EOFY is a busy time for anyone managing a business. From chasing invoices to maximising tax deductions, there’s a lot to wrap up before the books are closed.
It can feel overwhelming if you’re handling operations or admin, but it doesn’t have to be.
This checklist will walk you through the essentials to make the end-of-financial-year smoother, more organised, and more rewarding. Plus, we’ll show you how WorkGuru can help relieve the pressure.
Let’s dive in.
Understanding EOFY: The Basics
The End of Financial Year (EOFY) is an important concept in business finance.
It marks the end of a 12-month accounting period, which is when businesses wrap up their financial matters and prepare for tax reporting.
Here's a quick guide on EOFY:
Finalisation: Closing financial records for the year.
Strategising: Planning based on the year's financial performance.
Preparing for EOFY involves a mix of financial tasks. Businesses review financial statements, reconcile accounts, and make necessary adjustments.
During this period, companies often explore tax deductions. This includes re-evaluating asset depreciation and claiming eligible expenses.
Remember, it isn't just about numbers. It's a chance to review business strategies and set objectives for the upcoming year.
What Does EOFY Stand For?
EOFY stands for End of Financial Year. It marks the official close of your business’s 12-month financial reporting period.
If you’ve ever wondered, "What is EOFY?" It’s the time when businesses finalise their financial reports, lodge tax returns, and review their performance over the past year. It’s not just about compliance, it’s also a chance to assess, plan, and make strategic decisions for the year ahead.
In short, this is the time of the year when you wrap up the numbers and lay the groundwork for what’s next.
When is EOFY 2025 in Australia?
In Australia, the EOFY 2025 date is 30 June. This marks the close of the 2024–2025 financial year, which runs from 1 July 2024 to 30 June 2025.
By this date, businesses are expected to have completed all key financial activities for the year, such as reconciling records, issuing final invoices, and checking deductions.
After June 30, the focus shifts to tax submissions and reporting to the Australian Taxation Office (ATO). While EOFY dates vary globally, 30 June is a fixed cut-off in Australia, giving businesses a clear deadline to work toward.
Why EOFY Matters: Review, Reflect, and Plan for Growth
EOFY is more than a date on the calendar; it's an opportunity. This is the time to step back and look at the big picture: how did your business perform over the past year, and where do you want to go next?
Start by reviewing your financial results. How healthy is your cash flow? Did you hit your revenue and profit targets? Are there expenses you can cut or trends worth acting on? Use this time to identify what’s working and what needs fixing.
Then shift your focus to the future. Whether you’re chasing growth, new projects, or better margins, set measurable goals for the new financial year. If your current strategy isn’t delivering, this is your chance to realign and reset.
Don’t go it alone. Talk to your accountant or financial advisor. They can help you turn EOFY into more than a reporting deadline. With the right support, it becomes a launchpad for stronger decisions and smarter growth.
Preparing for EOFY: A Step-by-Step Guide
Preparation for the end-of-financial-year is vital to ensure compliance and maximise financial benefits. Proper planning can make this process smooth and efficient.
Start early and work through each task methodically. A clear plan helps reduce stress, avoid mistakes, and keep your finances sharp.
Here are the key steps to help you prepare with confidence:
Reconcile accounts: Ensure all financial statements match bank records.
Inventory check: Conduct a thorough count and valuation.
Depreciation review: Update and assess asset depreciation.
Financial consultation: Engage with advisors for expert insights.
Each step plays a critical role in getting your business EOFY-ready. Let’s break them down.
Reconcile Your Accounts
Start by reconciling your accounts—compare your internal records with your bank statements to spot any missing transactions or errors.
This step ensures your financials are accurate and up to date. It also lays the groundwork for reliable reporting, making everything else (like tax prep) smoother.
Reconciling takes some time, but it’s worth it, especially if you catch issues before they snowball.
Example: Alfresco Shade, which specialises in hospitality shading solutions, transformed from outdated systems to WorkGuru, enhancing project clarity and workflow management.
Count and Value Your Inventory
Inventory checks might feel tedious, but they’re essential. Make sure your records match what’s physically in stock.
Valuing inventory requires consistent methods. Whether you use LIFO, FIFO, or average cost, stay consistent year over year. Inaccurate inventory can throw off your financials and affect your taxable income.
This is also a good time to clear out old stock or re-evaluate slow-moving items.
Want to avoid EOFY stocktaking headaches? Start here with our guide to stock control accounting.
Review Asset Depreciation
End-of-financial-year is the perfect time to update your asset register and check depreciation.
Ensure all new and old assets are recorded, and review your depreciation method. Claiming accurate depreciation can improve your tax position and give you a clearer view of your asset value.
Missed entries or outdated records? They could mean missed deductions.
Consult with Financial Advisors
Don’t guess your way through EOFY; seek expert advice.
Accountants and advisors can help you maximise deductions, navigate changes to tax rules, and avoid costly compliance issues. The earlier you loop them in, the more strategic your planning can be.
