EOFY 2025: Tax Tips &  Strategies for Aussie Businesses

 

As 30 June approaches, it’s the perfect time to review your financials, optimise your tax position, and get your business ready for the next financial year.

EOFY isn’t just about ticking compliance boxes, it’s a strategic opportunity to make moves that benefit your business beyond tax time. Too many businesses leave things until the last minute and miss out on valuable deductions and planning advantages.

This checklist breaks down the most important actions to take now so you can reduce tax, stay compliant, and set yourself up for success in FY26.

 Key Takeaways

• The Super Guarantee rate increases to 12% from 1 July 2025.
• Low and middle-income earners may qualify for super co-contributions and LISTO.
• High-income earners without private hospital cover may face the Medicare Levy Surcharge.
• The instant asset write-off applies to assets under $20,000 installed by 30 June.
• Donations to registered DGRs are deductible if properly documented.

 EOFY 2025 Checklist for Businesses

1. Pay Superannuation Contributions Early

To claim a deduction, super must be received by the fund before 30 June—not just paid.
Tip: The Super Guarantee rate increases to 12% on 1 July 2025. Update your payroll software accordingly.

2. Write Off Bad Debts

Bad debts can be deducted if they were previously included in your income and formally written off before 30 June. Keep documentation such as emails and internal memos.

3. Dispose of Obsolete Equipment

Write off broken or unused equipment listed in your asset register to reduce taxable income and clean up your books.

4. Revalue Closing Stock

Value stock using cost, market selling value, or replacement value. You can choose the lowest value to minimise taxable income.

5. Prepay Eligible Expenses

Businesses with turnover under $50 million may deduct prepayments for services ending within 12 months (e.g., rent, insurance, marketing, software).

6. Approve & Document Staff Bonuses

To deduct bonuses, they must be approved and documented before 30 June, even if paid later.

7. Use the Instant Asset Write-Off

Claim a full deduction for eligible business assets under $20,000 if installed and ready by 30 June. Applies to both new and second-hand assets.

8. Claim Accrued Expenses

Expenses can be claimed if the goods/services were received before 30 June, even if not yet invoiced. Record them as accrued expenses.

9. Prepay Investment Loan Interest

Prepaying 12 months of interest may allow an upfront deduction and fix your rate. Check with your lender and accountant first.

10. Deduct Charitable Donations

Claim donations over $2 made to DGRs with valid receipts. Verify eligibility via ABN Lookup.

11. Maximise Super Contributions

The concessional cap is $30,000. Use carry-forward unused limits if your balance was under $500k. Non-concessional cap is $120,000 (or $360k over 3 years).

12. Manage Capital Gains Tax (CGT)

Hold assets 12+ months for the 50% discount. Offset gains with losses and explore small business CGT concessions if eligible.

13. Use the Government Co-Contribution or LISTO

Earn under $60,400? A $1,000 contribution may get you up to $500 co-contribution. If you earn under $37,000, LISTO adds up to $500 to your super automatically.

14. Avoid the Medicare Levy Surcharge

If your income is over $97,000 (single) or $194,000 (family), you may be liable for MLS without private hospital cover. Ensure you’re covered by 30 June.

 

EOFY doesn’t have to be overwhelming. Early action means fewer headaches, more deductions, and better compliance.

At Proacct Plus, we help businesses navigate payroll, super, write-offs, and all those tax-time tasks that can cost you if missed.

Let us take EOFY off your plate—so you can get back to running your business.

 Need help preparing for EOFY?

Book a call with a Proacct Plus and get the expert support you need.