There’s a lot of EOFY noise every year. Most of it isn’t relevant to a 2-15 person trade business. Here’s what is.
Instant asset write-off
The threshold for the instant asset write-off was extended at $20,000 per asset for businesses with under $10 million in turnover. Useful if you’ve been holding off on a new ute, a trailer, or some larger equipment. The asset has to be installed and ready for use by 30 June, so the timing window is tight.
Super guarantee at 12%
The super guarantee rate moved to 12% on 1 July 2025 and stays there for 2025-26. If you’re on Trak with payroll-integrated timesheets, this updated automatically. If you process payroll separately, double-check your software’s settings before the June quarter.
GST reporting changes
For businesses on monthly BAS, there’s a new simplified reporting format that the ATO rolled out in March. If you’re already using Trak’s two-way Xero or MYOB sync, the GST classifications flow through and the new format is supported automatically. If you’re hand-keying BAS, the change is enough to be worth a half-hour with your accountant.
What’s worth doing before 30 June
A few things that take an hour each and tend to be worth it:
- Reconcile any outstanding subbie invoices. They’re often the messiest line item come tax time.
- Check that all jobs from the financial year have invoices issued. Easy to lose 2-3 jobs to “I’ll invoice that next week” and never get back to them.
- Run a job profitability report across the year. It’s the cheapest market research you’ll do.
If you’re running Trak, the year-end summary in the reporting section pulls all of this in one view. Worth bookmarking.