EOFY 2025: Your Ultimate Year-End Checklist for Small Business

EOFY 2025: Your Ultimate Year-End Checklist for Small Business

As the end of the financial year (EOFY) approaches, it’s crucial for small business owners to prepare early. EOFY isn’t just about lodging tax returns—it’s a chance to tidy up your finances, maximise deductions, and get ahead for the year ahead.

To help you stay on track, here’s a complete EOFY 2025 checklist tailored to small businesses in Australia.

1. Reconcile Your Accounts

Ensure all bank, credit card, loan, and PayPal accounts are fully reconciled up to 30 June 2025. This includes matching transactions, checking for missing entries, and cleaning up suspense accounts.

2. Review Accounts Receivable and Payable

• Chase up unpaid invoices before EOFY
• Write off bad debts (if applicable)
• Record any unpaid supplier bills to accurately reflect liabilities

3. Complete Payroll Reconciliation & STP Finalisation

• Review gross wages, PAYG, and super for all employees
• Finalise your STP (Single Touch Payroll) submission with the ATO
• Check that super payments are made before 30 June to claim deductions this year

4. Maximise Your Deductions

Consider:

• Prepaying expenses (rent, subscriptions, insurance)
• Asset purchases (under instant asset write-off threshold if still applicable)
• Stocktaking and writing off obsolete inventory
• Claiming eligible home office and motor vehicle expenses

5. Declare Director Loans or Dividends (if applicable)

If your business is a company:

• Review any director loans (Division 7A compliance)
• Declare and minute any dividends issued
• Ensure shareholder loans are documented correctly

6. Check Superannuation Obligations

• Super guarantee for Q4 must be paid by 28 July, but pay by 30 June to get the deduction this year
• Finalise any salary sacrifice arrangements

7. Backup & Archive Your Records

• Securely backup all cloud or desktop files
• Archive source documents (receipts, invoices, contracts) for ATO audit protection

8. Review Business Performance

EOFY is a great time to reflect. Ask:

• What were your profits and margins this year?
• Are your expenses under control?
• What areas should you invest in for FY26?

Your accountant or CFO advisor can help prepare a performance snapshot or business dashboard.

Bonus Tip: Plan Ahead for Tax

Talk to your accountant before 30 June about estimated tax liabilities and tax planning options. It’s easier to reduce tax when you plan ahead—not after the year is closed.

Final Thoughts

EOFY 2025 doesn’t need to be stressful. With the right preparation, you can reduce your tax, tidy up your books, and start FY26 with clarity and confidence.

At Elite Plus Accounting, we support Australian small businesses with BAS, payroll, reporting, and year-end compliance.

Need help wrapping up EOFY

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