EOFY 2025: Key tax strategies before June 30

With the EOFY 2025 Australia deadline fast approaching, now’s the time to get strategic. So if you’re a business owner or a professional, acting early with smart tax moves can save you money and ease any cash-flow pressures. Here’s a timely guide with EOFY 2025 tax tips and end of financial year strategies you can use to your advantage.

Make the most of your EOFY tax deductions

Claiming all eligible deductions will help reduce your taxable income, so focus on the following:

• Prepaying expenses: Bring forward payments like rent, insurance and subscriptions to claim deductions this year.
• Work-related expenses: Track tools, uniforms, professional development and home-office costs.
• Charitable donations: Contributions to registered charities are tax-deductible – just remember to keep those receipts!

Keeping good records will mean you don’t miss out on valuable EOFY tax deductions or how to comply with the latest tax changes.'

Use the instant asset write-off

Small business owners can still take advantage of the $20,000 instant asset write-off

for eligible purchases made before 30 June 2025.

• Applies to assets costing less than $20,000 each (both new and second-hand).
• Multiple assets can be claimed if each one is under the threshold.

It’s an easy way to lower your taxable income while investing in your business’s future. Just make sure the assets are installed and ready for use before the deadline.

Supercharge your super contributions

Contributing extra to your super fund is a smart move when tax planning before June 30. The good news: concessional contributions (up to your annual cap) are tax-deductible. Just remember that super contributions need to be received by your fund by the end of June to be deductible in this financial year.

Consider topping up if you have unused contribution caps from previous years as well. It’s a win-win for both your retirement savings and immediate tax savings.

Review and write off bad debts

Small businesses should also look into receivables as part of their small business EOFY checklist.

• Write off genuinely unrecoverable debts before 30 June to claim a deduction.
• Document with written evidence (e.g. board resolutions or internal memos).

This cleans up your books and improves your financial position for FY26.

Manage your cash flow with forward-thinking

Strong cash flow management is always important, but especially around EOFY. Start by forecasting your tax liabilities early so you’re not caught off-guard. Also set aside some funds for BAS payments, super contributions and general tax obligations. Then review your payment terms to speed up receivables if possible.

Mastering how to prepare for EOFY includes having a solid cash buffer to manage your June and July expenses.

Keep financial records up to date

Accurate financials make tax time smoother and reduce any risks of being audited by the ATO. So make sure you:

• Reconcile bank accounts and credit cards.
• Check that payroll and superannuation records are correct.
• Digitally store all receipts and invoices.

Using cloud accounting tools can help streamline this process and make EOFY reporting easier.

Taking a proactive approach to EOFY 2025 Australia tax planning will set you up for success. Also make sure you’re working closely with your accountant or tax advisor to fine-tune these strategies for your specific needs – and avoid the last-minute scramble.

_Disclaimer
^{Viva Energy Australia Pty Ltd (“Viva Energy”) has compiled the above article for your general information and to use as a general reference. Whilst all reasonable care has been taken by Viva Energy in compiling this article, Viva Energy does not warrant or represent that the information in the article is free from errors or omissions or is suitable for your intended use.}