EOFY 2025

Troy Johnson • July 7, 2025

Back again for 2025 and EOY is almost here, a few quick tasks to keep it rolling over smoothly

While there is a lot of planning that we can do together at any point over the year, there are always some quick tasks that are date sensitive and need to happen prior to the end of the Financial Year on 30 June.

 

Here are a few considerations.

 

Important Note

We have seen an increase in scam activity. Please be vigilant and never give out any personal information requested on a phone call or email unless you have verified the ID of the caller/sender. If in doubt have them call us!


For Business

  • Do you have any big jobs on? Consider delaying the invoice until July for an extra year of cashflow.
  • Are there any invoices that have turned bad? While this isn't ideal, you may as well write them off before you have to pay tax on these. This can also apply to deposits on jobs in some circumstances
  • Is anything on the asset/expense shopping list in the next few months, June is a great time to buy up. Be it for Materials or Machines or Tech. Anything that is under $20,000 can be written off immediately. It is likely the $20,000 limit will be carried into next year, but we haven't seen that legislated yet.
  • Time to finalise the Payroll.
  • If any staff have worked well for a bonus, get that tax deduction by paying before the end of the month.
  • Once everyone is paid the Finalised STP reporting can be submitted.
  • Pay outstanding super early, it must clear the superfund before 30 June (which falls on a weekend this year). To be safe allow at least a week.
  • If you have any available cashflow, consider topping up your own personal superannuation.
  • ATO is increasingly active in superannuation audits of employers, please ensure that super is paid by the due date, no later than 28 days following the quarter end.
  • If you are in business in certain industries engaging independent contractors, you will need to lodge a Taxable Payments Report with the ATO. 
  • These industries are Building and Construction, Cleaning, Courier, Road Freight, IT, and Security and Surveillance.
  • TPAR ATO Link


For Individuals

  • Deductions! If you have upcoming work costs, June is a great time to buy. If you wait until July, then the tax deduction is a whole extra year away. Start to put your mind back to what you have purchased over the year, have them ready for your tax return. If in doubt to it being work related, always ask, can't hurt to try.
  • If you have any available cash, consider topping up your own personal superannuation. It's a great tax deduction while building future retirement wealth.
  • If you are considering selling any investments in property or shares, be careful that the time that you are taxed is the contract date, not the date you receive the money. 
  • If you are looking to make new investments, please bring it up with us, we can always help in terms of structuring and gearing.



2025 Checklist



By Troy Johnson July 7, 2025
Back in 2023, the Australian Government announced that from 1 July 2026, employers will be required to pay their employees’ super at the same time as their salary and wages. ‘Payday super’ will move payment of super from the quarterly cycle that businesses are used to, and switch it to a process where employees’ super will be paid within seven days of their usual payment cycle – whether weekly, fortnightly or monthly. But why the change? And what are the potential effects of moving to payday super? Impact of payday super for your employees From 1 July 2026, as an employer, you’ll be required to pay your employees’ super at the same time as their salary and wages. This change will make it easier for employees to keep track of the super and will boost their overall super fund at retirement. It will also remove the problem of casual workers habitually missing out on quarterly super payments under the current system. By switching to payday super, a 25-year-old median income earner currently receiving their super quarterly and wages fortnightly could be around $6,000 or 1.5 per cent better off at retirement. Impact of payday super for your business The proposed payday super legislation is not yet law, and a consultation was held to gather feedback from Australian business owners. This consultation closed in April 2025. Moving to a super system where employer’s contributions are made in line with the employees regular payment cycle may not seem like a huge shift. But moving away from the current quarterly system could have a significant effect on your administration time and cashflow. Let’s look at the potential downsides of payroll super for your business: An increased administrative burden Paying superannuation with each pay cycle, rather than quarterly, will increase the frequency of your super payments. The added frequency of super payments will add to your administrative and payroll workload, stretching the already limited resources of your small business. Unrealistic seven-day super payment timeframe Small business groups are worried about the proposed seven-day timeframe for super contributions to reach employees' funds. Many feel that administrative pressures, as well as banking and clearing house processes, may make this target unrealistic. Potential for late-payment penalties The bill states that employers will be penalised for late payments, even if the delays are outside of their control. External issues with super funds or clearing houses could create a risk of unfair penalties that are beyond your control, as the business owner. Closure of the Small Business Superannuation Clearing House The government plans to close the Small Business Superannuation Clearing House from 1 July 2026. This free online service for managing your super contributions is a vital resource for small employers. Closing it down has been met with a serious backlash from small businesses, with many wondering how their business will manage its superannuation commitments Talk to us about getting your payroll system ready for payday super With Labor now re-elected as the governing party, it’s likely that the payday super bill will become law and that the legislation will become mandatory. If your payroll process and software systems are lagging behind the requirements for payday super, now’s the time to talk to our team and to update your payroll procedures.
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