Register & Depreciation

Your asset register is crucial for claiming depreciation deductions. Review it before EOFY.

Instant Asset Write-Off Rules (2024-25)

Business Type Threshold Requirements
Small business (<$10M turnover) $20,000 per asset Asset must be first used or installed ready for use by June 30
Medium business ($10M-$50M) $1,000 Standard depreciation rules apply above threshold
Tax Tip: For assets over $20,000, small businesses can use the simplified depreciation pool at 15% in the first year and 30% in subsequent years. This is often better than general depreciation rules.

Asset Checklist:

  • Review asset register for completeness
  • Remove/dispose of assets no longer owned or used
  • Add any assets purchased but not yet recorded
  • Consider asset purchases before June 30 (if needed)
  • Ensure assets are installed ready for use (not just purchased)
  • Review vehicle logbooks if claiming motor vehicle expenses
  • Document private use percentage for dual-purpose assets

4. Inventory Stocktake

If you hold stock, a physical stocktake at June 30 is essential. Your closing stock value directly affects your profit.

Stocktake Methods

  • Cost: Original purchase price (most common)
  • Market selling value: Current selling price less selling costs
  • Replacement value: What it would cost to buy today

You can value stock at the lower of cost or market value, which is beneficial for slow-moving or damaged stock.

Stocktake Checklist:

  • Schedule stocktake for June 30 (or closest business day)
  • Pause stock movements during count
  • Count all physical stock
  • Identify damaged, obsolete, or slow-moving stock
  • Value stock appropriately (cost vs market value)
  • Reconcile physical count to system
  • Write off unsaleable stock
  • Document stocktake results

5. Outstanding Invoices & Bad Debts

Chase Outstanding Invoices

Before writing off bad debts, make genuine attempts to collect. This is both good business practice and a tax requirement.

  • Send reminders for all invoices 30+ days overdue
  • Make phone calls to slow payers
  • Consider offering payment plans
  • Issue final demands before June 30

Write Off Bad Debts

For debts you genuinely can't collect, writing them off by June 30 allows you to:

  • Claim the bad debt as a tax deduction
  • Claim back GST previously paid on the sale
  • Clean up your accounts receivable
Requirements for Bad Debt Deduction:
  • The debt must have been previously included in your assessable income
  • You must have made genuine attempts to recover the debt
  • The debt must be written off in your books before June 30
  • Keep records of collection attempts

6. Employee & Payroll Tasks

Payroll Reconciliation

Ensure your payroll records are accurate before STP finalisation.

Payroll Checklist:

  • Reconcile gross wages to bank payments
  • Verify PAYG withholding calculations
  • Check allowances and deductions are correct
  • Review leave balances for accuracy
  • Ensure all pay runs are processed for the year
  • Check for any missed or duplicate pays

Single Touch Payroll (STP) Finalisation

Task Deadline
STP Finalisation Declaration for employees July 14
STP Finalisation for closely held payees September 30
Issue PAYG payment summaries (if not using STP) July 14
Tip: With STP, employees access their income statements through myGov. You don't need to issue paper payment summaries unless requested.

7. Tax Deductions to Maximise

EOFY is your last chance to maximise deductions for the current financial year.

Prepaid Expenses

Small businesses can claim an immediate deduction for prepaid expenses that cover 12 months or less and end before June 30 of the following year.

  • Insurance premiums
  • Rent
  • Subscriptions (software, memberships)
  • Interest on business loans
  • Training courses

Staff & Training

  • Pay staff bonuses before June 30
  • Conduct training sessions (deductible)
  • Bring forward staff amenities purchases

Maintenance & Repairs

  • Building repairs (not improvements)
  • Equipment maintenance
  • Vehicle servicing
Warning: Only bring forward expenses if:
  • You would have spent the money anyway
  • Your income is higher this year than expected next year
  • You have the cash available
Don't spend money just to reduce tax - you'll always be worse off.

8. Documents for Your Accountant

Gather these documents to make your accountant's job easier (and your bill smaller).

Documents Checklist:

  • Bank statements (all accounts) for full year
  • Credit card statements for full year
  • Loan statements showing balance at June 30
  • Accounts receivable listing at June 30
  • Accounts payable listing at June 30
  • Stocktake valuation
  • Asset register with additions/disposals
  • Motor vehicle logbooks
  • Private use calculations
  • Accounting software data file or reports
  • BAS returns for the year
  • Prior year tax return
  • Details of any unusual transactions

9. Tax Return Lodgement Deadlines

Entity Type Self-Lodgement Through Tax Agent
Individuals October 31 May 15 (following year)
Companies February 28 May 15 (following year)
Trusts February 28 May 15 (following year)
Partnerships February 28 May 15 (following year)
Note: Tax agent lodgement deadlines only apply if you're registered with the agent before the self-lodgement deadline.

10. Post-EOFY Tasks

Your EOFY work isn't done on July 1. Here's what to tackle in the first weeks of the new financial year.

First Week of July

  • Complete STP finalisation
  • Reconcile final June BAS
  • Review any accruals or adjustments
  • Back up all financial data

July 14 Deadline

  • Submit STP finalisation declaration
  • Issue payment summaries (if required)

July 28 Deadline

  • Pay Q4 superannuation (if not paid before June 30)
  • Lodge June BAS (monthly lodgers)

11. Common EOFY Mistakes to Avoid

  1. Paying super too late: Super must be received by the fund by June 30, not just sent
  2. Forgetting to write off bad debts: Must be written off in books before June 30
  3. Not doing a stocktake: Estimated stock values attract ATO scrutiny
  4. Mixing business and personal: Keep them completely separate
  5. Missing the instant asset write-off deadline: Assets must be installed ready for use, not just purchased
  6. Claiming private expenses: Home office, vehicle, phone - calculate the business portion accurately
  7. Poor record keeping: Keep receipts for 5 years minimum
  8. Leaving everything to June 30: Start EOFY prep in April

Master EOFY Checklist

Complete EOFY Checklist:

  • Review and reconcile all financial records
  • Pay Q4 superannuation (allow 5 business days)
  • Review and update asset register
  • Consider instant asset write-off purchases
  • Conduct physical stocktake
  • Chase outstanding invoices
  • Write off bad debts
  • Review vehicle logbooks
  • Calculate private use percentages
  • Reconcile payroll
  • Review prepaid expense opportunities
  • Gather documents for accountant
  • Back up all financial data
  • Lodge STP finalisation (July 14)
  • Lodge Q4 BAS

Track Your EOFY Tasks

Use BizziKit's free tools to manage your EOFY checklist, track invoices, and monitor cash flow.

Open Dashboard

Key Takeaways

  • Start early: Begin EOFY preparation in April, not June
  • Superannuation is critical: Ensure it's received by funds by June 30
  • Asset purchases must be ready for use: Not just purchased or delivered
  • Stocktake is mandatory: If you hold inventory, count it
  • Write off bad debts: Must be done before June 30 to claim
  • Keep records: 5 years minimum for all business records
  • Work with your accountant: Provide clean, organised records
Final Tip: Create a calendar reminder now for next year's EOFY. Set alerts for April 1 (start planning), May 15 (action items), June 15 (final checks), and June 23 (last super payment date).

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