Every financial year, Australian businesses face strict obligations in the lead-up to June 30. The end of financial year (EOFY) is more than a deadline for lodging tax returns—it’s an opportunity to optimise tax positions, structure financial operations, review compliance processes, and reduce risks. With the Australian Taxation Office (ATO), ASIC, and industry regulators tightening scrutiny, businesses must take a proactive, comprehensive approach to their EOFY preparation.
Blackwattle Tax provides smarter, director-led solutions built with top-tier accounting expertise. As Chartered Accountants with global firm backgrounds, we support businesses through the complexity of EOFY compliance with tailored checklists, sector-specific insights, and industry-grade tax planning.
This EOFY 2025 checklist includes all critical financial, regulatory, and tax-related actions that growing Australian businesses must complete before June 30. From reconciling payroll and superannuation payments to preparing for R&D Tax Incentives and EMDG eligibility, each step contributes to a more efficient, tax-effective outcome. The final quarter of FY 2024–25 is the time to act—before missed obligations result in penalties or missed opportunities.
Use this checklist to structure your EOFY strategy. If your business operates in complex structures or claims R&D and government incentives, our team at Blackwattle Tax can help you align your compliance and cash flow goals.
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)
Tax Compliance Essentials Before June 30
The ATO requires businesses to meet several statutory compliance obligations by June 30. These actions form the core of every EOFY plan:
1- Finalising Business Activity Statements (BAS) and Instalment Activity Statements (IAS)
All quarterly and monthly BAS/IAS should be lodged up to date. This includes GST, PAYG withholding, and PAYG instalments. Blackwattle Tax offers BAS preparation as part of our Tax Compliance services, ensuring that data reconciles with accounting records and is compliant with ATO expectations.
Income Tax Return Preparation
Although company tax returns are due later in the year, preparing financial statements by EOFY allows businesses to forecast their final tax position and apply strategic decisions (such as prepayments and asset write-offs). We assist clients in estimating their income tax liabilities early to improve cash flow management.
3- Superannuation Guarantee (SG) Contributions
All SG contributions must be paid and received by the employee’s fund no later than June 30 to claim a tax deduction in FY 2024–25. Processing delays in clearing houses could result in missed deduction opportunities. Our Bookkeeping services help reconcile super payments with payroll and ensure timing compliance.
4- STP Finalisation and Payroll Reconciliation
Under Single Touch Payroll (STP) Phase 2, employers must complete their final pay event and ensure reconciliation of gross wages, tax withheld, and superannuation. This step ensures employee income statements are correct in myGov. Blackwattle Tax provides full STP compliance support and annual payroll reviews as part of our outsourced finance department services.
5- Trust Distribution Resolutions
For discretionary trusts, trustees must resolve distribution of FY 2024–25 income before June 30. Failure to document resolutions may result in default tax assessments at the highest marginal rate. We prepare trust resolutions as part of our tailored Tax Advisory service to ensure tax-effective income allocation.
These actions form the non-negotiable foundation of EOFY compliance. For multi-entity structures or high-volume employers, we recommend booking a complimentary tax compliance session with our Chartered Accountants at Blackwattle Tax.
Maximise Deductions Before EOFY Cut-Off
EOFY offers the final opportunity to reduce taxable income through allowable deductions and timing strategies. Smart businesses actively review their position in May and June:
1- Prepaid Expenses
Businesses with turnover under $50 million can claim immediate deductions on prepaid expenses under 12 months. Prepaying rent, insurance, and professional subscriptions before June 30 can reduce assessable income. This is one of the common timing strategies implemented by our CFO Services team to improve short-term tax positions.
2- Temporary Full Expensing and Instant Asset Write-Off
Businesses may be eligible to claim the full cost of eligible depreciating assets under Temporary Full Expensing rules. For FY 2025, check updated thresholds and eligibility. We assist clients in documenting purchases and ensuring compliance with ATO requirements for accelerated depreciation.
3- Writing Off Bad Debts
If a business has invoiced a debtor and the payment is unrecoverable, the debt can be written off before June 30 to claim a deduction. Businesses must demonstrate that the debt was previously included in assessable income and is now uncollectible. Our Bookkeeping team reviews aged receivables to identify qualifying debts.
4- Obsolete Stock and Inventory Valuation
Obsolete, damaged, or slow-moving stock can be written down to net realisable value before year-end. Lowering closing stock increases cost of sales, thus reducing taxable income. Blackwattle Tax supports retail, ecommerce, and food sector clients in applying this strategy as part of our sector-specific advisory model.
5- Directors’ Bonuses and Staff Incentives
Businesses intending to pay performance bonuses or profit-sharing incentives can accrue these payments in FY 2024–25, provided board resolutions are made before June 30. We draft director minutes and confirm timing deductibility as part of our Financial Reporting and Tax Advisory process.
Each deduction strategy must be backed by evidence and reflected in financial statements. We recommend scheduling a pre-EOFY advisory meeting to finalise your business-specific deduction plan.
R&D Tax Incentive Planning Before EOFY
Innovative Australian businesses conducting eligible research and development activities can access significant rebates through the R&D Tax Incentive. To maximise your R&D benefit, EOFY planning must begin before June 30:
1- Confirm Eligibility and R&D Activities
Blackwattle Tax assists clients in identifying whether their experimental work qualifies under AusIndustry’s definition of core or supporting R&D activities. Eligible activities must generate new knowledge and be conducted using a scientific method. Our R&D Tax Incentive specialists ensure your business meets the required thresholds and definitions.
