{"id":2252,"date":"2025-05-15T12:59:37","date_gmt":"2025-05-15T02:59:37","guid":{"rendered":"https:\/\/www.inkstation.com.au\/blog\/?p=2252"},"modified":"2025-05-15T15:01:43","modified_gmt":"2025-05-15T05:01:43","slug":"eofy-faqs-for-businesses","status":"publish","type":"post","link":"https:\/\/www.inkstation.com.au\/blog\/eofy-faqs-for-businesses\/","title":{"rendered":"FAQs About End of Financial Year (EOFY) for Australian Businesses"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">EOFY is that annual milestone when every Australian business closes its books, tallies its receipts and gets ready to talk tax. Whether you\u2019re a sole trader or managing a growing team, it\u2019s essential that you\u2019re in the know when it comes to the key dates and obligations. In this guide, we\u2019ll cover what\u2019s new for 2024-25, which expenses you can legitimately claim, and how to get through this EOFY without the stress.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Please note: The advice provided here is general in nature. While Ink Station aims to offer helpful insights, it\u2019s essential to consult a tax professional or accountant for advice tailored to your specific business needs.<\/span><\/p>\n<p>&nbsp;<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<th style=\"text-align: center;\">Table of Contents<\/th>\n<\/tr>\n<tr>\n<td><a href=\"#What-is-EOFY\"><span style=\"font-weight: 400;\">When Is EOFY and What Does It Mean for You?<\/span><\/a><\/td>\n<\/tr>\n<tr>\n<td><a href=\"#What's-new\"><span style=\"font-weight: 400;\">What\u2019s New from the ATO This Financial Year?<\/span><\/a><\/td>\n<\/tr>\n<tr>\n<td><a href=\"#When-to-lodge\"><span style=\"font-weight: 400;\">When Do I Need to Lodge My Tax Return?<\/span><\/a><\/td>\n<\/tr>\n<tr>\n<td><a href=\"#business-expenses\"><span style=\"font-weight: 400;\">Are All Business Expenses Tax-Deductible?<\/span><\/a><\/td>\n<\/tr>\n<tr>\n<td><a href=\"#what-common?\"><span style=\"font-weight: 400;\">What Common Tax-Deductible Items Can I Claim?<\/span><\/a><\/td>\n<\/tr>\n<tr>\n<td><a href=\"#instant-asset-write-off\"><span style=\"font-weight: 400;\">How Does the Instant Asset Write-Off Work in 2025?<\/span><\/a><\/td>\n<\/tr>\n<tr>\n<td><a href=\"#sole-traders\"><span style=\"font-weight: 400;\">Can Sole Traders Use the Instant Asset Write-Off?<\/span><\/a><\/td>\n<\/tr>\n<tr>\n<td><a href=\"#tax-records\"><span style=\"font-weight: 400;\">How Long Should You Keep Tax Records?<\/span><\/a><\/td>\n<\/tr>\n<tr>\n<td><a href=\"#stress-free-EOFY\"><span style=\"font-weight: 400;\">Tips for a Stress-Free EOFY<\/span><\/a><\/td>\n<\/tr>\n<tr>\n<td><a href=\"#stock-up\"><span style=\"font-weight: 400;\">Stock Up on Tax-Deductible Office Essentials<\/span><\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"What-is-EOFY\"><span style=\"font-weight: 900;\">When Is EOFY and What Does It Mean for You?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The Australian <\/span><b>EOFY date <\/b><span style=\"font-weight: 400;\">is June 30th (yes, if you\u2019re googling \u2018<\/span><b>when is EOFY?<\/b><span style=\"font-weight: 400;\">\u2019, that\u2019s your answer). Being aware of the main deadlines around the EOFY will help you lock in deductions and steer clear of late-lodgement penalties. Once the date June 30th has come and gone, sole traders and small businesses should:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Finalise bookkeeping and bank reconciliations<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Run stocktakes (if relevant)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/business.gov.au\/finance\/yearly-financial-tasks\/important-financial-dates\"><span style=\"font-weight: 400;\">Issue PAYG payment summaries to staff by 14 July<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/business.gov.au\/finance\/yearly-financial-tasks\/important-financial-dates\"><span style=\"font-weight: 400;\">Lodge the April-June BAS by 28 July<\/span><\/a><span style=\"font-weight: 400;\"> (online lodgers may get an extra two weeks)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/business.gov.au\/finance\/yearly-financial-tasks\/important-financial-dates\"><span style=\"font-weight: 400;\">Pay super guarantee by 28 July<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Prepare to lodge the annual income tax return.<\/span><\/li>\n<\/ul>\n<h2 id=\"What's-new\"><span style=\"font-weight: 900;\">What\u2019s New from the ATO This Financial Year?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Some of the ATO\u2019s updates to keep on the radar for this EOFY include:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.ato.gov.au\/about-ato\/new-legislation\/in-detail\/businesses\/small-business-support-20000-dollar-instant-asset-write-off\"><span style=\"font-weight: 400;\">$20,000 instant asset write-off extended<\/span><\/a><span style=\"font-weight: 400;\"> \u2014 small businesses (with a turnover of less than $10 million) can instantly deduct the business portion of assets costing less than $20,000 if first used or installed ready for use between 1 July 2024 and 30 June 2025. <\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.ato.gov.au\/media-centre\/ato-shifts-non-compliant-businesses-to-monthly-gst\"><span style=\"font-weight: 400;\">Monthly GST for late BAS lodgers<\/span><\/a><span style=\"font-weight: 400;\"> \u2014 from April 2025, the ATO will shift around 3,500 chronically non-compliant small businesses from quarterly to monthly GST reporting.