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 Tax Deductions
Maximising your deductions at EOFY isn’t just about ticking boxes—it’s about smart planning that directly improves your bottom line.
With the right strategies, you can reduce your taxable income, boost savings, and reinvest more into your business.
Here are top tax deduction strategies to make the most of this financial year:
Strategy
What It Means
Why It Matters
Understand eligible expenses
Identify what you can claim (e.g. operating costs, depreciation, interest)
Prevents missed claims and increases savings
Track and store receipts
Maintain detailed records for every deductible expense
Essential for ATO compliance and audit protection
Time asset purchases wisely
Buy eligible assets before EOFY to claim them this year
Reduces taxable income and improves cash flow
Contribute to superannuation
Make pre-tax super payments for you or employees
Lowers tax bill and supports retirement savings
Donate to registered charities
Claim deductions on eligible charitable giving
Supports a cause and delivers financial benefit
Review employee entitlements
Confirm bonuses, leave, and obligations are accounted for
Ensures compliance and avoids under- or overpayments
Seek expert advice
Consult an accountant or advisor for tailored strategies
When purchasing assets, you’ll generally choose between immediate write-offs or depreciation.
Immediate write-offs let you deduct the full cost of eligible assets in the year of purchase; perfect for reducing this year’s tax bill.
Depreciating assets spread deductions over time, aligning with the asset’s lifespan. This approach supports longer-term financial planning.
The best option depends on your cash flow, tax position, and business goals. Talk to your advisor to decide which strategy fits your plan.
Supper Contributions & Charitable Giving
Pre-tax super contributions are a good way to reduce your taxable income while boosting your retirement savings, especially if made before 30 June.
Charitable donations to registered organisations can also be claimed as deductions. They’re a win-win: support a cause you care about and save on tax at the same time.
Just be sure to keep all receipts and acknowledgment letters. Solid documentation is essential for claiming these deductions correctly and staying audit-ready.
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:Â Timesheets, stock usage, and costs are recorded directly against each job, cutting down on double-handling and costly errors.
Real-Time Insights:Â 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:Â 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.
