Another year, another EOFY. And just like last time, it’s coming whether you’re ready or not.
You might not feel like dealing with it yet. Maybe you’re busy, or maybe you’re just hoping it won’t be too bad. But waiting doesn’t stop the deadline from creeping closer.
Here’s the kicker: while you’re putting it off, you could be leaving money on the table. Tax refunds shrink, deductions disappear, and opportunities to boost your savings quietly pass you by.
You don’t need a finance degree to get this right. You just need a bit of time, some good habits, and the right checklist to follow.
This guide is here to help you tick off what matters—before EOFY rolls in and catches you off guard.
What Exactly Is the End of Financial Year (EOFY)?
EOFY is the time to close out the current financial year and get your finances in order before 30 June. That includes your income, expenses, super contributions, and everything in between.
It’s not just about ticking boxes for the ATO; it’s about setting yourself up for a better year ahead.
If you think of tax time as something to “get over with,” you’re probably missing out on better choices you could be making with your money.
So what should you actually be doing? Let’s break it down.
Your EOFY 2025 Checklist
1. Gather What You’ll Need Before You Need It
It sounds basic, but too many people leave this to the last second and end up chasing paperwork in July.
Round up:
- PAYG summaries
- Bank interest statements
- Private health insurance details
- Receipts for work-related expenses
- Invoices if you’re self-employed
If it’s not easy to find now, it’s going to be harder when time’s running out.
Quick win: Make a digital folder and drop everything in there as you find it. Even a few minutes today will make things smoother come tax time.
2. Claim What You’re Owed (Not What You Think You’re Owed)
Bought a laptop for work? Paid for industry subscriptions? Maybe you did a course or used your car for your job?
Plenty of people miss out on legitimate deductions because they don’t keep proper records or they simply forget. On the flip side, over-claiming or making up the numbers could trigger ATO questions you really don’t want.
Rule of thumb: If you can’t prove it, don’t claim it. But if you can prove it, don’t leave it out.
3. Double-Check Charitable Donations
Been generous this year? You might be able to claim it back—if the charity is registered and your donation was $2 or more.
Just remember: feel-good giving only translates into tax-time wins if you’ve got the receipt. No receipt = no deduction.
4. Super Contributions Need to Hit Before 30 June
Planning to top up your super? Great idea—contributions could be tax-deductible and good for your future.
But here’s the kicker: it doesn’t count for this year unless it’s received by your fund before 30 June. That means giving it a few business days to process. Don’t leave it to the last Friday of the month.
And keep an eye on how much your employer has already paid this year. Go over the cap and you’ll pay extra tax.
5. Review Investments and Work Out Your Gains (Or Losses)
Sold shares, crypto, or property this year? Any profits you’ve made could be subject to capital gains tax.
But here’s where people often go wrong: they forget about the losses. If you’ve had a dud investment, selling before EOFY could let you use the loss to offset your gains.
It’s not about gaming the system. It’s about being smart with the rules that already exist.
6. Own a Business? There’s More on Your Plate
Running a business means EOFY isn’t just a checklist—it’s a whole playbook. You’ll need to:
- Finalise payroll and lodge STP reports
- Check your inventory and stock levels
- Reconcile accounts and close the books
- Look at prepaid expenses (like insurance or rent)
- Prepare for BAS and super guarantee deadlines
It’s a lot. But skipping steps or missing cut-offs can lead to penalties you really don’t need.
So, Are You Going to Let Another Year Slip By?
EOFY doesn’t have to be a disaster. But ignoring it won’t make it go away. You can either be the person who’s scrambling in late June, or the one who’s already squared away and enjoying their tax return early.
You don’t have to get everything perfect. You just have to start.
This year, choose to take control of your money instead of letting deadlines control you.
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