The end of the financial year (EOFY) is nearly here, and it’s the perfect time to get your finances sorted. Whether you’re an individual, a sole trader, or running a business in Australia, there are steps you can take now to reduce your tax bill and stay compliant.
At Key Accountants, we’ve put together a straightforward checklist to help you prepare for EOFY 2025.
1. Review Income and Business Expenses
Make sure your bookkeeping is up to date. Review your income and claimable expenses. For small business owners, this means chasing unpaid invoices, checking your expense records, and ensuring your accounts are reconciled.
If your income is higher than usual this year, it may be worth bringing forward some deductible expenses before June 30 to lower your taxable income.
2. Maximise Superannuation Contributions
Super contributions are still one of the most effective ways to reduce your taxable income. For the 2024–25 financial year, the concessional (before-tax) contributions cap is $27,500.
Make sure any additional super payments are received by your fund before June 30 to be counted in this financial year.
3. Write Off Bad Debts
If you’ve invoiced a customer and don’t expect to be paid, you may be able to write off the debt as a tax deduction. This must be done before EOFY and properly documented in your records.
4. Use Instant Asset Write-Offs
Eligible businesses can still access simplified depreciation rules, including the instant asset write-off. This allows you to immediately deduct the cost of certain business assets. Check current ATO thresholds and eligibility, as these change from year to year.
5. Pay Staff Super and Bonuses On Time
To claim a deduction this year, employee super contributions must be paid and received by the super fund before June 30. The same goes for employee bonuses — they must be committed and documented before EOFY.
6. Review Your Business Structure
The end of financial year is a great time to step back and look at the bigger picture. Is your current business structure still right for you? Should you consider a company or trust setup? We can help you assess your options and plan ahead.
7. Book Your Tax Return Appointment Early
Tax time in Australia gets busy fast. Avoid the rush by booking your EOFY tax planning session or 2025 tax return appointment early with Key Accountants. We’ll help you identify deductions, review your records, and make sure you’re in the best possible position.
Need Help With EOFY 2025?
At Key Accountants, we specialise in small business tax planning, sole trader support, and individual tax returns across Australia. If you want to prepare properly for the end of financial year, get in touch today.
Contact us to book a session and stay ahead this tax time.