EOFY is that annual milestone when every Australian business closes its books, tallies its receipts and gets ready to talk tax. Whether you’re a sole trader or managing a growing team, it’s essential that you’re in the know when it comes to the key dates and obligations. In this guide, we’ll cover what’s new for 2024-25, which expenses you can legitimately claim, and how to get through this EOFY without the stress.
Please note: The advice provided here is general in nature. While OZStation aims to offer helpful insights, it’s essential to consult a tax professional or accountant for advice tailored to your specific business needs.
When Is EOFY and What Does It Mean for You?
The Australian EOFY date is June 30th (yes, if you’re googling ‘when is EOFY?’, that’s your answer). Being aware of the main deadlines around the EOFY will help you lock in deductions and steer clear of late-lodgement penalties. Once the date June 30th has come and gone, sole traders and small businesses should:
- Finalise bookkeeping and bank reconciliations
- Run stocktakes (if relevant)
- Issue PAYG payment summaries to staff by 14 July
- Lodge the April-June BAS by 28 July (online lodgers may get an extra two weeks)
- Pay super guarantee by 28 July
- Prepare to lodge the annual income tax return.
What’s New from the ATO This Financial Year?
Some of the ATO’s updates to keep on the radar for this EOFY include:
- $20,000 instant asset write-off extended — small businesses (with a turnover of less than $10 million) can instantly deduct the business portion of assets costing less than $20,000 if first used or installed ready for use between 1 July 2024 and 30 June 2025.
- Monthly GST for late BAS lodgers — from April 2025, the ATO will shift around 3,500 chronically non-compliant small businesses from quarterly to monthly GST reporting.
- Focus areas for 2025 returns — the ATO has flagged over-claimed deductions, omitted income and poor record-keeping as audit targets this year.
When Do I Need to Lodge My Tax Return?
So, when do businesses have to file taxes? If you lodge your own return, the rule is simple:
- Sole traders, partnerships and trusts must submit by October 31st in the year following EOFY.
- Companies generally have until February 28th of the next calendar year (unless prior-year returns are overdue, in which case October 31st applies).
If you choose to engage a registered tax agent and add your business to their client list before October 31st, they can place you under the ATO’s extended lodgement program and will advise a personalised deadline.
Are All Business Expenses Tax-Deductible?
If you’ve found yourself asking, ‘Are all business expenses tax deductible?’, you should know that the answer is no. The ATO will only accept a deduction when an expense:
- Is directly related to earning assessable income.
- Has no private component (only the business portion is claimed)
- Is proven by records—think receipts, invoices, bank or credit card statements.
Different structures treat deductions differently: sole traders and partnerships claim against personal assessable income, while companies claim against corporate income.
How Does the Instant Asset Write-Off Work in 2025?
Two of the most commonly asked questions around the EOFY are ‘What is instant asset write off?’ and ‘How does instant asset write off work?’ In short, the scheme lets eligible small businesses instantly deduct the business portion of each new or second-hand asset costing less than $20,000 that’s first used or installed between July 1st 2024 and June 30th 2025. The $20k cap is per item—buy three $ 9,000 machines and write off all three. Assets costing $ 20,000 or more go into the small-business depreciation pool and are written off at 15% in the first year and 30% thereafter. Cost additions under $ 20,000 to assets already expensed also qualify. For the full rules, see the ATO’s detailed page on instant asset write-offs.
Can Sole Traders Use the Instant Asset Write-Off?
Can sole traders claim the instant asset write-off? The short answer is yes. As long as your aggregated turnover is below $10 million and the asset is mostly for business use, you claim the deduction in the business schedule of your personal tax return. The same $20,000 threshold and timing rules apply.
How Long Should You Keep Tax Records?
If you’ve wondered how long to keep business tax records in Australia, here’s your answer: hold them for five years from the date you lodge the return, or longer for depreciating or CGT assets. Digital copies are fine as long as they’re clear and accessible.
Tips for a Stress-Free EOFY
Here are a few simple habits that can help you stay organised and avoid last-minute EOFY stress:
- Start early: Reconcile monthly, not in June.
- Talk to a pro: A quick call with an accountant or a tax agent can save hours later.
- Go digital: Cloud accounting pulls bank feeds, stores receipts and runs instant reports.
- Lock in deadlines: Calendar reminders a week before BAS, PAYG and super due dates prevent nasty penalties.
- Back up records: Secure cloud storage plus an external drive covers all bases.
Stock Up on Tax-Deductible Office Essentials
In need of fresh cartridges, paper or a new scanner before June 30th? Stocking up now can lift your deductions while keeping the office running smoothly. Explore OZStation’s EOFY-friendly range of office supplies and enjoy fast delivery Australia-wide, so you hit the new financial year fully supplied.
