With the End of Financial Year (EOFY) approaching, now is the perfect time for small businesses to get ahead of tax obligations, improve cash flow, and set up for success in the new financial year. Chifley Advisory is here to help businesses streamline their EOFY processes, avoid tax debt surprises, and maximize financial stability.

1. Review and Reconcile Financial Records

Ensure all transactions, invoices, and payments are accounted for. Check for discrepancies and finalize bookkeeping to avoid unexpected tax liabilities.  If you would like a referral for a bookkeeper or tax accountant, please reach out we would be happy to put you in touch with specialists that we trust.

2. Assess Tax Obligations

  • Confirm all BAS, GST, PAYG, and superannuation payments are up to date.
  • Identify any outstanding ATO debts and create a strategy to manage repayments efficiently.

3. Maximize Deductions Before June 30

Take advantage of immediate asset write-offs, business expenses, and depreciation benefits to reduce taxable income before the deadline.

4. Prepare for Changes in Tax Debt Regulations

From July 1, 2025, General Interest Charges (GIC) and Shortfall Interest Charges (SIC) will no longer be deductible—meaning tax debt could become more costly for businesses. Now is the time to reassess repayment strategies and seek professional advice.  Chifley Advisory 

5. Review Business Structure and Strategy

EOFY is the ideal time to evaluate financial performance and plan for growth. Consider whether your current business structure, tax strategies, and cash flow management are still serving your long-term goals.

6. Meet Superannuation Obligations

Ensure all employee super payments are submitted before June 30 to qualify for deductions and maintain compliance with ATO regulations.

7. Strengthen Cash Flow for the New Financial Year

  • Chase overdue invoices before EOFY.
  • Negotiate supplier payment terms to improve liquidity.
  • Explore alternative financing solutions to support business stability in the upcoming year.

8. Engage Professional Support Before Tax Deadlines

EOFY is a crucial time to seek expert advice to avoid unnecessary penalties and optimize tax management. Whether it’s navigating tax debt changes, restructuring finances, or improving cash flow, Chifley Advisory is here to help.

Set Your Business Up for Success in the New Financial Year

EOFY isn’t just about closing the books—it’s an opportunity to refine financial strategies, reduce risks, and ensure your business is prepared for the future.Chifley Advisory specializes in helping businesses navigate tax complexities, manage debt effectively, and stay ahead of ATO changes. Reach out today to ensure your business enters the new financial year with confidence and financial security.

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