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EOFY 2025 Checklist: Smart Year-End Moves for Individuals, Business Owners & SMSF Trustees

As 30 June 2025 approaches, it’s crucial to finalise strategies across superannuation, tax deductions, business planning, and investment compliance. Whether you’re an employee, business owner, investor, or SMSF trustee, this comprehensive checklist will help you stay on track.


1. Boost Your Super Before 30 June

    • Earn less than $62,488? You may be eligible for a government co-contribution (of up to $500) if you make a personal contribution into your super.
    • Consider opportunities to top up extra concessional (before-tax) contributions — You could contribute up to $30,000 this year and possibly claim a tax deduction (dependant on personal taxable income) – but don’t forget that this limit will need to include any of your employer contributions made throughout the year already.
    • Consider opportunities and excess personal cashflow to add non-concessional contributions (after-tax) into your super. Up to $120,000 pa, or $360,000 over 3 years (if eligible).

The ability for a member to contribute is dependent on their age and Total Superannuation Balance (TSB) at the previous 30 June. To make non-concessional contributions, a member’s Total Superannuation Balance must be less than $1,900,000 at the previous 30 June.
If you balance is more than $1.66mill – then you may not be able to use the full 3 year bring forward non-concessional contributions – get in touch if you are not sure.

2. Get a Tax Deduction for Your Income Protection Insurance

    • If you pay for income protection personally, you can claim it as a deduction.


3. Maximise Work-Related Deductions

    • Working from home? Use the ATO’s Fixed Rate Method (70c/hr) or claim actual costs — just keep good records.
    • Use your car for work? Use the ATO’s Cents per kilometre Method (88c/km, up to 5,000km) or keep a logbook to claim deductions.
    • Bought something for work (e.g. tools, laptop)? You may be able to claim depreciation or a deduction.


4. Prepay Some Expenses

    • If you can, pay things like subscriptions, insurance, or loan interest early and claim the deduction now.

***TIP: To claim your personal tax deductions, ensure you can substantiate your expenses:

    • Claims exceeding $300 must be supported by written evidence for the entire amount, not just the amount over $300.
    • The $300 limit does not apply to payments for car expenses, meal allowances, award transport payment allowance or travel allowance expenses.
    • For expenses $10 or less, provided in total they do not exceed $200, a written note detailing the same information as on a receipt (in a diary for example) is sufficient where you cannot obtain a receipt.


5. Private Health Insurance Check

    • Earning above $97,000 (single) or $194,000 (family)? You might pay the Medicare Levy Surcharge unless you have the right health insurance.

The family income threshold is increased by $1,500 for each Medicare levy surcharge dependent child after the first child.


6. Know Your Tax Bracket (2024–25 Rates)
 Knowing your tax bracket gives you the power to make smarter financial decisions including planning deductions strategically, deferring income or bring forward deductions. For example, if you have extra cashflow, there may be value in making a concessional super contribution which will be taxed at a lower rate, therefore providing you with tax savings.


For Business Owners & Sole Traders


1. Get Your Books in Order

    • Finalise invoicing and payments before 30 June
    • Write off bad debts that won’t be collected


2. Prepay Business Expenses

    • Pay for rent, insurance or supplies now to bring forward deductions.


3. Claim the $20,000 Instant Asset Write-Off


4. Pay Employee Super on Time

    • Super must be received by the fund by 30 June to be deductible. Don’t just pay it – make sure it clears (most funds and clearance houses will close their books at least a week before 30 June – so don’t leave it too late – aim for 20 June)


5. Finalise STP (Single Touch Payroll)

    • You need to submit final employee payroll reports by 14 July


6. Review Business Structure and Performance

    • Talk to your adviser about tax planning, restructuring, or profit distributions before 30 June (so that we can get any structural changes happening ASAP in July to take advantage of the next full financial year)


For Investors


1. Review Capital Gains or Losses

    • If you sold shares or property, look at your capital gains. Can you sell underperforming investments to offset them?
    • Are there any shares that you can transfer to your SMSF – to crystalise losses or make contributions?


2. Rental Property Owners: Maximise Your Deductions

    • If you purchase assets which will be used to generate income for several years (i.e. purchasing a new oven for a rental property), you can claim a decline in value (depreciation) each year.
    • You can claim things like interest AND repairs.

***TIP: We would recommend using a business who specialises in these reports to prepare a depreciation schedule for rental properties, on your behalf. Call us for a referral to an appropriate provider.

3. Manage Trust Income (if you’re a beneficiary or trustee)

    • Make sure trust distributions are documented and compliant before 30 June.


For SMSF Trustees


1. Make Sure Super Fund Is Compliant

  • Pay any contributions before 30 June (need to be in the bank account of the SMSF by 30 June).
  • Check your fund has made minimum pension payments for members drawing a pension. If you are a TAG Financial Services Superannuation client, you would have received our reminder about this last week.


2. Prepare for the Audit

    • Collect all required paperwork: bank statements, asset valuations, contribution records, trustee minutes


3. Update Your Investment Strategy

    • Does your fund’s investment mix still match the members’ needs? Review and document it

ATO guidelines require that your fund’s investment strategy is reviewed regularly, especially when member circumstances change, asset mix shifts significantly, insurance needs are reassessed. ***TIP Make sure your investment strategy document:

    • Is in writing
    • Reflects actual asset allocation
    • Considers diversification, liquidity, risk, and retirement objectives


4. Review Estate Planning

    • Check if Binding Death Benefit Nominations are still valid and up to date


5. Note Lodgement Dates
 Start preparing your records for your auditor and accountant to ensure timely compliance with your fund’s annual return and audit obligations.

    • New SMSFs: Due 28 Feb 2026
    • Existing SMSFs: Due 15 May 2026 (if using a tax agent and are up to date)


Don’t Leave It Too Late!

The EOFY period is time-sensitive. Contributions, payments, and documentation all require lead time. Starting early means you won’t miss out on valuable deductions or fall short on compliance.
Need Help?
 Our team of tax, super and financial planning specialists can guide you through your EOFY action list—whether you’re managing a business, investing, or trustee. Email us at team@tagfinancial.com.au or call us on 03 9886 0800.

Disclaimer: The information contained is general in nature. Professional advice should be sought before acting on any aspect on this page. Financial planning services provided by TAG Financial Advisors Pty Ltd (ABN 77 154 205 017 AFSL 415632), a wholly owned subsidiary of TAG Financial Services Pty Ltd (ABN 67 075 374 686). Copyright 2025. Please do not reproduce without the expressed written consent of the author.