End of Financial Year 2025 Checklist
We have put together an End of Financial Year (EOFY) checklist to help you maximise deductions, meet compliance requirements, and get financially organised before 30 June:
EOFY Checklist
1. Organise Financial Records
- Gather bank statements, dividend statements, rental income records
- Ensure proper records for contractor or locum work
- Document charitable donations including school building fund donations
- Collate cryptocurrency or share trading records
- Ensure you are maintaining documentation for all your work related expenses
2. Rental Properties
- Collate investment property expenses (e.g., interest, repairs)
- If you have recently purchased an investment property or completed structural renovations, you may want to arrange a QS Depreciation Report to claim capital works deductions
- Repairs in the first 12 months after purchase are considered capital. Deferring repair work to after 12 months after purchase may result in the repairs being a tax deduction
- If the property is partly used as a weekender, you need to record the private use nights
3. Motor Vehicle
- Review logbooks for car or travel claims
- A car log book must be maintained for at least 12 consecutive weeks. The 12 week period can overlap the start of end of the financial year, as long as it includes part of the year. The logbook can be used to claim a deduction for car expenses for up to five years, as long as the percentage is still representative of the actual use of the car during the particular year
- The car depreciation limit for the 2026 financial year is $69,674, unchanged from the 2025 financial year
4. Superannuation Actions
- Consider salary sacrifice or concessional contributions
- Use the carry-forward concessional contributions rule (if available)
5. Business-Specific Tasks
- Finalise Single Touch Payroll (STP) reporting for employees
- Ensure Super Guarantee (SG) contributions are paid on time
- Employees
It may be time to review the current wage of your employees to ensure the wage is within market, and roles and responsibilities are still accurate and relevant
- Compulsory Employer Contributions (SG)
Please note the SG rate will increase from 11.5% to 12% from 1 July 2025. The 12% SG rate must be applied to employees gross wages and contributed to their nominated superannuation fund
6. Instant Asset Write Off (IAWO)
The instant asset write off for eligible depreciating assets costing less than $20,000 ceases on 30 June 2025.
7. Trustee Resolutions for Discretionary Trusts
Resolutions for allocation of net income from discretionary family trusts to beneficiaries is to be completed before 30 June 2025. We will be sending the trustee resolutions in the next few weeks.