As the financial year draws to a close, now is the time for business owners to ensure everything is in order and aligned for growth. The End of Financial Year (EOFY) isn’t just about compliance—it’s a chance to review, reset, and refocus your business strategy for a successful year ahead.
A well-prepared EOFY ensures you’re not only taking care of your tax and reporting obligations but also maximising the many opportunities available to boost your bottom line and business potential.
To make the most of the financial year’s end, here’s a practical checklist to guide your preparation:
Not only does this process ensure compliance—it also gives you a clearer picture of your business’s current financial position.
One of the most underutilised EOFY strategies is taking advantage of government incentives. A standout opportunity this year is the $20,000 Instant Asset Write-Off:
🛠️ The $20,000 instant asset write-off allows small businesses to immediately deduct the full cost of eligible assets in the year they are first used or installed.
This incentive applies per asset, meaning you can write off multiple purchases—not just one. It’s perfect for upgrading computers, tools, vehicles, or even office equipment.
Important: To claim, assets must be purchased and installed by 30 June 2025. If you’ve been holding off on investing in your business, this could be the ideal time to make your move.
Read more about this and other benefits on the ATO website.
EOFY is also the perfect time to move beyond short-term thinking and focus on long-term business growth. Strategic planning is where you shift from reactive to proactive leadership.
Here’s how to plan effectively:
Look at what worked and what didn’t. Use your KPIs, client feedback, and team performance to guide your review. What lessons can you take forward?
Is your current business model aligned with your long-term goals? Clarify your vision, mission, and values to ensure you’re on track.
Use the SMART framework—Specific, Measurable, Achievable, Relevant, and Time-bound—to set goals across finance, operations, marketing, and HR.
Success doesn’t come from doing it all yourself. Put smart systems in place, identify areas where you can delegate or automate, and set clear boundaries for better sustainability.
Whether it’s training your team, hiring the right people, or working with a business coach, investing in your development and support network is key to scalable growth.
With rising interest rates, inflation, and increased competition, businesses must also plan for uncertainty. Assess your cash flow buffers, insurance coverage, and contingency plans to prepare for potential economic shifts in FY25/26.
At Business By Design, we work with ambitious business owners to grow with clarity, confidence, and a strong foundation. From EOFY prep to business coaching, financial strategy, and operational systems, we help you identify gaps and turn them into growth opportunities.
Whether you’re ready to:
We’re here to help.
Don’t wait for the new year to fix old problems—EOFY is the perfect time to level up.