Key Actions for EOFY 2025
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What businesses and individuals need to know this year
With 30 June 2025 fast approaching, now is the time to get your tax strategy in order, take advantage of available incentives, and prepare for the new rules taking effect from 1 July.
Whether you’re managing business structures, employee entitlements, or personal wealth, these EOFY actions can help you minimise tax and strengthen your financial position heading into FY26.
Key Tax Planning Actions
Pre-30 June 2025 ATO Deadlines:
Take these steps now to maximise deductions and avoid compliance issues later.
→ Pay Superannuation contributions to funds early to claim a deduction this financial year
→ Write off bad debts and obsolete stock or equipment write-downs
→ Pay any inter-entity management fees and review shareholder loan accounts
→ Prepay deductible expenses like rent, software subscriptions, or insurance to bring forward deductions
→ Declare dividends (where needed) to clear Division 7A loan repayments
→ Conduct a stocktake (if required), or confirm you’re eligible for exemption under simplified trading stock rules.
Post-30 June 2025 ATO Deadlines:
- Before 14 July: Lodge Single Touch Payroll (STP) finalisation
- Before 28 July: Pay quarterly Super guarantee (April–June)
- Before 28 August: Lodge Taxable Payments Annual Report (TPAR), if applicable
What’s Changing From 1 July 2025?
Several tax and compliance changes will take effect from the new financial year, impacting how businesses manage deductions, Superannuation, and ATO obligations.
Instant Asset Write-Off Reverts to $1,000
The temporary $20,000 threshold ends on 30 June. From 1 July, the threshold drops back to $1,000. If you’re planning to invest in business assets, do it before EOFY to claim the full deduction this year.
Superannuation Changes in 2025
The final step in the staged increase in the Super Guarantee Rate from 9.5% to 12% will take effect from 1 July. All employers must update payroll systems and adjust budgets accordingly.
Meanwhile, a proposed 15% tax on earnings for individuals with Super balances above $3 million is due to commence in 2025–26. Legislation for the Division 296 tax is pending, but now is the time to review your SMSF or Super strategy.
Interest Deductions Tighten
Interest on late tax payments (including the General Interest Charge on late tax payments) will no longer be tax deductible from 1 July. This means it’s even more important to pay ATO liabilities on time.
Luxury Car Tax Thresholds Increase
From 1 July, the LCT thresholds will be:
- $91,387 for fuel-efficient vehicles
- $80,567 for all other vehicles
(Thresholds are GST-inclusive.)
These apply to GST-inclusive values.
EOFY Tax Planning Tips
For Businesses
For Individuals
What to Prepare for Tax Time
To streamline your year-end process, start compiling the following:
For Businesses
- Superannuation and payroll reconciliations
- Updated depreciation schedules and new asset purchases
- Finalised loan documents and director minutes
- Cryptocurrency transaction summaries (if applicable)
- Details of any government grants received
- Notes on any structural or ownership changes
For Individuals
- Dividend and interest statements
- Managed fund annual tax statements
- Records of property or share sales
- Receipts for work-related deductions and donations
Plan Ahead with Quantum House’s Sydney Accountants
EOFY is an opportunity to strengthen your business, protect your wealth, and prepare for what’s coming next.
If you want to make the most of the current rules and avoid missing out on key deductions or planning opportunities, speak with our tax specialists.
Contact Quantum House on 1300 809 697
Or email support@quantumhouse.com.au
