Why the EOFY Marks More Than Just a Date on the Calendar
As June 30 rolls around each year in Australia, it brings with it a moment of pause — a clear marker that one financial chapter is closing and another is about to begin.
While for some, it might feel like a rush to submit tax returns or scramble for deductions, the end of the financial year (EOFY) is far more than just a compliance deadline. It’s an opportunity — both personally and for your business — to take stock, reflect, reset, and realign your goals.
The period bridging the end and beginning of financial years is a golden window to assess your financial health, identify growth opportunities, and ensure you’re building towards a future that reflects your values and ambitions.
Whether you’re managing a household budget, running a business, or planning for retirement, working closely with your accountant and financial adviser at this time is essential. Their insight helps ensure you’ve claimed everything you’re entitled to, met your obligations, and are taking advantage of strategic planning opportunities for the year ahead.
Top 5 Reflections of the Previous Financial Year
- Cash Flow Trends
Understanding your income and expenditure patterns is key. Did you consistently maintain a surplus, or were there periods of financial strain? For businesses, were there seasonal fluctuations or cash flow gaps that could be better managed next year? - Tax Efficiency
Did you maximise available deductions? Many people leave money on the table by failing to claim eligible expenses or not contributing enough to superannuation. EOFY is a chance to evaluate your tax strategies and adjust for the future. - Goal Progress
Did you meet your financial goals from last year—whether that was saving a certain amount, reducing debt, or investing in a new asset? Reviewing these outcomes provides insight into what’s realistic and where you may need more discipline or support. - Unexpected Challenges
How did you cope with unforeseen expenses or economic shifts, such as rising interest rates or inflation? Your financial resilience (or lack thereof) can reveal opportunities to build a stronger safety net. - Professional Partnerships
Reflect on your relationships with your accountant, financial adviser, and other key partners. Were they proactive, responsive, and aligned with your values and goals? EOFY is an ideal time to evaluate and potentially refresh these relationships.
Top 5 Opportunities for the New Financial Year
- Set New Financial Goals
Use this fresh start to set clear, achievable goals — such as building an emergency fund, paying down debt, growing investments, or expanding your business. Make them SMART: Specific, Measurable, Achievable, Relevant, and Time-bound. - Review Your Budget and Forecasts
A new year calls for a refreshed budget. For individuals, this might mean recalculating household expenses or planning for life events. For businesses, it’s a time to forecast revenue, plan capital investments, and reassess pricing strategies. - Optimise Superannuation and Investments
Now is a strategic time to plan super contributions for the year ahead and review your investment portfolio with your adviser. Are you positioned to take advantage of market opportunities or reduce exposure to risk? - Strengthen Financial Structures
Consider reviewing your business or personal structures with your accountant. Trusts, companies, and partnerships may need to evolve as your circumstances change. The right structure can support tax efficiency, asset protection, and succession planning. - Embrace Technology and Automation
EOFY is a great time to adopt tools that streamline finances—think bookkeeping software, budgeting apps, or CRM systems. Automation can free up time, reduce errors, and provide real-time insights to support better decision-making.
Ultimately, the transition between financial years isn’t just administrative—it’s a valuable checkpoint for assessing where you’ve been and deciding where you’re going. By carving out time to reflect, seek expert advice, and plan strategically, you’ll be better positioned to achieve your financial goals—whatever they may be.
EOFY may come around once a year, but the decisions you make now can have a lasting impact on your financial future.
If this article has inspired you to think about your unique situation and, more importantly, what you and your family are going through right now, please get in touch with your advice professional.
This information does not consider any person’s objectives, financial situation, or needs. Before making a decision, you should consider whether it is appropriate in light of your particular objectives, financial situation, or needs.
(Feedsy Exclusive)