EOFY Tax Checklist for Australian Electricians 2024-25
June 30 is approaching fast. Use this comprehensive checklist to maximise your tax deductions, avoid ATO penalties, and start the new financial year organised.
Key Dates for 2024-25
June 30, 2025
End of financial year
October 31, 2025
Tax return due (self-lodged)
May 15, 2026
Tax return due (tax agent)
Quarterly BAS
July 28, Oct 28, Feb 28, May 28
The end of the financial year is crunch time for electricians. Whether you're a sole trader or running a multi-crew operation, proper EOFY preparation can save you thousands in tax and prevent costly ATO penalties. This checklist covers everything from last-minute deductions to record-keeping requirements.
Before June 30: Pre-EOFY Actions
Maximise Deductions Before June 30
Any deductible expenses paid before June 30 can be claimed this financial year. Consider bringing forward these purchases:
- Tools and equipment under $300 (immediate deduction)
- Vehicle servicing and repairs (business portion)
- Professional development courses and training
- Insurance premiums (pay annually before June 30)
- Professional subscriptions and union fees
- Office equipment and technology
- Safety equipment and protective clothing
Bad Debt Review
Review your outstanding invoices. If you've made reasonable efforts to collect and believe a debt is unrecoverable, you can write it off as a bad debt deduction before June 30.
To claim bad debt deduction:
- Document all collection attempts (emails, calls, letters)
- Write off the debt in your accounting system
- Keep records of why you believe it's unrecoverable
Stock and Materials Count
Conduct a stocktake of materials and inventory. The value of closing stock affects your cost of goods sold and taxable income.
Record:
- • Quantity of each material type
- • Cost price (not retail)
- • Location of stock (van, warehouse, job sites)
- • Obsolete or damaged items (may be deductible)
The Complete EOFY Checklist
Income Records
Expense Records
Vehicle Expenses
- Logbook (if using logbook method)
- Fuel receipts
- Registration
- Insurance
- Repairs and maintenance
- Parking and tolls
Tools & Equipment
- Purchase receipts
- Depreciation schedule
- Tool repairs
- Equipment hire
Business Operations
- Phone and internet
- Advertising costs
- Accounting fees
- Bank fees
Staff Costs
- Wages and salaries
- Superannuation
- Workers compensation
- Training costs
GST and BAS Requirements
If you're registered for GST, you need to report and pay GST on your BAS. For a complete guide to BAS for electricians, see our BAS Guide for Australian Electricians. Make sure you have:
GST Checklist
- All tax invoices for GST credits (must show GST amount)
- Records of GST collected on sales
- Reconciliation of GST accounts
- PAYG instalment calculations (if applicable)
Superannuation Obligations
Superannuation Guarantee (SG)
For 2024-25, the superannuation guarantee rate is 11.5%. This applies to employees earning $450+ per month.
Quarterly Due Dates:
- Q1 (Jul-Sep): October 28
- Q2 (Oct-Dec): January 28
- Q3 (Jan-Mar): April 28
- Q4 (Apr-Jun): July 28
Penalty: Late super payments incur the Superannuation Guarantee Charge (SGC) which includes interest and administration fees. Always pay on time!
Personal Super Contributions
Consider making personal super contributions before June 30. You may be able to claim a tax deduction for personal contributions (notify your fund in writing).
2024-25 Contribution Caps:
- Concessional (pre-tax): $30,000 per year
- Non-concessional (after-tax): $120,000 per year
2024-25 Tax Rates for Electricians
Individual Tax Rates (Australian Residents)
| Taxable Income | Tax Rate |
|---|---|
| $0 - $18,200 | Nil |
| $18,201 - $45,000 | 16% |
| $45,001 - $135,000 | 30% |
| $135,001 - $190,000 | 37% |
| $190,001+ | 45% |
* Note: The 32.5% and 37% rates were reduced to 30% from 2024-25. Medicare levy (2%) applies in addition to these rates.
Instant Asset Write-Off 2024-25
The instant asset write-off threshold for 2024-25 is $20,000 per asset. This means eligible businesses can immediately deduct the business portion of assets costing less than $20,000 each.
What Qualifies?
- Tools and equipment under $20,000
- Computers and technology
- Office furniture and equipment
- Vehicle assets (subject to car limit)
Eligibility: Businesses with aggregated turnover less than $10 million.
Record Keeping Requirements
The ATO requires you to keep records for 5 years from the date you lodge your tax return. Good record keeping also helps you track your business performance.
Essential Records to Keep
Income Records
- • Sales invoices
- • Bank statements
- • Cash register tapes
- • Contracts and agreements
Expense Records
- • Purchase receipts
- • Tax invoices
- • Credit card statements
- • Employee payment records
Asset Records
- • Asset purchase records
- • Depreciation schedules
- • Improvement costs
- • Sale/disposal records
Other Records
- • Bank account records
- • Stocktake records
- • Motor vehicle records
- • Debtor/creditor lists
Common EOFY Mistakes to Avoid
- Mixing personal and business expenses
Keep separate bank accounts and credit cards for business. The ATO disallows deductions where you can't prove business purpose.
- Not keeping receipts
You need receipts for all deductions over $300 (some exceptions apply). Photograph receipts immediately as they fade.
- Claiming home to work travel
Commuting from home to your regular workplace is never deductible, even if you carry tools.
- Missing superannuation deadlines
Late super payments incur the SGC which is not tax deductible. Always pay by the quarterly deadlines.
Downloadable EOFY Checklist
Free EOFY Tax Checklist PDF
Download our comprehensive EOFY checklist to ensure you don't miss anything. Includes all the items above plus a timeline for EOFY preparation.
Download Free ChecklistFAQ
When is the tax return due?
If lodging yourself: October 31, 2025. If using a tax agent: May 15, 2026. However, you must register with a tax agent before October 31 to get the extension.
Can I claim my work clothes?
Only if they're protective (hi-vis, safety boots) or compulsory uniform. Regular work clothes are not deductible even if you only wear them to work.
What if I haven't kept all my receipts?
Bank and credit card statements can sometimes be used as evidence. For expenses under $300, you may not need a receipt but must be able to show how you calculated the expense. For vehicle expenses, a logbook is essential.
Should I use a tax agent?
If your affairs are complex (multiple income sources, employees, significant assets), a tax agent is recommended. Their fee is tax deductible, and they can often find deductions you might miss. Also see our guide to the best accounting software for Australian electricians.
Can I claim my mobile phone?
Yes, the business percentage of your phone and internet costs. Keep a 4-week representative diary showing work vs personal use to justify your claim percentage.
Key Takeaways
- Bring forward deductible purchases before June 30
- Ensure superannuation is paid by quarterly deadlines
- Keep all receipts and records for 5 years
- Consider the $20,000 instant asset write-off
- Lodge on time to avoid penalties
Track Expenses All Year Round
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