The End of Financial Year (EOFY) in Australia, ending on June 30—is more than a tax deadline. It’s a critical checkpoint for financial accuracy, compliance, and forward planning. Whether you’re a growing SME, a startup with R&D activity, or an established firm expanding overseas, getting EOFY right can impact everything from cash flow to capital strategy.
This EOFY 2025 checklist is built to help Australian business owners, CFOs, and advisors prepare effectively—covering financial records, tax obligations, grants, planning, and more.
Key EOFY Dates to Remember (2025)
- June 30: Official end of the 2024–2025 financial year
- July 14: Single Touch Payroll (STP) finalisation due
- October 31: Deadline to lodge tax returns if not using a registered tax agent
- Varying: R&D Tax Incentive and EMDG submission windows (speak to us early)
Financial Records & Reporting
1. Reconcile All Bank and Loan Accounts
Ensure your bank statements match your general ledger. Fix any discrepancies, especially for high-volume months like December or June.
2. Finalise Payroll and Superannuation Contributions
- Process and lodge STP by July 14
- Ensure super contributions are paid by June 30 to be deductible this year
If payroll overwhelms your team, our Bookkeeping team can ensure accuracy and ATO compliance without the stress.
3. Close Out Outstanding Invoices and Debts
Follow up unpaid invoices. EOFY is also a time to write off bad debts where recovery is unlikely—improving your tax position.
4. Conduct Asset and Depreciation Reviews
Update your fixed asset register. Identify assets for depreciation or disposal. This may impact your taxable income or open up small business tax concessions.
Tax and Compliance
5. Prepare and Lodge Final BAS for Q4
Ensure all GST obligations are reported, especially if you’ve changed turnover categories or added business lines.
6. Confirm Entity Tax Returns and Trust Resolutions
- Confirm company, trust, or SMSF tax return preparation
- Finalise trust distributions before June 30 to lock in tax benefits
- Plan lodgement or extension with your registered tax agent
Our Tax Compliance experts help SMEs stay ATO-compliant and audit-ready, especially when EOFY deadlines compress operations.
7. Review PAYG Instalments and Variations
Recalculate if your income has shifted significantly in FY25. Overpayments tie up your cash; underpayments attract penalties.
8. Audit Fringe Benefits and Related Party Transactions
EOFY is a trigger for ATO scrutiny. Identify:
- Motor vehicle use
- Director loans
- Dividends and family trust distributions
If your business structure is complex, our Tax Advisory services help simplify compliance while optimising outcomes.
Government Grants and Strategic Incentives
9. Prepare R&D Tax Incentive Documentation
If you’ve conducted eligible experimental work, you may qualify for up to 43.5% cash back.
EOFY is the ideal time to:
- Identify core and supporting R&D activities
- Finalise project documentation, time sheets, and costs
- Plan AusIndustry lodgement with Blackwattle’s R&D Tax Incentive team
10. Review Export Market Spend for EMDG
Have you invested in overseas marketing, trade shows, or consultants?
You could be eligible for up to $770,000 over 8 years under Austrade’s Export Market Development Grant (EMDG). EOFY is the time to:
- Log your export spend
- Choose the right EMDG tier
- Prepare your upcoming year grant plan
Operations and Strategic Planning
11. Update Your Budget and Forecast for FY2026
Compare FY2025 actuals against your previous forecasts. Use this to reset:
- Revenue targets
- Hiring needs
- Capital expenditure
- Funding strategies
Blackwattle offers Virtual CFO services for strategic reviews, tailored dashboards, and board-level insights.
12. Review Capital Structure and Debt Strategy
If you plan to borrow, raise capital, or restructure debt in FY2026, EOFY is the time to plan:
- Optimal debt-to-equity ratios
- Bank facility applications
- Risk analysis across cost centres
Our advisory team draws on deep banking experience to guide SMEs through complex growth scenarios.
Documentation & Recordkeeping
13. Backup and Secure Financial Data
Cloud-based accounting platforms like Xero, MYOB, or QuickBooks make EOFY backups easy. Don’t just rely on automation—download key reports manually:
- P&L and Balance Sheet
- Ledger summaries
- Payroll and STP summaries
- Superannuation payments
14. Organise and Store Supporting Documents
R&D? EMDG? CGT events? These all require paper trails. Create digital folders for:
- Receipts, consultant invoices
- Contracts, IP registrations
- Expense reports linked to export or R&D
Digital organisation reduces audit risk and accelerates application prep when claiming incentives.
Common EOFY Pitfalls That Hurt Businesses
- Delaying reconciliation to the last weekend
- Unpaid super = missed deduction + potential penalties
- Skipping trust resolutions = higher tax outcomes
- Not documenting R&D or export efforts = missed grants
- No financial forecast for FY2026 = reactive decision-making
EOFY isn’t a “tax event.” It’s a strategic point in your business calendar.
EOFY Wrap-Up: 5 Smart Actions to Take Today
- Book a tax review to catch missed deductions or risks
- Schedule an R&D or EMDG eligibility call
- Close your books and payroll by mid-June
- Run budget vs actual reports for performance gaps
- Align your structure for FY2026 (trusts, entities, loans)
EOFY 2025 is your financial new year’s eve. The effort you invest now sets the tone for your next 12 months. At Blackwattle Tax, we’re not just compliance accountants—we’re strategy partners who help you grow smarter, not harder.
📞 Ready to optimise EOFY 2025?
Book your free 30-minute EOFY Strategy Session and get director-level insights from Australia’s smarter tax firm.
EOFY FAQs for 2025
When does EOFY end in Australia?
EOFY officially ends June 30. The new financial year starts July 1.
What is the fastest way to prepare for EOFY?
Start with your bookkeeping. Once records are clean, move to tax strategy, grants, and planning.
Can I still claim R&D after June 30?
Yes, but documentation must cover the full financial year. The R&D application window opens post-June 30 but relies on EOFY financials.
Should I engage a tax agent now or later?
Now. Tax strategy is time-sensitive. Waiting until after June 30 limits the steps you can take for FY2025 outcomes.
Schedule a FREE 30-minute consultation today to discover how we can help you make strategic decisions and streamline your business operations.
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Disclaimer: We endeavour to make sure the information provided in this guidance is up to date and accurate. Please note, that the information is only intended to be a guide, with a general overview of information. This guidance is not a comprehensive document and should not be interpreted as legal advice or tax advice. The information is general in nature. You should seek the assistance of a professional opinion for any legal and tax issues related to your personal circumstances.
