7 Tips To Help You Prepare for End of Financial Year (EOFY) 2025

The end of the financial year (EOFY) in Australia is a very important time for individuals and businesses. It is time to finalise your financial records, report your income, and get ready for tax time. EOFY happens every year on 30th June. Once the year ends, you must send your tax return and reports to the Australian Taxation Office (ATO).

Many people feel stressed during this time, especially if they have not been keeping records up to date. But there is good news—you can avoid stress by preparing early. With some simple planning and smart steps, EOFY can become much easier and less confusing.

This blog will share 7 simple tips to help you get ready for EOFY 2025. These tips are written in very easy words and are great for small business owners, sole traders, freelancers, and even individuals who want to stay organised and save money.

1. Start Early – Don’t Wait Until June

Imagine it’s June 25, 2025. You’re at your desk, staring at a pile of receipts and numbers. Your tax deadline is a few days away. You’re panicking, digging through emails and folders.
Now, imagine instead that it’s March. You’re calm. Everything is already in order.

That’s the difference early preparation makes.

Starting early gives you time to fix problems, find missing documents, and speak to your accountant. You won’t feel rushed. You won’t make mistakes. And most importantly, you won’t miss any tax deductions.

How early is “early”?

Honestly, the best time to prepare for EOFY 2025 is right now. Even if it’s January or February, it’s a great time to begin reviewing your finances for the past year.

2. Keep Your Records in One Place

EOFY is like building a puzzle. But imagine trying to finish a puzzle if all the pieces are scattered around the house.

That’s what it’s like if your receipts are in a shoebox, your invoices are in your email, and your bank statements are in a drawer.

To make EOFY easy, keep everything in one place — either in a simple folder (physical or digital) or a cloud system like Google Drive or Dropbox.

Here are some records to keep organised:

• Business income
• Expenses and receipts
• Bank statements
• Superannuation records
• Payroll records (if you have staff)
• Vehicle logs (if you use your car for work)

You don’t need fancy software. Even a simple spreadsheet can help. But the key is to stay consistent.

Every week or month, just add your latest income and expenses. That’s it.

By the time EOFY comes around, you’ll be ahead of the game.

3. Understand Your Tax Deductions

This is where many people miss out.

A tax deduction is money you spent on your business or work that you can claim back at tax time. It reduces the amount of tax you have to pay.
But many small business owners and freelancers don’t even know what they can claim.

For example, did you know you might be able to claim:

• Internet and phone bills (if used for work)
• Work from home costs
• Equipment like laptops, printers, and tools
• Travel related to your business
• Education and training for your work

But here’s the catch — you can only claim what you can prove. That means you need clear receipts and records. That’s why Tip 2 (keeping records) is so important.

It’s also helpful to talk to a tax professional or accountant. They can tell you exactly what applies to your job or business and make sure you’re not missing out.

4. Review Your Profit and Loss

EOFY isn’t just about paying taxes. It’s a great time to look back and ask, “Did my business make money this year?”

This is where your Profit and Loss Statement comes in. Also called a P&L, it shows:

• What you earned
• What you spent
• What’s left (your profit)

If you run a small business, this simple report tells you a lot:

• Are you spending too much on things like rent or supplies?
• Are your sales growing or shrinking?
• Are you actually making a profit?

If you don’t know how to make a P&L, don’t worry. You can ask your bookkeeper or use free tools like Excel or Google Sheets. There are also simple accounting apps like Xero or QuickBooks.

Once you see your numbers clearly, you can make better decisions for the next financial year.

5. Check Your Superannuation

Superannuation, or “super,” is money you save for retirement.

If you’re an employee, your boss usually handles this. But if you’re self-employed or run your own business, it’s your job to pay super — for yourself and for any staff.

Why does this matter for EOFY?

Because paying super before June 30 can give you tax benefits.
Also, if you don’t pay your staff’s super on time, you can get hit with fines or lose deductions. That’s money out of your pocket.

So, before EOFY 2025:

• Check that all super payments are up to date
• Make sure the payments are sent early enough to reach the super funds by June 30
• If you’re self-employed, consider making a voluntary contribution (you may get a tax deduction)

Talk to your accountant or financial advisor to find out what’s best for you. Super can be confusing, but it’s also a powerful way to save money — both now and later.

6. Talk to a Tax Advisor or CFO Advisory Service

Let’s be honest — taxes, reports, and deductions can be overwhelming.

If you’re running a business, trying to grow, or just want peace of mind, talking to a tax advisor or CFO advisory service can make all the difference.

They can:

• Help you pay less tax legally
• Show you how to grow your business safely
• Help with budgets, payroll, and cash flow
• Prepare reports for banks or investors
• Make a plan for the next year

One great option is CFO Advisory Services, like those offered by SMG Accounting Services Pty Ltd. They don’t just help at tax time — they help all year round. You can get expert support, even if you’re not a big company.

Many services offer flexible plans, so you can choose what fits your budget.

A good advisor isn’t a cost — it’s an investment in your business success.

7. Make a Plan for the New Financial Year

Once you’ve closed the books for this year, don’t stop there.

EOFY is a perfect time to ask: What’s next?

Use your numbers and experience from this year to make a better plan for the next one.

Some ideas to think about:

• What goals do you want to reach?
• Do you want to earn more, spend less, or grow your team?
• What worked well this year — and what didn’t?
• Do you need new tools, software, or systems?

You can even create a simple budget for July 2025 to June 2026. Nothing too fancy — just a list of your expected income and expenses.

This plan keeps you focused and helps you spot problems early.

Many successful business owners treat EOFY like a yearly health check. They clean up their accounts, talk to their advisor, and get a fresh plan ready. You can do the same.

EOFY Deadlines and Important Dates for Financial Reporting – 2025

Staying on top of key End of Financial Year (EOFY) dates is essential to avoid fines and stay compliant with the ATO. Whether you’re an individual, sole trader, or business owner, keeping track of deadlines helps you meet tax, payroll, and superannuation obligations without stress.

Here’s a simple guide to the main EOFY 2025 dates:

By adding these key dates to your calendar and preparing early, you can manage EOFY smoothly and avoid last-minute issues.

Avoid Common EOFY Pitfalls

At EOFY, many fall into the “impulse purchase trap” buying things just to reduce tax. But if it doesn’t add value or boost productivity, it’s wasted money. Mixing personal and business expenses, wrongly claiming super, or coding errors are also common and often flagged by the ATO. To avoid trouble, keep receipts, separate personal and business accounts, and avoid rushed decisions. Always ensure deductions are legitimate and properly documented. Regular bookkeeping, financial reviews, and early advice from a tax professional help reduce risks and make tax time smoother. Focus on long-term business value, not just short-term tax savings.

Final Thoughts

Preparing for the end of the financial year doesn’t have to be hard. With a little planning and effort, you can make the process smooth and stress-free. The key is to stay organised, review your numbers, claim the right deductions, and get professional help when needed.

Need help? Contact your local tax advisor or accountant, like SMG Accounting Services. We offer trusted tax advice, business accounting, and dedicated support for small businesses. Working with professionals can give you peace of mind and better results this EOFY.