The final weeks of the financial year in Australia can feel like a rush of receipts, reconciliations, and regret. But they do not have to. Whether you’re a sole trader, a tradie, an e-commerce operator or managing a growing professional firm, the last two weeks of June can become your most powerful springboard into a stronger year ahead – if you use them wisely.
In this guide, we’ll help you:
- Spot opportunities before 30 June
- Wrap up tasks that reduce your tax bill
- Set yourself up for a sharper, cleaner new financial year
Let’s dive in.
✅ EOFY CHECKLIST: LAST 2 WEEKS BEFORE 30 JUNE
1. Bring Forward Expenses
- Pull forward any legitimate business expenses into June:
- Office supplies
- Software subscriptions
- Prepaid rent or memberships
- Training and course fees
- Marketing campaigns
If you plan to invest in a virtual office, day office membership, or equipment upgrades, this is the time to do it. You might be able to claim the deduction this year.
2. Review ATO Thresholds & Instant Asset Write-Offs
Stay updated with the ATO’s current instant asset write-off limit. For 2024-2025, it’s expected to be reinstated at $20,000 for small businesses (turnover under $10 million), but this varies with government decisions.
Tip: If you need a new iPad, tools, computer, or even ergonomic chairs – buy and install them before June 30.
3. Chase Outstanding Invoices
- Every dollar counts, especially when cash flow is tight. In the final fortnight:
- Re-send overdue invoices
- Offer “pay now” discounts
- Automate reminders
The more you collect before EOFY, the better your cash position entering the new year.
4. Top Up Your Super Contributions
For sole traders and company directors, super contributions are a powerful tax deduction. Just make sure they:
- Do not exceed your contribution cap
- Are received by the fund before 30 June
Smart move: Make the transfer a few business days early to beat bank delays.
5. Conduct a Quick Stocktake (If You Hold Inventory)
If you’re in retail, ecommerce, or supply-based business, a physical stocktake is mandatory.
- Count what you have
- Record what’s damaged, obsolete or stolen
- Adjust your inventory numbers
This can impact your final cost of goods sold (COGS) and your tax.
6. Run a Clean Profit & Loss Statement
Use your accounting software or your bookkeeper to review:
- Total revenue
- Operating expenses
- Net profit or loss
- Loan interest, wages, super, and depreciation
If something looks off, now’s the time to investigate-not in October.
7. Upgrade or Fix Your Business Structure
If you’ve been a sole trader but now have employees, income over $100k, or risks to cover, this may be the time to:
- Speak to your accountant
- Consider switching to a company structure
- Register for GST if you’re crossing the $75k threshold
EOFY is a natural reset point to restructure safely and with strategic purpose.
Prepare For A Cleaner, Smarter New Financial Year
Pro Tip: Start July 1 With Systems That Actually Work
EOFY is not just about clean books-it’s about better tools. Make sure you’re not dragging inefficient processes into the new year.
Ask Yourself:
- Is your invoicing system clunky?
- Are your CRM and client database still in spreadsheets?
- Is your workspace setup scattered?
Now’s the time to:
- Invest in CRM software (like Zoho or Xero integrations)
- Outsource phone calls via a virtual receptionist
- Switch to a virtual office or workspace provider with integrated mail handling and meeting room access
Set Your Q1 Goals
The new financial year is a blank slate. Take 30 minutes to write down:
- Revenue targets for the first quarter
- Services or products you want to drop or improve
- Admin tasks to delegate or automate
- Professional development or courses you want to enrol in.
Use these to guide your Q1 focus, and avoid wandering aimlessly through July and August.
Finish Strong, Start Smarter
EOFY 2025: Government Grants & Incentives You Shouldn’t Miss
As the financial year draws to a close, it’s an opportune time for small businesses to leverage available government grants and incentives. These programs are designed to support business growth, enhance safety, and encourage investment in technology and innovation.
1. $20,000 Instant Asset Write-Off
Eligible small businesses with an annual turnover under $10 million can immediately deduct the full cost of eligible business assets costing less than $20,000. This incentive has been extended until 30 June 2025.
- Eligibility: Businesses with turnover under $10 million.
- Deadline: Assets must be first used or installed ready for use by 30 June 2025.
- Benefit: Immediate deduction of asset cost, improving cash flow and reducing taxable income.
Example: Purchasing new tools, office equipment, or technology upgrades before EOFY can provide immediate tax benefits.
2. Small Business Technology Investment Boost
This initiative offers a 20% bonus deduction on eligible technology expenses aimed at digitizing business operations.
- Eligibility: Small businesses with turnover under $50 million.
- Cap: Up to $100,000 of expenditure per income year, with a maximum bonus deduction of $20,000.
- Eligible Expenses: Cybersecurity software, cloud-based services, portable payment devices, and other digital enabling items.
Note: Expenses must be incurred between 29 March 2022 and 30 June 2023, and the assets must be used or installed ready for use by 30 June 2023.
3. $1,000 SafeWork NSW Small Business Rebate
For NSW-based small businesses, this rebate assists in purchasing safety items to improve workplace health and safety.
- Eligibility: Small businesses and sole traders with an ABN and fewer than 50 full-time equivalent employees.
- Requirement: Completion of an eligible SafeWork NSW education activity within the past 12 months.
- Eligible Items: Safety equipment such as ladders, guards, signage, and ergonomic furniture.
Application Tip: Ensure you have proof of eligibility and completion of the required education activity before applying.
4. Research and Development (R&D) Tax Incentive
This federal program encourages businesses to engage in R&D activities by offering tax offsets for eligible expenditures.
- Eligibility: Companies incorporated in Australia conducting eligible R&D activities.
- Benefit: Tax offset of up to 43.5% for eligible R&D expenditures.
- Application: Registration of R&D activities must be completed within 10 months of the end of the income year.
Ideal For: Businesses investing in developing new products, processes, or services.
How to Maximise These Opportunities
- Consult with Professionals: Engage with your accountant or financial advisor to understand which incentives apply to your business and how to claim them effectively.
- Timely Action: Ensure all purchases and investments are made before the EOFY deadlines to qualify for the respective incentives.
- Maintain Documentation: Keep thorough records of all expenditures, installations, and relevant activities to support your claims.
By strategically utilising these government grants and incentives, your business can not only reduce its tax liability but also invest in growth and safety initiatives that will yield long-term benefits.
If you need assistance in navigating these opportunities or require further information, feel free to reach out.
Let’s ensure your business finishes this financial year strong and steps into the new one with confidence.
Final Thoughts: EOFY Is Your Reset Button
The end of financial year is not just about compliance-it is about control.
Yes, sort your numbers. But also use this window to:
- Drop bad habits
- Clarify your direction
- Upgrade the tools and support systems around you
With a bit of attention now, you can enter the 2025-2026 financial year with more clarity, less chaos, and a real advantage.
Bonus Tip: Join a Local Business Network
EOFY can feel lonely, especially for solo operators.
Look for NSW-based Facebook groups, coworking centres (like Anytime Offices), or community hubs that host free sessions or webinars in early July. Accountants, consultants, and other experts often share free gold during this time of year.
If you’d like to learn how Anytime Offices can support your business in the new financial year with flexible workspaces and professional services, get in touch with our team today.
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