The End of Financial Year (EOFY) in Australia is more than just a deadline; it’s a strategic opportunity for individuals, businesses, and investors to review their finances, claim deductions, and set the stage for a more prosperous year ahead. With the 30 June cutoff fast approaching, this comprehensive guide will walk you through everything you need to know to maximize your tax refund, minimize stress, and make EOFY 2025 your most successful yet.

Understanding EOFY 2025: Key Dates and Concepts

EOFY refers to the close of the Australian financial year, running from 1 July to 30 June. For 2025, the critical dates are:

• 30 June 2025: Official end of the financial year.
• 14 July 2025: Deadline for employers to finalize Single Touch Payroll (STP) reporting.
• 28 July 2025: Superannuation contributions and Q4 Business Activity Statement (BAS) due.
• 31 October 2025: Deadline for individuals to lodge their tax returns (unless using a registered tax agent).

EOFY is a period when individuals and businesses must finalize financial records, tax claims, and reporting obligations. Early preparation and consulting with a registered tax agent can help you stay compliant and take advantage of tax planning opportunities.

Step 1: Get Your Financial House in Order

Before considering deductions or refunds, organization is crucial:

• Income Statements: Log into your MyGov account to ensure your employer has marked your income as “Tax Ready.” Wait to lodge your return if it isn’t.
• Invoices & Receipts: Categorize and digitize all expenses—especially work-from-home costs, travel, and tools.
• Investment & Super Records: Gather dividend statements, rental income, and crypto trading reports.
• Loan Statements: Document interest on investment loans, which may be deductible.
• Cloud Accounting: Consider using apps or spreadsheets to streamline record-keeping year-round.

Step 2: Claim What You’re Entitled To (Legally!)

Every deduction you miss is money left behind. Here are common and often overlooked deductions:

For Individuals

• Work-Related Expenses: Uniforms, tools, software, and even sun protection gear for outdoor workers.
• Home Office Costs: Power, internet, and equipment depreciation. Use either the fixed rate or actual cost method.
• Education & Training: Courses, seminars, or certifications related to your current role.
• Charity Donations: Only to registered Deductible Gift Recipients (DGRs).
• Tax Agent Fees: The cost of professional tax preparation is deductible.

For Investors

• Depreciation on Rental Properties
• Loan Interest on Investment Borrowings
• Body Corporate Fees
• Agent Management Costs

For Small Businesses

• Equipment Purchases: Claim instant asset write-offs for eligible business assets installed and ready to use by 30 June (the $20,000 threshold is set to end on 30 June 2025).
• Business Travel and Home Office Expenses
• Professional Subscriptions and Tools

Step 3: Time Your Income & Expenses Like a Pro

EOFY isn’t just about reporting; it’s about smart timing:

• Bring Forward Expenses: Purchase professional subscriptions or office supplies before 30 June to claim now.
• Defer Income: If possible, delay invoicing until July to push income into the next tax year, especially if you expect to drop into a lower tax bracket.
• Contribute to Super: Concessional contributions up to $30,000 are tax-deductible in 2024/25. If you didn’t use your full cap in 2023/24, you may be able to carry forward unused amounts.

Step 4: Offset Your Capital Gains (or Losses)

If you’ve sold shares, crypto, or an investment property:

• Capital Gains: Taxable, but assets held for over 12 months may qualify for a 50% discount.
• Capital Losses: Can be used to offset gains, reducing your taxable income.
• Record-Keeping: Maintain detailed purchase and sale records for all assets.

Step 5: Use a Tax Agent — and Use Them Well

A good tax professional can:

• Uncover Hidden Deductions
• Provide Proactive Advice
• Ensure Compliance with Latest ATO Rulings
• Their Fee is Tax Deductible

Step 6: Supercharge Your Super Strategy

EOFY is the perfect time to review your superannuation:

• Check Contributions: Maximize before-tax (concessional) and after-tax (non-concessional) contributions. The NCC cap is $120,000 for 2024/25.
• Spouse Contributions: If your partner earns less than $37,000, contributing to their super can earn you a tax offset of up to $540.
• Review Fund Performance & Fees
• Consolidate Old Accounts: Avoid erosion from multiple fees.

Step 7: Set Yourself Up for Next Year

EOFY isn’t just about the past; it’s a launchpad for a smarter future:

• Create a Tax Savings Account: Stash money throughout the year for future liabilities.
• Automate Receipt Collection: Use apps like Expensify or Xero.
• Meet with a Financial Planner: Set goals and assess insurance, investment, and retirement needs.

EOFY Checklist for Individuals

EOFY Checklist for Small Businesses

Practical Tips to Reduce EOFY Stress

• Start Early: Don’t leave preparation until the last minute. Early action helps you spot missing documents and maximize deductions.
• Go Digital: Use cloud accounting and receipt management apps to streamline record-keeping and reduce paperwork headaches.
• Seek Professional Advice: Tax laws change often; a registered tax agent can help you stay compliant and optimize your refund.
• Stay Informed: Regularly review ATO updates and financial news to stay ahead of changes that may affect your situation.

