End Of Financial Year timeline
What does the EOFY timeline look like?
You need to get your accounts up to date now and chat to your accountant about tax planning
Keep calm, its only End Of Financial Year!
11/06/2025
What does the EOFY timeline look like?
You need to get your accounts up to date now and chat to your accountant about tax planning
Keep calm, its only End Of Financial Year!
To qualify for a tax deduction in the 2025 financial year, or if you are managing your super cap, cash needs to reach the superfund and they need to complete the paperwork by 30th June. Payments from Xero need to be authorised before Friday 20th June as superfunds muck around with the moolah for days or weeks.
The usual final deadline of 28th July still applies if you choose to not make an early payment.
Here we are at the end of the financial year already – don’t panic, but do get organised.
If you have a construction, cleaning, IT, freight/courier or security business you need to report payments made for service to your subcontractors to the ATO.
This is one of the submissions that won’t cost you any money (assuming you lodge on time, otherwise expect a fine).
Construction is very broad – it includes engineering services, architecture, communications construction, decoration, landscaping, retaining walls, swimming pool construction/installation, waterproofing and wallpapering.
Didn’t know TPARs were a thing? Ask us to help.
If you pay subcontractors, you may need to lodge a Taxable Payments Annual Report (TPAR) by 28th August.
Its a bit like lodging group certificates – no extra payment is required, you just need to report on total payments made during the last financial year.
Group certificates, or STP finalisation – to use the new lingo, must be completed TODAY!
Reconcile payroll accounts (check for payroll tax thresholds while you are there) and submit declarations to the tax office.
You will need to file an annual ‘STP Finalisation’ to the ATO by 14th July. (This replaces providing Payment Summaries/Group Certificates to your staff). Staff will not be receiving any documentation from you.
If any adjustments to payroll are needed jump onto it ASAP, then reconcile payroll accounts and only then submit the finalisation to the ATO.
What does the EOFY timeline look like?
You need to get your accounts up to date now and chat to your accountant about tax planning
Keep calm, its only End Of Financial Year!
Super should be authorised in Xero by Monday 17th June if you are chasing 2024 tax deductions (to soak up a profit) or if you are managing your annual super cap.
Super contributions must be received (by fund) by 30th June to qualify in this year and you need to allow plenty of time for payments to fly through cyber space.
The usual final deadline of 28th July still applies if you choose to not make an early payment.
Last chance to take advantage of this bonus tax deduction.
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