As the end of the financial year approaches, small and medium-sized businesses (SMBs) should ensure their financial records are in order and all compliance obligations are met. This guide outlines the key tasks to complete before 30 June and offers tax planning tips to help optimise your position.

1. Preparing your records

To ensure accurate financial reporting and a smoother year-end process, review the following:

• Reconcile all bank accounts to 30 June
• Review debtors and write off any unrecoverable debts before year-end
• Confirm all supplier invoices are recorded and creditors reconciled
• Write off obsolete plant and equipment
• Conduct a stocktake and adjust for damaged or obsolete stock.

2. Year-end tax planning tips

Taking action before 30 June can help manage your tax obligations:

• Pay all superannuation contributions for employees by 30 June to ensure deductibility in this financial year (payments must be received by the fund, not just submitted to a clearing house)
• Pay staff bonuses where you would like them deductible this year
• Prepay business expenses such as rent, insurance, utilities and subscriptions
• Where appropriate, delay sales or invoicing to defer income to the next financial year
• Make any planned donations to deductible charities by 30 June
• Bring forward the purchase of non-perishable consumables or eligible equipment under the instant asset write-off. The instant asset write-off threshold is $20,000 per asset and reduces to $1,000 again after 30 June 2025.

3. Single Touch Payroll (STP) finalisation

STP finalisation must be completed by 14 July 2025 through your payroll software. Before submitting:

• Ensure all pay runs for the year are finalised
• Confirm employee details are accurate (names, tax file numbers, dates of birth)
• Reconcile wages, PAYG withholding and superannuation amounts.

Once finalised, employees will be able to access their income statements through myGov and employers are not required to provide employees a payment summary directly.

4. Payroll tax thresholds and deadlines

If your Australian wages exceed the relevant threshold, you may need to register and pay payroll tax in your state or territory. Below are the 2024–25 annual thresholds and rates:

State or territory	Annual threshold	Payroll tax rate(s)	Lodgement due date
New South Wales	$1,200,000	5.45%	28 July 2025
Victoria	$900,000	4.85% (standard), 1.2125% (regional)	21 July 2025
Queensland	$1,300,000	4.75% up to $6.5m, 4.95% over $6.5m	21 July 2025
South Australia	$1,500,000	0–4.95% (progressive)	28 July 2025
Western Australia	$1,000,000	5.5% (phased for $1m–$7.5m wages)	21 July 2025
Tasmania	$1,250,000	4% ($1.25m–$2m), 6.1% (over $2m)	21 July 2025
Australian Capital Territory	$2,000,000	6.85%	21 July 2025
Northern Territory	$2,500,000	5.5%	21 July 2025

Always confirm with your state or territory revenue office for the latest thresholds and lodgement requirements as you may be required to lodge and pay monthly.

5. Superannuation contribution planning

There are several considerations when managing super contributions:

• The concessional (deductible) contribution cap for 2024–25 is $30,000
• You may be eligible to contribute more if you have unused concessional contributions from 2019–20 onwards and your total super balance was below $500,000 at 30 June 2024
• Non-concessional contributions are capped at $120,000 per year, or up to $360,000 under the bring-forward rule depending on your total super balance
• The super guarantee rate is 11.5% for 2024–25 and increases to 12% from 1 July 2025
• Business owners paying themselves a wage must meet the same super obligations as for other employees.

Be aware that contributions must be received by the super fund by 30 June to be deductible. Late deposits may not count for this financial year.

6. Discretionary trusts

If you operate a discretionary trust, ensure that all distributions are appropriately documented and, where required, physically paid to beneficiaries or formalised through a complying loan agreement. The ATO has tightened its approach to notional trust distributions, particularly where the intended recipient does not receive the benefit. Speak to your accountant to ensure your arrangements comply with current requirements.

Final notes

Completing your EOFY responsibilities supports compliance and gives you a clearer view of your financial position. It also helps identify opportunities to strengthen your business before heading into the new financial year.

If you’re uncertain about any aspect of your reporting or planning, it’s best to speak with your accountant or adviser well before 30 June.