With the end of the 2025 financial year fast approaching, now is the time to start planning your year-end strategy. June often moves quickly, so it pays to get ahead by reviewing your position and working with an experienced EOFY accountant to prepare and plan with purpose.
If you haven’t already, ensure your accounts are up to date so you can get a clear picture of how EOFY 2025 is shaping up for your business. By this point in the year, most business owners can make a reasonable estimate of their profit (or loss), which is crucial for informed year-end decisions.
With the right information and guidance from your EOFY accountant, you can take a considered, proactive approach to tax planning, budgeting, and business forecasting—without the last-minute scramble.
Tax Planning with an EOFY Accountant
Strategic tax planning should be at the top of your to-do list and the earlier you begin, the more options you have. Your EOFY accountant can help you review your obligations and explore opportunities to minimise your tax liabilities.
Here are some key areas to consider:
- Accelerating deductions or deferring income, depending on your situation. (Note: The 100% write-off of assets is no longer available, so other strategies may need to be explored.)
- Trust distribution planning especially in light of continued ATO scrutiny and evolving rules on trust taxation.
- Ensuring Division 7A loan repayments are made by the deadline.
- Deciding what dividends to declare, and when, if you operate a company.
- Planning for the cash flow impact of tax payments, especially if EOFY 2025 has been a bounce-back year.
Business Planning & Budgeting
At this time of year many business owners take the time to “take stock” of their business and their lives. Where is the business going? What are the current goals? How have we gone at meeting those goals?
With guidance from your EOFY accountant, you can assess performance, redefine goals, and map out what’s needed to achieve them in the new financial year.
- What products or services are you focusing on next year?
- Are you planning to grow, hire, or invest in new equipment?
- Do you have the funding and systems in place to support those plans?
Bank Reporting & Finance
If you have finance facilities in place, your bank may require updated financial reports. Your EOFY accountant can help compile the necessary documentation and identify any funding gaps. If additional finance is needed, early conversations with your lender can help secure the capital required to move forward with confidence.
Superannuation Planning
Super contributions are another important area to address before 30 June:
- How much can you contribute and still claim a deduction?
- Are you close to your concessional or non-concessional caps?
- Is it the right time to use the three-year bring-forward rule?
Superannuation is a long-term strategy so getting it right each year makes a significant difference. Your accountant can walk you through your options and ensure contributions are made on time.
Talk to an EOFY Accountant at MacMillan Cowan & Co.
The earlier you begin your planning, the smoother EOFY becomes. By taking action in early June, you leave room for thoughtful decision-making and avoid the pressure that comes with last-minute choices.
If you’re planning for the end of the financial year, chat to one of our experienced EOFY accountants at MacMillan Cowan & Co. We’ll help you wrap up the financial year with confidence.
To make an appointment, send us a message online or contact us on (03) 5222 2866.