2- Track and Substantiate Expenditure
To claim an R&D offset, businesses must track eligible costs—including salaries, contractor fees, materials, and overheads—linked to qualifying R&D. All expenditure must be incurred during FY 2024–25 to be claimable. We provide structured documentation templates and tax-ready expenditure summaries.
3- Prepare for Registration
All R&D claims must be registered with AusIndustry within 10 months of financial year-end. However, pre-registration planning ensures your technical summaries and expenditure breakdowns are complete. Our clients receive a full R&D pre-lodgement pack to ensure fast and compliant applications.
4- Estimate Refundable vs. Non-Refundable Offset
Small businesses (under $20 million turnover) may access a refundable offset up to 43.5% of eligible R&D costs. Larger entities access a non-refundable offset with incremental uplift. Understanding your cash position and projected benefit is essential to year-end planning.
If your business runs any technical, experimental, or software development projects, you may qualify. Book a complimentary 30-minute eligibility assessment with our R&D specialists at Blackwattle Tax to review your project and EOFY position.
Review Government Grants and Concessions
EOFY is also the time to review your business’s position regarding government grants and capital gains tax (CGT) concessions:
Export Market Development Grant (EMDG)
If your business is expanding overseas or investing in international marketing, the EMDG offers grants of up to $770,000 over 8 years. EOFY is a key reporting checkpoint. Blackwattle Tax helps clients identify eligible costs (travel, digital advertising, IP protection) and prepare their EMDG submissions based on Tier 1–3 eligibility.
2- Small Business CGT Concessions
Businesses disposing of assets before June 30 may qualify for small business CGT concessions. These include the 15-year exemption, retirement exemption, and rollover relief. Eligibility depends on turnover, active asset use, and ownership structure. We conduct CGT event reviews to ensure gains are minimised or deferred legally.
3- Fringe Benefits Tax (FBT)
The FBT year ends March 31, but EOFY requires that all benefits be reconciled and reported in employee payment summaries if required. If your business provides cars, entertainment, or non-cash benefits, Blackwattle Tax ensures proper classification and reporting.
4- Loss Carry Back or Loss Carry Forward
Companies may elect to carry tax losses back to earlier profitable years to obtain a refund or carry losses forward for future deductions. Evaluating this option requires financial statement review and strategic forecasting—offered under our CFO Services model.
Government incentives directly impact cash flow and long-term planning. Book your free tax strategy consultation with our Grants Advisory team to assess eligibility for EMDG or CGT concessions.
Financial Reporting and ASIC Compliance
EOFY financial statements must reflect true and fair financial performance. This is critical for compliance, audit readiness, and tax planning:
1- Financial Statement Finalisation
Blackwattle Tax prepares compliant financial statements for companies, trusts, partnerships, and SMSFs. We reconcile ledgers, verify asset valuations, and ensure all material adjustments are documented. For larger businesses, our CFO Services team integrates forecasting and board-level analysis.
2- Director Solvency Resolutions
Directors must sign annual solvency declarations confirming the business can meet its debts. This is a key part of ASIC compliance and is often overlooked. We assist clients in drafting required resolutions and solvency statements.
3- ASIC Annual Company Statement
Every registered company must review and confirm details listed in ASIC’s Annual Statement. This includes officeholders, share structures, and addresses. Errors or late updates may result in penalties. Our Corporate Compliance service covers this review and lodgement.
4- Business Structure Review
EOFY is the right time to review the suitability of your entity structure for asset protection and tax efficiency. Blackwattle Tax offers comprehensive business structure reviews under our Tax Advisory services to ensure long-term tax optimisation.
Finalising financial statements isn’t just about compliance—it’s the foundation for smarter business planning. Speak with our team to review your reporting requirements before June 30.
Strategic Planning & Next Financial Year
Beyond compliance, EOFY is an ideal time to forecast, analyse, and set up for FY 2025–26:
1- Budgeting and Forecasting
Our virtual CFO Services team builds 12-month rolling budgets and multi-scenario forecasts that incorporate tax positions, revenue plans, and cash flow.
2- Internal Risk Reviews
EOFY enables businesses to identify operational gaps, from underperforming business units to ineffective financial controls. We provide risk assessments and control recommendations as part of our integrated advisory packages.
3- Strategic Tax Structuring
Tax efficiency begins with the right structure. For growing businesses considering expansion, restructuring, or international dealings, Blackwattle Tax provides entity planning aligned to ATO guidelines and commercial outcomes.
EOFY is the time to think beyond the balance sheet. If your business is ready to grow, re-structure, or invest, our CFO-led strategic review can support the next phase of development.
Book Your EOFY Strategy Session
EOFY 2025 is fast approaching. Don’t risk missed deadlines, lost deductions, or suboptimal outcomes. Blackwattle Tax offers complimentary 30-minute EOFY strategy sessions with our directors and senior advisors. Whether you require tax compliance support, R&D tax guidance, CFO services, or grant eligibility assessments, we deliver tailored advice with fixed-fee transparency.
Our experience from top 5 global firms is now accessible to mid-market businesses through smarter, client-centric accounting services. Schedule your free EOFY session now to get actionable guidance before June 30.
Book your EOFY strategy session today at blackwattletax.com.au.
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.