EOFY 2024: Your Complete Guide

As EOFY approaches, it’s smart to get your records in order and plan deductions. This guide covers key actions for individuals and businesses, plus courses from The Career Academy AU that can help.

What is EOFY?

End of Financial Year is 30 June. It closes the year for reporting income and expenses to the ATO and is a good time to review goals for the year ahead.

Key timing

For individuals: maximise your return

1) Prepay and plan ahead

Consider prepaying up to 12 months of interest on investment loans before 30 June so the deduction falls into this year.

2) Home office deductions

Remote work expenses add up. The ATO fixed-rate method changed—check the rules and keep records.

Guide: ATO home office expenses

3) Vehicle expenses

If you use your car for work, a 12-week logbook can unlock a larger deduction. Update it when usage changes.

Tool: ATO logbook calculator

4) Charitable donations

Donations to Deductible Gift Recipients (DGRs) are deductible—keep receipts.

More: ATO individual returns

For businesses: streamline EOFY

1) Financial review & records

Prepare your P&L, stocktake if needed, and reconcile debtors/creditors. Keep digital copies of invoices and receipts.

2) Deductions & concessions

Claim expenses directly tied to income (software, website, vehicles, tools). Review small-business concessions and write off bad debts or obsolete assets before year-end.

See: ATO small business concessions

3) Use a registered agent

Verify your tax agent with the Tax Practitioners Board for reliable advice.

Check: Tax Practitioners Board · Company returns: ATO business

Make the most of EOFY sales

Discounted equipment or software purchased for your business may be deductible and can improve productivity.

Power up with Career Academy courses

Upskill to handle records, payroll, or planning with more confidence:

Conclusion

Plan early, claim what you’re entitled to, and invest in skills that pay off year-round. The Career Academy AU can help you build confidence for tax time and beyond.