With the end of the 2024–25 financial year fast approaching, now is the perfect time to review your business affairs and get organised for tax season. Whether you’re looking to maximise deductions, streamline your financial records, or plan ahead for the new financial year, Allied Business Accountants are here to guide you through it.

In this article, we’ll cover key considerations and practical strategies to help your business navigate EOFY with confidence and clarity.

Business Reporting Obligations

Be mindful of these business reporting obligations when finalising your end-of-year accounts and tax returns:

1. Wages Reconciliation & STP Finalisation

Ensure your payroll data is accurate and reconciled. Single Touch Payroll (STP) finalisation must be completed on time to avoid delays for your employees when lodging their personal tax returns.

2. Superannuation Reconciliation

Double-check your super contributions. Remember, super payments are only tax-deductible if paid on time. Also, keep in mind the recent change in the Superannuation Guarantee Charge (SGC) rate, this affects your calculations.

3. Payroll Tax

If you’re not already registered, review whether your total wages have exceeded the relevant state or territory payroll tax threshold. Failing to register can lead to penalties.

4. Taxable Payments Annual Report (TPAR)

If your business provides any of the following services, lodging a TPAR may be mandatory:

• Building and construction
• Cleaning
• Road freight and courier services
• IT services
• Security, investigation, or surveillance

5. Review Accounting Software & Data Files

Now is the ideal time to review your accounting system. Check for any rate changes, software updates, or the need to convert your data files to a newer platform or version. Staying up to date ensures compliance and smoother financial management.

Superannuation Guarantee

The compulsory superannuation guarantee (SG) rate is continuing to increase, with employer contributions set to reach 12% by the 2025–26 financial year. Here’s a quick overview of the changes:

• 2023–24: 11%
• 2024–25: 11.5%
• 2025–26 and beyond: 12%

These rising rates are part of the government’s long-term plan to strengthen retirement savings for Australian workers.

It’s also important to note that the Australian Taxation Office (ATO) and superannuation funds now have more visibility than ever over employer contributions. In fact, from 1 July 2026, employers will be required to pay super at the same time as wages are paid, a shift that aims to improve compliance and protect employee entitlements.

Tax and Compliance

From 1 July 2025, the Special Interest Charge (SIC) and General Interest Charge (GIC) will no longer be tax-deductible.

This change may affect your year-end tax planning, so it’s worth reviewing your financial position ahead of time. Speak to your accountant or tax adviser to understand how this may impact your obligations.

WA Student Assistance Payment – Now Open for Claims

Parents and carers across Western Australia can now apply for the WA Student Assistance Payment. This support is available for all school-aged children from Kindergarten to Year 12 with a valid WA Student Number.

Eligible families can claim:

• $250 for each secondary school student
• $150 for each primary school or Kindergarten student

Claims must be submitted through the ServicesWA app before the 4 July 2025 deadline.

End of Financial Year Checklist for Businesses

As the end of the financial year approaches, it’s essential to take a proactive approach to your tax planning. Here’s a practical EOFY checklist to help business owners and managers wrap up the year with confidence, optimise their tax position, and prepare for the year ahead.

1. Review Year-to-Date Financials

Assess your year-to-date income and expenses to estimate your likely tax liability. This gives you a clear picture of your financial position and allows time for strategic planning.

2. Plan for Tax Efficiency

Explore tax planning strategies to manage your projected tax outcome. This may include deferring income, accelerating deductions, or making key purchases before 30 June.

3. Declare Company Dividends

Determine whether dividends should be declared and ensure all necessary documentation is in place.

4. Prepare Trust Distribution Resolutions

For trust structures, prepare and sign distribution resolutions before 30 June to ensure distributions are valid and compliant.

5. Review Owner Remuneration

Evaluate how owners are paid—wages, drawings or dividends and consider adjustments to optimise the overall tax result.

6. Maximise Small Business Tax Concessions

Take advantage of small business concessions such as immediate deductions for prepayments and eligible asset purchases.

7. Make Superannuation Contributions

Ensure super contributions are paid (not just accrued) before 30 June to claim a tax deduction in this financial year.

8. Analyse Debtors

Review outstanding invoices. Consider writing off bad debts where appropriate and assess the timing of invoicing to manage income recognition.

9. Review Creditors and Expenses

Bring forward deductible expenses by prepaying costs or paying outstanding supplier invoices before EOFY.

10. Conduct a Stocktake

Complete a stocktake and assess any slow-moving or obsolete stock for potential write-downs.

11. Review Plant and Equipment Needs

Consider purchasing new business equipment or assets. Ensure they’re installed and ready for use by 30 June to qualify for a tax deduction this year.

12. Check Fringe Benefits Tax Requirements

If your FBT return hasn’t been lodged yet, review any private use of business assets or expenses and make necessary GST adjustments.

13. Plan for Capital Gains Tax

Review your investment portfolio for capital gains tax. If you’ve sold assets during the year, calculate the likely capital gains or losses and consider timing for any disposals before EOFY.

Final Tip: The EOFY can be complex, so it’s a good time to meet with your accountant or tax adviser. A well-prepared EOFY strategy not only ensures compliance but can also lead to significant tax savings.

Other Considerations for the Year Ahead

ESG Reporting Now in Effect: Environmental, Social, and Governance (ESG) reporting requirements came into force in January 2025. Ensure your business is prepared to meet these new compliance standards.

Plan for One-Off Transactions: Major transactions such as buying or selling a business can have significant tax and financial implications. Proper planning is essential to avoid surprises.

Review Your Accounting Systems: Are your current systems still fit for purpose? Now is a good time to assess your accounting software and explore whether new technology could improve efficiency and accuracy.

Self-Managed Super Fund (SMSF) Considerations: If you have an SMSF, consider how it may affect your overall business strategy, especially when it comes to compliance and tax planning.

Property or Business Premises Acquisitions: Have you recently purchased property or business premises, or are you planning to? These decisions can influence your financial reporting and future growth strategy.

We’re Here to Support You

The end of the financial year can bring a lot of important decisions and new requirements, from ESG reporting to managing one-off transactions, reviewing your accounting systems, and considering property purchases. Allied Business Accountants understand that staying on top of it all can feel overwhelming. That’s why our dedicated team is here to guide you through every step, offering personalised advice and practical solutions tailored to your business. Don’t hesitate to get in touch — together, we’ll ensure you’re prepared and positioned for success now and into the future.