They’re not just there for form-filling; they can help you spot opportunities to improve your bottom line.
Maximising Your EOFY Outcomes
Good planning at the end of the fiscal year can lower your business's stress. It also helps you see where you stand and identify areas where you might want to invest more in your operations.
WorkGuru doesn’t give tax advice. However, maintaining accurate records, tracking costs, and making strategic purchases can improve financial decisions. These practices also aid your accountant or tax agent identify appropriate deductions for your business.
You can optimise your tax position in several ways. Key areas include deductible expenses, receipt management, asset purchases, and working with a registered advisor.
Strategy
What It Means
Why It Matters
Track deductable expenses
Identify what you can claim (e.g. operating costs, depreciation, interest)
Prevents missed claims and increases savings
Organise receipts
Keep a central record of all expenses with dates and details
Essential for ATO compliance and audit protection
Plan asset purchases
Buy eligible assets before EOFY to claim them this year
May improve cash flow or reduce this year’s tax bill
Work with a tax agent
Consult a registered professional for EOFY planning
When it comes to claiming the cost of new business assets, there are two common paths:
Immediate write-offs, where the full value is claimed in the year of purchase.
Depreciation, where the cost is spread over the asset's useful life.
The best approach depends on your cash flow, business structure, and long-term goals. Always speak to your tax agent to decide what's right for your situation.
ℹ️ This content is for general information only and does not constitute tax, financial, or legal advice. Please consult a registered tax agent or financial advisor to assess what applies to your business.
Staying Informed and Compliant
Staying on top of changing tax laws and compliance requirements isn’t just good practice, it’s essential for avoiding penalties and making informed financial decisions.
EOFY planning isn’t a once-a-year task. The most successful businesses take a proactive approach year-round, monitoring changes and keeping records tidy to avoid last-minute stress.
To help you stay compliant and in control, here are two key areas to focus on:
Keeping Up with Tax Law Changes
Tax laws can change each year, affecting your deductions, reporting obligations, and overall strategy.
Small and medium businesses should subscribe to industry newsletters, attend webinars, or follow updates from the ATO. Make it a habit to check in with your accountant year-round, not just in June.
Tools like online tax databases or mobile apps can also help you track changes in real time, so you’re not caught off guard when it matters most.
EOFY Dates and Deadlines to Remember
We’ve already covered that Australia’s EOFY falls on 30 June, but knowing the date isn’t enough—you need a system to prepare for it properly.
Start by building a simple end-of-financial-year calendar. Mark important milestones: final payroll runs, superannuation due dates, inventory deadlines, and your accountant’s cut-off for accepting paperwork.
Set reminders well in advance so your team has time to review, double-check, and finalise what’s needed. No last-minute scrambles. No missed opportunities.
Getting ahead of the curve helps you submit everything on time and gives you space to make smarter, more strategic decisions before the year closes.
EOFY doesn’t have to mean stress, spreadsheets, and sleepless nights.
With the right tools, you can streamline your closing process, saving time and reducing errors.
That’s where WorkGuru comes in.
If you're in construction, manufacturing, or fabrication, you know the EOFY challenges: disconnected systems and manual data entry that slow you down. WorkGuru’s all-in-one job management platform streamlines quoting, invoicing, and reporting, helping you maintain control and reduce chaos.
Here’s how WorkGuru helps make your EOFY faster, easier, and far more accurate:
Automated Data Capture: Timesheets, stock usage, and costs are recorded directly against each job, cutting down on double-handling and costly errors.
Real-Time Insights: See job profitability, outstanding invoices, and financial performance from intuitive dashboards and reports.
Easy Financial Reporting: Generate clean, professional reports for your accountant in just a few clicks—no more paperwork chases.
Fully Integrated Workflow: Link your quoting, invoicing, CRM, and inventory systems to keep your EOFY data consistent across the board.
Whether you’re on-site or in the office, WorkGuru keeps your team connected with cloud access and mobile-ready tools, making decision-making faster.
Why WorkGuru is Built for Success
Software built for the way you work.
Industry-Specific Tools: WorkGuru is designed for how construction, manufacturing, and fabrication businesses work, so your EOFY tasks fit your real workflows, not the other way around.
Timesheets & Inventory: Record hours and manage stock easily, so you never miss a cost or deduction.
Quoting & Invoicing: Create and send professional quotes and invoices in seconds, pulling data directly from your projects.
Reliable Support: Our team is here to help you get the most out of WorkGuru, especially during crunch time.
Conclusion: Make EOFY 2025 Work for You
The end of the financial year isn’t just about ticking boxes—it’s a chance to take control, plan ahead, and set your business up for growth.
With the right approach, you can reduce stress, improve compliance, and make smarter financial decisions. Whether you’re reviewing your numbers or integrating software to streamline admin, small changes now can make a big difference later.
Get ahead, stay organised, and take advantage of every opportunity. You’ve got this.
