The end of the Australian financial year is fast approaching. 30 June 2025 marks the close of the 2024–25 financial year, and small business owners across the country will soon need to prepare their tax returns.
As a small business owner, it can be hard to prioritise bookkeeping when you’re juggling customers, staff, suppliers, and more. But staying on top of your finances is critical, especially at this time of year.
Lodging your returns late or making errors can lead to penalties, compliance issues, and unnecessary stress. In this guide, we’ll walk you through your EOFY responsibilities and share actionable tips to help you wrap up the year with confidence.
End of Financial Year Requirements for Small Business Owners
EOFY obligations vary depending on your business structure, reporting frequency, and whether or not you use a registered BAS or tax agent. Here are the key areas to keep in mind:
Tax Deductions – What You Can Claim
Make sure you’re across what expenses you can claim for this financial year. Deductions typically include:
- Home office expenses
- Motor vehicle or travel costs
- Equipment and tools
- Computers and software
You’ll need proper documentation to back up each deduction, so ensure your records are up to date.
Income Tax Return Lodgement
All businesses — whether sole trader, partnership, company or trust — must lodge an annual tax return. The deadline is:
- 31 October 2025 if lodging yourself
- Or later, if you’re working with a registered tax agent
PAYG Withholding
If you have employees, contractors, or others you withhold tax for, ensure your PAYG obligations are met. Depending on the amount withheld, you may need to report:
- Quarterly (for $25,000 or less)
- Monthly (for $25,001 to $1 million)
Fringe Benefits Tax (FBT)
If your business offers perks like private-use vehicles, entertainment, or housing, you’ll need to lodge an FBT return. This was due by 21 May 2025 — ensure all reporting is completed and payments made if this applies to your business.
GST Lodgement
If your business is registered for GST, keep your records up to date and accurate. While there’s no additional EOFY reporting for GST, your Q4 BAS (April–June) is due:
- 28 July 2025, or
- 25 August 2025 if lodging through a BAS agent
Superannuation Obligations
Super guarantee contributions for Q4 must be paid by 28 July 2025. But if you want to claim the deduction in this financial year, payments must be received by funds before 30 June 2025.
Also note:
From 1 July 2025, the super guarantee rate will increase to 11.5%.
7 Tips to Get Organised Before the End of Financial Year
1. Start early – don’t wait until June 30
The earlier you start, the more time you have to catch errors, reconcile records, and maximise deductions.
2. Keep solid records
Sort, organise and safely store all invoices, receipts, and expenses. Good recordkeeping throughout the year saves hours come EOFY.
Need help? A bookkeeper can make sense of it all for you.
3. Complete a stocktake
If you hold inventory, complete a stocktake before 30 June to calculate your cost of goods sold (COGS) and report accurate inventory values.
4. Finalise payroll and STP
If using Single Touch Payroll (STP), ensure all reports are finalised and super obligations are correct. From 1 July, remember the super rate increase.
5. Update depreciation schedules
Review business assets, update depreciation, and log any disposals. Maintaining this throughout the year will make EOFY a breeze.
6. Review capital gains
If you sold assets this year, assess your capital gains or losses. Seek professional advice if needed — it could impact your return significantly.
7. Get help from a bookkeeper
EOFY is a busy time — you don’t have to do it alone. A professional bookkeeper helps with everything from BAS to payroll, reporting, and deductions.
Get EOFY-Ready with First Class Accounts
At First Class Accounts, we help small business owners all over Australia wrap up their end of financial year smoothly — without the stress.
We offer:
✔️ BAS and payroll support
✔️ Financial reporting and reconciliations
✔️ Expert advice to keep your business compliant
With over 140 bookkeepers across VIC, TAS, NSW, SA, WA and QLD, there’s a local expert ready to help.
