Financial Year 2024–25 in Australia: Dates, Changes & EOFY Checklist

The Australian financial year can creep up fast when you’re busy running a business. If you plan ahead for FY2024-25, you’ll reduce stress at tax time, keep your records clean, and stay compliant with your legal obligations.

This guide walks you through what the “financial year Australia 2024-25” actually covers, the key dates small businesses should lock into the calendar, key changes from 1 July 2024 that may affect your payroll and pricing, and a practical legal and operational EOFY checklist you can work through with your team.

Our goal is to help you feel in control and confident, so you can focus on growing your business while staying compliant.

What Does The Australian Financial Year Cover?

Australia’s financial year runs from 1 July to 30 June. When people refer to “financial year Australia 2024” they’re usually talking about either the period that ended 30 June 2024 (FY2023-24) or the current period that began 1 July 2024 (FY2024-25). For small business planning right now, the focus is typically FY2024-25, which ends on 30 June 2025.

Why this matters: many legal, payroll and tax settings reset on 1 July each year. That means new rates, new thresholds, and refreshed compliance tasks. Getting across those changes early helps you budget, set prices, and prepare your team.

Key FY2024-25 Dates And Deadlines For Small Businesses

Exact tax lodgement dates can vary depending on your business and whether you use a tax agent, but these are the standard timing cues most small businesses track throughout the financial year:

• Quarterly BAS: generally due 28 days after the end of each quarter (e.g. for the September quarter, around 28 October).
• Single Touch Payroll (STP) finalisation: employers usually need to finalise by 14 July for the prior financial year.
• Superannuation contributions: typically due quarterly by the 28th of the month following each quarter (e.g. 28 October for September quarter). Paying monthly is a good discipline to stay on top of cash flow and compliance.
• PAYG instalments: often aligned with BAS quarters.
• Annual company review (ASIC): on your company’s review date each year, with fees and confirmations due shortly after. Directors also consider a solvency resolution as part of normal corporate governance.
• Payroll tax (if applicable): state-based monthly or annual lodgements depending on your jurisdiction and wage bill.

Tip: Block these dates into your calendar now and work backwards. For example, set an internal cut-off for creditor invoices, stocktake, and payroll reconciliations two weeks before your BAS or STP deadlines so you’re not scrambling.

What Changed On 1 July 2024?

Each 1 July comes with updates that can affect your payroll, pricing and contracts. For FY2024-25, keep these in mind:

Superannuation Guarantee (SG) Rate

The SG rate increased to 11.5% from 1 July 2024 (it was 11% in 2023-24). Ensure your payroll software and budgets reflect the new rate. If you pay “salary package inclusive of super,” check how the higher SG interacts with total remuneration so that base pay and super are calculated correctly against ordinary time earnings (OTE).

Wages, Awards And Employment Costs

Modern award minimums can change from 1 July. If you employ staff, double-check classifications, loadings and allowances against your award and update each Employment Contract if needed. It’s also a good moment to review rosters and overtime practices to keep costs predictable across the year.

Income Tax Thresholds And Withholding

From 1 July 2024, changes to personal income tax rates affect PAYG withholding calculations. Update your payroll settings so your withholdings are correct from the first pay run in July. Your accountant or payroll provider can guide you here.

Small Business Asset Write-Off And Investment

Small business instant asset write-off settings have been subject to annual budget measures. Before committing to equipment purchases this year, confirm current thresholds and eligibility with your tax adviser so your cash flow and deductions line up with your plan.

Customer Pricing And Payment Terms

If your costs have shifted (e.g. due to wages, SG or supplier price increases), consider whether to adjust your pricing and payment terms. Where you invoice, it’s helpful to standardise this in your customer terms or a clear invoice policy-many small businesses use consistent invoice payment terms and, if appropriate, lawful late payment fees to keep cash flow stable.

EOFY And New-Year Legal Checklist For Small Businesses

Whether you closed the books for FY2023-24 or you’re mapping FY2024-25, this step-by-step checklist helps you cover both finance and legal foundations.

1) Close Off Last Year Cleanly

• Reconcile bank accounts, payroll, super and PAYG for FY2023-24.
• Stocktake and write down obsolete inventory if applicable.
• Review fixed assets and depreciation-check any small business write-off rules with your adviser.
• Finalise STP by 14 July where required and issue any necessary statements.

2) Review Your Business Structure And Ownership

As your business grows, your risk profile and goals change. Consider whether your current structure (sole trader, partnership, company or trust) is still the right fit. If you operate a company, directors should complete the yearly governance tasks, including considering the company’s financial position and passing a solvency resolution.

If you have co-founders or investors, confirm your decision-making framework and dividend policy. For companies, it may be time to revisit your Shareholders Agreement and the way you handle dividends paid to shareholders so expectations are clear for the year ahead.

3) Refresh Core Contracts And Policies

Contracts age quickly as your pricing, processes and laws change. Before you launch into a new year of sales, make sure your key documents are current:

• Customer Terms and Conditions or Service Agreements: align pricing, payment terms, IP ownership and liability caps with how you actually trade.
• Supplier Agreements: check delivery timeframes, quality standards and termination triggers to protect your supply chain.
• Employment Contracts and Policies: update any role changes, location flexibility, overtime rules and data security expectations in each relevant Employment Contract and your staff handbook.
• Privacy Compliance: if you collect customer data, ensure your Privacy Policy matches your current practices and that your systems reflect data retention laws.

