End of Financial Year Checklist: Key Tax & Accounting Tasks for June

Hai Young Hong
Jun 5
2 min read

The end of the financial year (EOFY) is fast approaching, and now is the time to take action to maximise tax savings, improve cash flow, and ensure compliance. Whether you’re a small business owner, investor, or individual taxpayer, this checklist will help you stay on top of critical EOFY tasks.

1. For Businesses: Prepare for a Smooth Tax Return

✅ Review Your Financial Records

Reconcile bank accounts, invoices, and expenses.
Ensure all transactions are recorded correctly in your accounting software (e.g., Xero, MYOB, QuickBooks).
Chase up unpaid invoices to improve cash flow before June 30.

✅ Claim Deductible Expenses

Prepay expenses (e.g., rent, insurance, subscriptions) to claim deductions this year.
Write off bad debts (if unrecoverable) to reduce taxable income.
Stocktake – Assess inventory and write off obsolete stock.

✅ Depreciation & Asset Purchases

Instant Asset Write-Off (IAWO) – Businesses with turnover under $10M can claim immediate deductions for eligible assets (up to $20,000 per item).
Small Business Pooling – Consider pooling assets under $150,000 for simplified depreciation.

✅ Superannuation Contributions

Pay employee super contributions by June 30 to claim a deduction this financial year.
Consider concessional contributions (capped at $27,500) for tax savings.

✅ Employee & Contractor Compliance

Finalise Single Touch Payroll (STP) reports.
Ensure all contractor payments have valid ABNs and Tax File Numbers (TFNs).

2. For Individuals: Maximise Your Tax Refund

✅ Super Contributions

Salary sacrifice or make personal concessional contributions (up to $27,500).
Spouse contributions – If your partner earns under $40,000, you may get a tax offset.

✅ Investment Property Owners

Prepay interest on loans (if beneficial).
Claim repairs & maintenance (but not capital improvements).
Keep records of rental income and expenses.

✅ Capital Gains Tax (CGT) Planning

Offset capital gains with losses before June 30.
Consider the 12-month CGT discount (if held for over a year).

✅ Work-Related Deductions

Claim home office expenses (hourly rate or actual cost method).
Keep receipts for uniforms, training, and tools.

3. Key Deadlines & Compliance Checks

📅 Important Dates

June 30, 2025 – EOFY cut-off for deductions and contributions.
July 14, 2025 – Final STP declaration due for small employers.
October 31, 2025 – Lodgment deadline for individuals (unless using a tax agent).

🔍 Compliance Checks