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.ato.gov.au\/businesses-and-organisations\/corporate-tax-measures-and-assurance\/privately-owned-and-wealthy-groups\/what-attracts-our-attention\/areas-of-focus-2024-25\"><span style=\"font-weight: 400;\">Focus areas for 2025 returns<\/span><\/a><span style=\"font-weight: 400;\"> \u2014 the ATO has flagged over-claimed deductions, omitted income and poor record-keeping as audit targets this year.<\/span><\/li>\n<\/ul>\n<h2 id=\"When-to-lodge\"><span style=\"font-weight: 900;\">When Do I Need to Lodge My Tax Return?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">So, <\/span><b>when do businesses have to file taxes?<\/b> <span style=\"font-weight: 400;\">If you lodge your own return, the rule is simple:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.ato.gov.au\/businesses-and-organisations\/preparing-lodging-and-paying\/reports-and-returns\/income-tax-return\"><span style=\"font-weight: 400;\">Sole traders, partnerships and trusts must submit by October 31st<\/span><\/a><span style=\"font-weight: 400;\"> in the year following EOFY.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/business.gov.au\/finance\/tax\/lodge-and-pay-tax#:~:text=Company%20returns%20are%20generally%20due%20by%2028%20February%20each%20year.\"><span style=\"font-weight: 400;\">Companies generally have until February 28th of the next calendar year<\/span><\/a><span style=\"font-weight: 400;\"> (unless prior-year returns are overdue, in which case October 31st applies).\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">If you choose to engage a registered tax agent and add your business to their client list before October 31st, <\/span><a href=\"https:\/\/www.ato.gov.au\/individuals-and-families\/your-tax-return\/how-to-lodge-your-tax-return\/lodge-your-tax-return-with-a-registered-tax-agent\"><span style=\"font-weight: 400;\">they can place you under the ATO\u2019s extended lodgement program<\/span><\/a><span style=\"font-weight: 400;\"> and will advise a personalised deadline.\u00a0<\/span><\/p>\n<h2 id=\"business-expenses\"><span style=\"font-weight: 900;\">Are All Business Expenses Tax-Deductible?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">If you\u2019ve found yourself asking, \u2018<\/span><b>Are all business expenses tax deductible?<\/b><span style=\"font-weight: 400;\">\u2019, you should know that the answer is no. <\/span><a href=\"https:\/\/www.ato.gov.au\/businesses-and-organisations\/income-deductions-and-concessions\/income-and-deductions-for-business\/deductions\"><span style=\"font-weight: 400;\">The ATO will only accept a deduction when an expense<\/span><\/a><span style=\"font-weight: 400;\">:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Is directly related to earning assessable income.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Has no private component (only the business portion is claimed) <\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Is proven by records\u2014think receipts, invoices, bank or credit card statements.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Different structures treat deductions differently: sole traders and partnerships claim against personal assessable income, while companies claim against corporate income.<\/span><\/p>\n<h2 id=\"what-common?\"><span style=\"font-weight: 900;\">What Common Tax-Deductible Items Can I Claim?\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Many everyday purchases meet the <\/span><a href=\"https:\/\/www.ato.gov.au\/businesses-and-organisations\/income-deductions-and-concessions\/income-and-deductions-for-business\/deductions\"><span style=\"font-weight: 400;\">ATO\u2019s criteria for a business deduction<\/span><\/a><span style=\"font-weight: 400;\">, including common office equipment. Some of the items you may be able to claim on tax include:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Computers and laptops\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.inkstation.com.au\/\"><span style=\"font-weight: 400;\">Ink and toner cartridges<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.inkstation.com.au\/office-supplies\"><span style=\"font-weight: 400;\">Office paper and stationery<\/span><\/a><span style=\"font-weight: 400;\">\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.inkstation.com.au\/printers?srsltid=AfmBOoq3cnhPWikboMJbKz3t0FxUXiDXrBR_DD44_xfcBmMCTweu2jEZ\"><span style=\"font-weight: 400;\">Printers<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/www.inkstation.com.au\/scanners?srsltid=AfmBOor3wB8ou38KEjXUh0dkV2IIMtMocmK0ePXQSPddtDQYFahhHQqW\"><span style=\"font-weight: 400;\">scanners<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Costs related to business-specific communication device, such as smartphones or landline phones.