EOFY 2025 Checklist: Essential Planning for Australian Businesses

sunniedoan
15 minutes ago
3 min read

End-of-financial-year planning starts now — and being proactive could be the difference between tax stress and tax success. You can contact us for accountant free consultation.

At Lynden Group, we understand the challenges businesses face as 30 June approaches. That’s why we’ve created this comprehensive checklist to help you capture every deduction, meet your obligations, and set up a strong foundation for the new financial year.

Whether you’re a sole trader, SME, or growing enterprise, these steps will keep your business compliant and financially fit.

1. Review Your Financial Position

A clean set of books is the foundation for smart EOFY decisions. Before anything else:

Reconcile all bank accounts, credit cards, and loan statements
Ensure all income and expenses are properly recorded
Finalise and review your profit & loss and balance sheet
Write off any bad debts that are unrecoverable

Timely reconciliation helps prevent errors and identifies where you may have missed deductions or income.

2. Maximise Your Deductions

Now’s the time to review expenses that can legitimately reduce your taxable income:

Prepay deductible expenses (e.g. rent, insurance, utilities, subscriptions) for up to 12 months in advance
Write off obsolete stock, inventory, or outdated equipment
Claim depreciation on business assets (check eligibility for the instant asset write-off)
Pay superannuation for employees before 30 June to ensure deductibility in this financial year

Every dollar saved now means stronger cash flow moving forward.

3. Employee & Payroll Compliance

Finalising employee obligations is a key part of EOFY:

Finalise Single Touch Payroll (STP) reports with the ATO
Reconcile PAYG withholding amounts
Ensure employee income statements are lodged via STP (these replace group certificates)
Document any bonuses or incentive payments before year-end
Review leave balances and accruals (including long service liabilities)

Meeting these obligations keeps you compliant — and your team confident.

4. Superannuation Deadlines

Super contributions must be received (not just paid) by the fund before 30 June to be deductible. We recommend:

Submit payments no later than 25 June to allow for clearing house processing times
Check concessional contribution caps for yourself and your employees
Use the ATO’s Small Business Superannuation Clearing House if eligible

Missed super deadlines can result in lost deductions and penalties.

5. Strategic Business Planning

EOFY is an ideal time to assess your broader business strategy:

Meet with your adviser to review your tax minimisation options
Reassess your business structure – is your trust, company, or sole trader setup still right for your needs?
Plan dividend distributions and trust resolutions (ensure resolutions are documented before 30 June)
Consider timing for realising capital gains or losses
Create or update your budget for FY2025–26

These steps will help you make strategic, tax-effective decisions for the year ahead.

6. Lodgement & Reporting Obligations

To stay compliant:

Lodge all outstanding BAS and IAS returns
Prepare and lodge the Taxable Payments Annual Report (TPAR) if your business is in a relevant industry
Ensure ASIC records are up to date (including director IDs and annual company statements)
Review small business concession eligibility — you may benefit from simplified depreciation, CGT concessions, or reduced company tax rates

7. Other EOFY Essentials

Don’t forget these practical end-of-year checks:

Back up your accounting, HR, and business records securely
Review your insurance policies and coverage levels
If eligible, complete your R&D Tax Incentive registration
Note key tax and BAS due dates for the new financial year

Ready to Make EOFY Count?

EOFY doesn’t need to be stressful. With the right planning, it’s an opportunity to fine-tune your finances, reduce your tax liability, and prepare your business for future growth.

Need support with EOFY prep? The team at Lynden Group is here to help — from tax planning to compliance, accountant free consultation ,and everything in between.

📩 Contact us today to schedule a strategic EOFY review.

🔗 Visit our website: https://www.lyndengroup.com.au/

📧 Email us at: info@lyndengroup.com.au

📞 Call us at: (03) 8548 1843