Everything You Need to Know About EOFY 2025

As the countdown to 30 June begins, the End of Financial Year (EOFY) becomes a key focus for many Australians aiming to close out their financial year. It offers a valuable opportunity to gain a clear understanding of your current financial situation.  

Here’s everything you need to know about EOFY, including how to prepare, important dates to mark in your calendar, and practical tips to help you stay organised and in control. 

Disclaimer:
The blog post contains statements such as: "assess your financial goals, review your spending, and make strategic decisions" "Review any personal contributions and confirm you're within the annual caps". 

1. ASIC Policy Position (RG 244): ASIC Regulatory Guide 244 explicitly states that digital communications containing financial guidance must include "prominent and clear warnings" that distinguish between general information and personal advice.
2. Corporations Act 2001 - Section 766B (General Advice Provisions)

Legal Foundation: Under Section 766B of the Corporations Act, any communication that could reasonably be regarded as intended to influence investment or financial decisions constitutes "general financial product advice" and must comply with disclosure requirements. 

What is EOFY?

In Australia, the financial year runs from 1 July to 30 June. EOFY is the period when individuals and businesses finalise their financial records for the year and prepare to lodge their tax returns. It is also an ideal time to assess your financial goals, review your spending, and make strategic decisions about your money before the new financial year begins. 

Key Dates for EOFY 2025 

Here are some key EOFY deadlines to keep in mind: 

• 30 June 2025: Official end of the 2024–25 financial year.
• 14 July 2025: Employers are required to provide income statements (previously known as payment summaries) through myGov.
• 28 July 2025: Due date for lodging the quarterly Business Activity Statement (BAS) from April to June, if lodging manually.
• 31 October 2025: Final date to lodge individual tax returns if lodging independently.

If you are using a registered tax agent, you may be eligible for an extended lodgement deadline. However, you must be engaged with your tax agent before 31 October to qualify. 

What You Should Prepare for EOFY

Getting organised ahead of EOFY doesn’t need to be complicated. A little preparation now can save you time and effort later. To help you stay on track, here’s a list of what you’ll want to have ready before the end of June. 

1. Income records: Make sure you have access to your income statement via myGov, along with any other income such as interest, dividends, rental income, or freelance earnings.
2. Deductible expenses: Gather receipts for work-related costs, donations, and other eligible expenses. Ensure these align with ATO guidelines to avoid disallowed claims.
3. Superannuation contributions: Review any personal contributions and confirm you’re within the annual caps. You may also be able to claim a deduction for certain contributions.
4. Tax offsets and rebates: Check if you're eligible for any offsets, such as the private health insurance rebate or the seniors and pensioners tax offset (SAPTO).

5. ATO and myGov details: Make sure your personal details are up to date by visiting https://www.ato.gov.au/, especially if you've changed jobs or addresses.
6. Lodging your return: If you’re completing your own return, you have until 31 October 2025. If you're using a registered tax agent, ensure you're registered with them before this date to access extended lodgement deadlines.

EOFY Doesn’t Have to Be Stressful 

EOFY doesn’t need to be a stressful time. With a bit of early planning and organization, you can avoid the last-minute rush and stay in control of your finances. By keeping track of important deadlines, gathering the right documents, and understanding what you can claim, you’ll be well-prepared to complete your tax return accurately and on time. 

Whether you're managing your own return or working with a registered tax agent, taking a calm and proactive approach can make all the difference. Staying informed and getting on top of things early can help you approach EOFY with confidence, giving you peace of mind as you wrap up the financial year and look ahead to new opportunities. 

Important Disclaimer:
The content presented herein is intended solely for general informational purposes and does not constitute financial, tax, or legal advice. Individual circumstances differ significantly; therefore, it is strongly recommended that you consult with a qualified financial advisor or a registered tax professional prior to making any financial or tax-related decisions. The information provided reflects the status as of [publication date] and is subject to change without notice. Users are advised to verify all current regulations and requirements directly with the Australian Taxation Office (ATO).