<\/span><\/li>\n<\/ul>\n<h2 id=\"instant-asset-write-off\"><span style=\"font-weight: 900;\">How Does the Instant Asset Write-Off Work in 2025?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Two of the most commonly asked questions around the EOFY are <\/span><i><span style=\"font-weight: 400;\">\u2018<\/span><\/i><b>What is instant asset write off<\/b><span style=\"font-weight: 400;\">?\u2019 and \u2018<\/span><b>How does instant asset write off work?<\/b><span style=\"font-weight: 400;\">\u2019 In short, the scheme lets eligible small businesses instantly deduct the business portion of each new or second-hand asset costing less than $20,000 that\u2019s first used or installed between July 1st 2024 and June 30th 2025. The $20k cap is per item\u2014buy three $ 9,000 machines and write off all three. Assets costing $ 20,000 or more go into the small-business depreciation pool and are written off at 15% in the first year and 30% thereafter. Cost additions under $ 20,000 to assets already expensed also qualify. For the full rules, see the <\/span><a href=\"https:\/\/www.ato.gov.au\/businesses-and-organisations\/income-deductions-and-concessions\/depreciation-and-capital-expenses-and-allowances\/simpler-depreciation-for-small-business\/instant-asset-write-off\"><span style=\"font-weight: 400;\">ATO\u2019s detailed page on instant asset write-offs<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<h2 id=\"sole-traders\"><span style=\"font-weight: 900;\">Can Sole Traders Use the Instant Asset Write-Off?<\/span><\/h2>\n<p><b>Can sole traders claim the instant asset write-off?<\/b><span style=\"font-weight: 400;\"> The short answer is yes. As long as your aggregated turnover is below $10 million and the asset is mostly for business use, you claim the deduction in the business schedule of your personal tax return. The same $20,000 threshold and timing rules apply<\/span><\/p>\n<p><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<h2 id=\"tax-records\"><span style=\"font-weight: 900;\">How Long Should You Keep Tax Records?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">If you\u2019ve wondered <\/span><b>how long to keep business tax records in Australia<\/b><span style=\"font-weight: 400;\">, here\u2019s your answer: hold them for five years from the date you lodge the return, or longer for depreciating or CGT assets. Digital copies are fine as long as they\u2019re clear and accessible.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2 id=\"stress-free-EOFY\"><span style=\"font-weight: 900;\">Tips for a Stress-Free EOFY<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Here are a few simple habits that can help you stay organised and avoid last-minute EOFY stress:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Start early:<\/b><span style=\"font-weight: 400;\"> Reconcile monthly, not in June.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Talk to a pro: <\/b><span style=\"font-weight: 400;\">A quick call with an accountant or a tax agent can save hours later.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Go digital:<\/b><span style=\"font-weight: 400;\"> Cloud accounting pulls bank feeds, stores receipts and runs instant reports.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Lock in deadlines:<\/b><span style=\"font-weight: 400;\"> Calendar reminders a week before BAS, PAYG and super due dates prevent nasty penalties.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Back up records:<\/b><span style=\"font-weight: 400;\"> Secure cloud storage plus an external drive covers all bases.<\/span><\/li>\n<\/ul>\n<h2 id=\"stock-up\"><span style=\"font-weight: 900;\">Stock Up on Tax-Deductible Office Essentials<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">In need of fresh cartridges, paper or a new scanner before June 30th? Stocking up now can lift your deductions while keeping the office running smoothly. Explore Ink Station\u2019s EOFY-friendly range of office supplies and enjoy fast delivery Australia-wide, so you hit the new financial year fully supplied.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>EOFY is that annual milestone when every Australian business closes its books, tallies its receipts<\/p>\n","protected":false},"author":10,"featured_media":2256,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[38],"tags":[],"class_list":["post-2252","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hints-and-tips"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>FAQs About End of Financial Year (EOFY) for Australian Businesses - InkStation Blog<\/title>\n<meta name=\"description\" content=\"Answers to common End of Financial Year questions for Australian small businesses in 2025\u2014helping you navigate tax time with confidence.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.inkstation.com.au\/blog\/eofy-faqs-for-businesses\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FAQs About End of Financial Year (EOFY) for Australian Businesses - 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