Another financial year is drawing to a close, and whether you’re ready or not, EOFY is coming. But here’s the thing: EOFY doesn’t just have to be about ticking off compliance tasks. For business owners who plan ahead, it can be a moment to uncover savings, tidy up operations and build momentum for the new financial year.

Here’s our take on EOFY 2025, not just a checklist but a strategic playbook to help you work smarter and keep more of what you earn. This is also a key recommendation for you to speak to your tax accountant NOW to ensure you have taken the correct action for the 2025 year. It is too late on 1 July 2025! A key thing to remember with these discussions is also the ramifications on your cash flow.

2025 End of Financial Year (EOFY) Checklist

To make EOFY a little less overwhelming, here’s a grouped list of practical actions every business owner should focus on:

Financial Reporting & Housekeeping

  • Review all business bank accounts, loans and credit cards to catch any missing or duplicate transactions and confirm your books are accurate.
  • Finalise your end-of-year Profit & Loss and Balance Sheet statements so you have a clear view of your business’ financial health.
  • Make sure all money owed to you is recorded and followed up, and check that supplier bills are entered and paid on time.
  • If a customer hasn’t paid and collection is unlikely, update your books to reflect the loss and reduce your taxable income.
  • Count what’s on hand, adjust any discrepancies, and remove products that are damaged, expired or not likely to sell.

Tax & Compliance Essentials

Deductions & Super Strategy

  • Identify and claim eligible deductions (tools, tech, subscriptions, rent, utilities, etc)
  • Prepay expenses where possible to bring forward deductions if it makes sense to do so from a tax and cash flow perspective.
  • Consider personal or business super contributions to maximise tax benefits
  • • Claim the $20k instant asset write-off for eligible business assets installed and ready to use by 30 June (The current $20,000 instant asset write-off threshold is set to end on 30 June 2025. From 1 July 2025, this may no longer be available, or a lower threshold may apply. If you’ve been planning a purchase, act now to take advantage if it makes sense to do so from a cash flow perspective.)

Strategy & Planning

What Business Owners Often Miss at EOFY

EOFY mistakes can cost you, in tax, time and avoidable stress. Here are the traps to watch out for:

  • Missing the superannuation cut-off: Super Guarantee contributions (still 11.5% until 30 June 2025) need to hit employee funds on time to be tax deductible.
  • Leaving STP finalisation to the last minute: Your payroll data must be finalised and submitted via STP by 14 July 2025. Errors or delays can affect your employees’ tax returns. We can help with your STP finalisation, so please contact us if you need assistance and we can send through a proposal.
  • Overclaiming (or underclaiming) deductions: A missed subscription, software tool or claimable home-office expense is a missed tax reduction. But claiming what you can’t prove is just as risky.
  • Outgrowing your business structure: If you started as a sole trader but have grown, a restructure could reduce your tax or improve asset protection. Have you reviewed this lately?

EOFY Wins You Can Still Grab Before 30 June 2025

The clock is ticking but there are still smart EOFY moves you can make before the year closes:

  • Write off bad debts: Clear unpaid invoices that won’t be recovered to claim a tax deduction.
  • Clear old stock: If it’s obsolete, damaged or not selling, write it off to reduce taxable profits.
  • Prepay expenses: Pay up to 12 months ahead for rent, insurance or subscriptions to bring the deduction forward.
  • Claim the $20k instant asset write-off: Eligible purchases must be installed and ready to use by 30 June 2025.
  • Top up your super: Make personal contributions (within your cap) before 30 June to claim a deduction and build your retirement savings.

EOFY isn’t just a time to close the books, it’s your planning opportunity. Ask yourself:

  • Is my cash flow plan still working? What adjustments do I need for FY25/26?
  • Is my insurance coverage still fit-for-purpose? Has your exposure or risk changed?
  • Should I adjust my pricing, offers or expenses? EOFY is the perfect moment to reflect and reset.
  • Are there smarter ways to manage tax next year? Talk to your accountant now.

Carbon Can Help You Win at EOFY

EOFY is more than ticking boxes, it’s a strategic checkpoint to lay the groundwork for your future business success. We understand that EOFY can feel overwhelming, especially when you’re juggling business operations, compliance tasks and growth plans. That’s where we come in.

Our team of accountants, bookkeepers and payroll experts work with you to:

  • Close out the year with tidy, accurate financials so tax season runs smoothly and with fewer surprises.
  • Maximise deductions and unlock potential savings with tailored EOFY strategies.
  • Avoid costly penalties by ensuring payroll, BAS and superannuation obligations are met on time.
  • Provide cash flow planning and budget forecasting for FY25/26 so you can step into the new year with clarity.
  • Support big-picture strategy reviews, including business structure, insurance and growth planning.
  • Offer hands-on guidance and advice, from software set-ups to consolidating your systems.

Whether you need a quick compliance tidy-up or a full EOFY strategy overhaul, Carbon is here to help. Ready to turn tax time into opportunity time? Get in touch with us today.

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