As the 2024–25 financial year draws to a close, small businesses across Australia are preparing to finalise their books, optimise deductions, and ensure compliance with tax obligations. At Numble, we believe EOFY doesn’t need to be a scramble. With the right guidance, it can become a powerful opportunity to strengthen your financial position and plan strategically for the year ahead.
In this comprehensive guide, we unpack the top tax tips, compliance reminders, and strategic moves your business can make before June 30, 2025. Whether you’re a sole trader, company director, or not-for-profit manager, Numble is here to help you close the year with clarity and confidence.
EOFY FY25 Key Dates and Deadlines
Mark these critical dates in your calendar. Missing a deadline can cost you deductions, trigger penalties, or delay compliance processes:
| Date | Deadline / Obligation |
| 15 May 2025 | 2024 Income Tax Return lodgement deadline (for most entities with a tax agent) |
| 21 May 2025 | April 2025 Monthly BAS |
| 7 June 2025 | May 2025 Payroll Tax reporting and payment |
| 21 June 2025 | May 2025 Monthly BAS |
| 21 June 2025 | Lodgement/payment of FBT annual return (if lodged via BAS/Tax agent) |
| 30 June 2025 | Super Guarantee Contributions payment deadline to qualify for FY25 tax deduction |
| 30 June 2025 | End of financial year: All financial transactions for FY25 must be complete |
| 14 July 2025 | Finalisation of STP reporting |
| 21 July 2025 | June 2025 Payroll Tax and Annual Reconciliation |
| 28 July 2025 | Q4 Super Guarantee due (Apr–Jun 2025) unless paid early |
| 25 August 2025 | Q4 BAS for Tax/BAS agent lodgement |
| 28 August 2025 | Taxable Payments Annual Report (TPAR) |
Review Your Financials Now—Don’t Wait Until June 30
It’s tempting to leave EOFY preparation until the last minute—but a proactive approach always pays off. Now is the time to:
• Reconcile accounts: Ensure all bank, credit card, and loan accounts are reconciled.
• Clean up your ledger: Review suspense accounts, clear old payables/receivables, and verify your trial balance.
• Understand your P&L: Your profit and loss report can reveal key opportunities for tax planning, cost-saving, or growth.
At Numble, we provide clients with ongoing clarity—not just last-minute fixes. EOFY is smoother when your books are right all year.
Maximise Your Deductions Before June 30
EOFY is your final window to claim legitimate business expenses that reduce taxable income. Consider the following:
• Prepaid expenses: Up to 12 months’ worth of rent, insurance, or subscriptions can be deducted now.
• New equipment: Purchase and install new equipment, software and office supplies on or before 30th June to access the $20,000 instant asset write-off for FY2025.
• Instant asset write-off: For eligible assets under the current $20,000 threshold.
• Bad debts: Write off unrecoverable invoices to reduce your taxable income.
• Home office costs: For sole traders or directors working from home, claim allowable utilities, rent, and depreciation.
• Training & professional development: Self-education, seminars, and staff development courses are deductible.
• Subscriptions & memberships: Including industry bodies, publications, and compliance tools.
• Review your potential Division 7a liabilities: If you have borrowed any funds from your business, make sure to repay the debt before 30th June. If not repaid you may find yourself having to report, and pay interest on, a Division 7a loan.
EOFY Tax-Saving Snapshot
Here’s a quick reference of high-impact deductions for FY25:
| Deductible Item | Key Condition |
| Prepaid Expenses | Must relate to ≤12 months of services |
| Superannuation Contributions | Must be cleared by 30 June |
| Instant Asset Write-Off | Must be installed/ready for use by 30 June |
| Bad Debts | Must be written off before EOFY |
| Donations | Must go to a registered DGR |
| Training & Education | Must be work-related |
| Depreciation on Assets | Apply correct ATO schedule |
| Professional Fees | Legal, accounting, bookkeeping |
| Technology Purchases | Hardware and software deductions |
Your tax advisor and Numble can help identify tax saving opportunities—making sure there’s nothing left behind.
Make the Most of Charitable Donations
EOFY is a great time to do good—and benefit from it financially. Here’s how:
• Only donate to DGRs (Deductible Gift Recipients)—check the ATO or ABR website.