Special Considerations for 2025

Superannuation Contribution Limits

• Concessional Cap: $30,000 for 2024/25, including employer contributions.
• Non-Concessional Cap: $120,000 for 2024/25.

Instant Asset Write-Off

• Threshold: $20,000 for eligible business assets installed and ready to use by 30 June 2025. This may change from 1 July 2025, so act promptly if you plan to purchase assets.

Single Touch Payroll (STP) Finalization

• Deadline: 14 July 2025 for employers to finalize payroll data.

Business Activity Statement (BAS) and Super Contributions

• Deadline: 28 July 2025.

Common EOFY Mistakes to Avoid

• Missing Deductions: Failing to claim eligible work-related or investment expenses.
• Late Super Payments: Missing the 30 June deadline means missing out on deductions for this year.
• Poor Record-Keeping: Incomplete or lost receipts can cost you money and invite ATO scrutiny.
• Not Reviewing Business Structure: Your current setup may not be the most tax-effective for your situation.
• Ignoring Capital Gains/Losses: Not offsetting gains with losses can increase your tax bill.

EOFY for Investors: Property, Shares, and Crypto

Property Investors

• Depreciation Schedules: Ensure up-to-date schedules for maximum deductions.
• Interest Deductions: Only claim interest on the portion of loans used for investment purposes.
• Capital Works Deductions: Claim for structural improvements and renovations.

Share and Crypto Investors

• Record-Keeping: Maintain detailed buy/sell records, including brokerage fees.
• Offsetting Gains and Losses: Use capital losses to offset gains and reduce taxable income.
• Dividend Statements: Include all dividend income, including franking credits.

EOFY for Small Business Owners

Financial Reporting & Housekeeping

• Review all business bank accounts, loans, and credit cards for accuracy.
• Finalize Profit & Loss and Balance Sheet statements.
• Follow up on outstanding invoices and pay supplier bills on time.
• Write off bad debts where collection is unlikely.

Tax & Compliance Essentials

• Finalize STP reporting by 14 July.
• Lodge BAS and make super contributions by 28 July.
• Review PAYG withholding, GST, and FBT obligations.
• Lodge TPAR if applicable by 28 August.
• Save secure digital copies of all financial documents.

Deductions & Super Strategy

• Identify and claim all eligible deductions.
• Prepay expenses where possible to bring forward deductions.
• Consider personal or business super contributions for tax benefits.
• Claim the instant asset write-off for assets up to $20,000.

Strategy & Planning

• Review your business structure with your accountant.
• Check insurance policies for appropriate coverage.
• Review cash flow forecasts and set goals for the new year.

EOFY and Superannuation: Maximizing Retirement Savings

Boost Your Super Fund

• Make one-off concessional contributions before 30 June to save up to 30% in tax and boost your retirement fund. Contributions are taxed at 15% (or 30% if income exceeds $250,000).
• Carry forward unused concessional contributions from 2023/24 if eligible.

Spouse Contributions

• Contribute up to $3,000 to your spouse’s super if their income is less than $37,000 to claim a tax offset of up to $540.

Non-Concessional Contributions

• Make voluntary after-tax contributions up to $120,000 in 2024/25.

Timing is Crucial

• Ensure all contributions are received by your super fund before 30 June to count for this financial year.

EOFY for Employees: Get the Most from Your Tax Return

• Check Income Statements: Ensure your employer has finalized your income via STP.
• Claim All Deductions: Uniforms, tools, home office, self-education, and donations.
• Review Private Health Insurance: Avoid the Medicare Levy Surcharge with adequate coverage.
• Lodge Early: The earlier you lodge, the sooner you receive your refund (if eligible).

EOFY for Sole Traders

• Reconcile Accounts: Ensure all income and expenses are recorded.
• Claim Business Deductions: Home office, travel, equipment, and professional fees.
• Super Contributions: Make personal contributions before 30 June for tax benefits.
• Lodge BAS and Tax Returns: Meet all deadlines to avoid penalties.

Final Thoughts: EOFY Is a Goldmine (If You’re Ready)

EOFY doesn’t need to be a panic-driven rush. With the right planning, it can be a time of opportunity, clarity, and empowerment. Whether you’re looking to reduce tax, boost savings, or build long-term wealth, the best thing you can do is take action now. Because while tax is inevitable, missing out on a better refund isn’t.

“EOFY isn’t just about the past. It’s the launchpad for a smarter, richer future.”

References

• EOFY Survival Guide 2025: Maximize Your Refund & Minimize the Stress
• Small Business EOFY Guide: 7 Steps to Stay Ahead
• 6 Practical Tips to Help You with Your Australian End of Tax Year Planning
• EOFY 2025: Your Business Preparation Checklist
• EOFY 2025: What It Means, When It Starts, and How to Prepare

Note: This guide is a synthesis of the latest expert advice and official resources as of May 2025. Always consult a registered tax agent or financial advisor for personalized guidance.