4) Tune Your Payroll And Super Settings

• Update payroll for SG 11.5% and any award or rate changes.
• Confirm leave balances and entitlements are accruing correctly against OTE and hours worked.
• Set internal cut-offs to get super contributions paid before quarterly due dates to avoid penalties.

5) Budget, Cash Flow And Pricing

• Reset your budget with realistic revenue and cost assumptions (including energy, freight, and wage increments).
• Revisit your sales contracts to ensure your current payment terms support cash flow.
• Decide whether to offer early-payment incentives or introduce lawful late fees to keep invoices moving.

6) Governance And Director Obligations

Directors should confirm the company can pay its debts as and when they fall due, keep proper records, and document key decisions. If directors receive remuneration, make sure your policy and records for director fees are consistent and correctly approved.

7) Risk, Insurance And Dispute Readiness

• Check insurance coverage aligns with current operations and revenue.
• Document escalation steps for debt recovery, chargebacks and supplier issues.
• Ensure your contracts give you practical levers (e.g. suspension for non-payment, clear termination rights, and reasonable liability caps).

Do Any Australian Laws Change How I Trade In FY2024-25?

All businesses selling goods or services in Australia need to comply with the Australian Consumer Law (ACL). At a minimum, ensure your marketing is accurate and your refund and warranty processes meet the law’s consumer guarantees. It’s also wise to sense-check your ads and website content against the rules on misleading or deceptive conduct-see the guide to section 18 of the ACL for context.

If you employ staff, Fair Work compliance continues to be a focus for regulators. That means paying correct minimums, keeping time and wage records, and having clear policies for leave, overtime and breaks embedded in your Employment Contract and workplace handbook.

If you run a company, maintain your ASIC obligations such as your annual review, updating company details when they change, and holding appropriate board or director approvals for key decisions. Make time in your calendar for your annual solvency resolution and filing routine.

Finally, most businesses now operate online in some capacity. If you’re collecting personal information (even a simple email signup), ensure your Privacy Policy is accurate and you have a plan for secure storage and deletion according to data retention laws.

Company Directors: Governance Tasks To Tick Off This Year

Good governance doesn’t have to be complicated. A light but consistent rhythm keeps you compliant and supports growth.

• Board/Director Calendar: Schedule monthly or quarterly check-ins to review cash flow, key risks, and strategy.
• ASIC Annual Review: Confirm details, pay the fee, and record the outcome.
• Solvency Resolution: Pass it on time and document the decision and supporting financials.
• Dividends And Distributions: If you plan to make distributions, align with the Corporations Act, your constitution, and your company’s policy on dividends paid to shareholders.
• Director Remuneration: Review and minute your approach to director fees, bonuses and incentive schemes to avoid ambiguity.
• Policy Housekeeping: Update conflicts, delegations, and financial authority limits to match who does what in the business.

What Legal Documents Should I Review Or Update For FY2024-25?

Every business is different, but these are the documents most small businesses refresh at least annually:

• Customer Terms and Conditions: The rules for how you sell-scope of services, pricing, payment timing, warranties, liability caps and dispute resolution.
• Website Terms of Use: Friendly house rules for visitors, including acceptable use and IP notices.
• Privacy Policy: A clear statement about the personal data you collect, why you collect it, where you store it, and how customers can seek access or correction. Make sure your Privacy Policy matches your real practices.
• Employment Contracts & Policies: Role descriptions, hours, pay and benefits; plus policies covering leave, conduct, safety and data security inside each Employment Contract and staff handbook.
• Supplier Agreements: Delivery standards, service levels, pricing reviews and clear termination rights if things go wrong.
• Shareholders Agreement (if a company with co-founders): Decision-making, share transfers, exits, and dividend policy-so governance is smooth all year.

If you aren’t sure which contracts you need, prioritise the ones that touch revenue (customer and supplier terms), people (employment), and risk (privacy, liability caps, and insurance clauses).

Practical Tips To Make FY2024-25 Smoother

• Automate Recurring Tasks: Use your accounting and payroll tools to automate super payments and PAYG where possible.
• Set Quarterly “Mini Closing” Rituals: Reconcile and review quarterly so year-end is just another quarter.
• Keep A Live Risk Register: Note emerging risks (supply chain, cash flow, cyber) and tie mitigations back into your contracts and policies.
• Align Legal And Operations: If you change how you sell or deliver, update your documents immediately-don’t wait for year-end.
• Document Decisions: Short board or manager notes go a long way to prove compliance and keep your team aligned.

Key Takeaways

• FY2024-25 runs from 1 July 2024 to 30 June 2025-lock in BAS, STP, super and ASIC review dates now so nothing is missed.
• From 1 July 2024, plan for the 11.5% super rate and any award or tax table changes to flow through your payroll and pricing.
• Close last year cleanly, then refresh contracts, payroll settings, and your privacy and data practices to match how you operate today.
• Company directors should keep governance simple but consistent-annual ASIC tasks, a timely solvency resolution, and clear records for dividends and director fees.
• Strong customer terms, supplier agreements, employment contracts and a current Privacy Policy are core to managing risk and cash flow through the year.
• A quarterly rhythm of reconciliation and review makes EOFY routine rather than a scramble.

If you’d like a consultation on planning and legal setup for FY2024-25 in your small business, you can reach us at 1800 730 617 or team@sprintlaw.com.au for a free, no-obligations chat.