Get your EOFY Payroll Checklist for 2025

It’s that time of year again, end of financial year (EOFY) is just around the corner, and our expert payroll team has compiled essential information to support you during this busy period.

We’ve gathered key dates, frequently asked questions (FAQs) that our team often receives about EOFY, and a handy checklist to help you stay on track. After all, who doesn’t love a good list to ensure everything is in order?

Key Dates for EOFY 2025

• 30 June – EOFY 2024/25 ends
• 1 July – Superannuation Guarantee rate changes to 12%
• 14 July – STP Finalisation due (for any number of employees)

FAQs about End of Financial Year (EOFY)

What is EOFY?

EOFY stands for End of Financial Year. A pivotal time for businesses and individuals, as it marks the end of the 12-month financial period used for tax and accounting purposes. In Australia, the financial year starts on 1 July and ends on 30 June the following year.

During this period, businesses finalise their financial statements, prepare tax returns and assess their financial performance. For your payroll team, this means ensuring that all employee payments, superannuation contributions, and tax obligations are accurately reported and compliant with ATO regulations.

What does EOFY mean?

EOFY stands for End of Financial Year. It signifies the time when businesses and individuals wrap up their financial activities for the year, report their income, and claim any deductions available. This period is essential for ensuring compliance with tax regulations and preparing for the new financial year. When it comes to processing payroll, this means generating end-of-year payment summaries, reconciling payroll accounts, and submitting necessary reports to the Australian Taxation Office (ATO).

What does EOFY stand for?

EOFY stands for End of Financial Year. It is also commonly referred to as the End of Fiscal Year. This term is a particularly busy time for the payroll industry, where accurate and timely processing of payroll data is critical to meet regulatory requirements and avoid penalties.

When is EOFY 2025?

The end of the financial year for 2025 falls on 30 June. This date marks the end of the financial year in Australia, after which businesses and individuals must finalise their accounts and prepare their tax returns for the 2024-2025 financial year. For our Managed Payroll Services team, this means ensuring all customer payroll data is up-to-date, generating necessary reports, and assisting clients with their end-of-year financial reporting and obligations.

What does EOFY mean in finance and payroll?

A crucial time for completing bookkeeping, preparing financial statements, and filing tax returns. It is a period when businesses assess their financial health, ensure compliance with tax obligations, and plan for the upcoming financial year. For Aurion and our payroll services team, EOFY involves reconciling payroll accounts, generating payment summaries, and submitting end-of-year reports to the ATO. This ensures that all employee payments, superannuation contributions, and tax obligations are accurately reported and compliant with regulatory requirements.

By understanding and preparing for EOFY, businesses can streamline their financial processes, maximise tax benefits, and set a solid foundation for the new financial year. At Aurion, we provide the assurance of accuracy and compliance, alongside providing essential EOFY services. We are able to support organisations of all sizes and complexities from any industry to meet their financial and regulatory obligations.

Aurion EOFY 2025 Payroll Checklist

Getting stuck into the nitty gritty of processing EOFY in payroll can be a bit overwhelming, as it’s crucial for all the required tasks to be completed accurately and efficiently. To support you in navigating this busy period, we’ve put together a comprehensive checklist that covers all the essential steps for EOFY payroll processing. This downloadable checklist will guide you through reviewing company details, reconciling payroll transactions, and finalising your EOFY data for the Australian Taxation Office (ATO). Whether you’re an experienced payroll professional or if this is your first EOFY, you will find something useful in this checklist. Our Aurion EOFY 2025 Payroll Checklist is designed to help payroll teams streamline their EOFY tasks and ensure compliance with regulatory requirements.

Download your free EOFY 2025 Payroll Checklist here.

Already using Aurion?

If you are currently using Aurion payroll software for your EOFY 2024/2025 processing, we recommend visiting our dedicated EOFY Resources page for more in-depth information, exclusive to our Aurion customer community. Here, you will be able to find a comprehensive guide, EOFY 2025 specific documents and files, alongside a link to our Free EOFY 2025 eLearning Course and Virtual Training options.

Let’s chat!

If you need a payroll partner who supports you with your EOFY processing, speak with our expert team. Our Aurion payroll specialists are available to discuss how we can streamline your payroll and provide additional support. You can reach our team by:

• calling 1300 287 466
• sending an email to [email protected]
• leave your details with us to get back to you

We’re excited to partner with you to make life work better!