• Keep receipts—must include DGR name, donation amount, and date.
• Timing is everything—donations must be made before June 30.
• Property donations may need a formal valuation if over $5,000.
Speak to Numble about recording and reporting donations correctly to avoid ATO disallowance.
Plan for Depreciation and Asset Management
Evaluate:
• Your depreciation schedule—is it current and accurate?
• Any obsolete or scrapped assets—write them off before EOFY.
• New asset purchases—especially those under the instant asset write-off cap.
Proper depreciation improves both your tax efficiency and your business reporting accuracy. Numble can help you maintain updated asset registers that align with your chart of accounts.
Take a Physical Stocktake (If You Hold Inventory)
For businesses managing stock:
• Conduct a full inventory count by 30 June.
• Identify obsolete, damaged, or slow-moving stock to write down.
• Record cost vs market value, choosing the lower for tax purposes.
Efficient stocktaking can lower your taxable income and improve gross margin analysis. Numble can assist with integrating inventory platforms like Unleashed, DEAR, and Cin7 into your bookkeeping stack.
Stay On Top of Payroll Obligations
Your payroll EOFY checklist:
• ✅ STP Phase 2 finalisation by 14 July 2025
• ✅ All pay runs reconciled with ATO portals
• ✅ Bonuses paid and reported by June 30
• ✅ Super Guarantee cleared by 30 June for deductibility
• ✅ Annual leave balances reviewed
Also consider FBT reporting if you’ve provided non-cash benefits. Let Numble handle the red tape so you can stay focused on your people.
Reassess Business Structure and Strategy
EOFY is a strategic checkpoint. Ask yourself:
• Is your current structure (sole trader, trust, company) still optimal?
• Should you defer income or bring forward expenses for tax planning?
• Are you maximising distributions from family trusts (where applicable)?
• Are you capitalising on tax concessions, such as small business CGT exemptions?
At Numble, we don’t just keep score—we help you win the game. We’ll work closely with your tax advisor to plan smarter, not harder.
Make Strategic Super Contributions
Super is one of the most tax-effective tools available to business owners:
• $30,000 concessional cap (FY25)
• Use carry-forward unused caps from past 5 years if eligible
• Must be received and cleared by the fund by June 30
Contributions can apply to both employees and business owners. Speak to your accountant to calculate contribution timing and limits correctly.
Finalise BAS, IAS, and TPAR Lodgements
Ensure:
• All BAS and IAS are lodged and reconciled.
• You’re claiming GST credits correctly.
• The Taxable Payments Annual Report (TPAR) is ready if you’re in construction, cleaning, courier, or related industries.
We take care of ATO deadlines so you can focus on growth. Our cloud tools make lodgement quick, accurate, and painless.
Stay Ahead of FY26 Tax Changes
EOFY isn’t just about closing the year—it’s about preparing for the next. Here’s what’s coming:
• Stage 3 personal income tax cuts—this may impact business owners drawing salaries or dividends.
• Instant asset write-off thresholds—potential legislative changes pending.
• Digital reporting expansion—especially in cash-heavy industries.
• Continued ATO data-matching—meaning tighter compliance audits.
Nail Your Recordkeeping
ATO requires you to retain records for at least 5 years. Ensure:
• All source documents are saved
• Receipts for deductions and purchases are clearly itemised
• Payroll, super, and leave records are up to date
Numble equips clients with cloud-based platforms like Dext, Hubdoc, and SharePoint portals, making documentation seamless and audit-proof.
Bonus Tip: Book an EOFY Review With Numble
EOFY is more than just ticking boxes. It’s an opportunity to:
• Review your business performance
• Set goals for FY26
• Take control of your compliance and cash flow
Let Numble support you with expert bookkeeping, compliance reviews, and strategic insights tailored to your industry.
Let’s Wrap Up FY25 the Right Way
Don’t leave EOFY to chance. Whether it’s finalising your books, streamlining your payroll, or getting strategic about tax, Numble is here to help.
👉 Book an EOFY Consultation | 📧 hello@numble.com.au | 📞 1300 852 575
