EOFY Tax Tips for Small Businesses from a CPA with 40+ Years Experience

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With tax time almost upon us, we caught up with Lloyd Richardson, CEO of Jim’s Tax and a Fellow CPA, to get his perspective on what small business owners need to keep in mind as the end of the financial year approaches.

Lloyd has spent more than 40 years in the accounting world – he grew up in the industry, took over his father’s practice, and now heads up a 60-strong network of tax agents and bookkeepers across the country, so you could say he knows a thing or two about tax. 

Read on to learn his practical, no-nonsense advice for small business owners looking to get the most out of this end of financial year. 

Preparing your small business for EOFY tax.

Question: How far in advance should small businesses start preparing for EOFY?

Answer: Small business owners generally prepare BAS statements quarterly, and that’s when you should be thinking about your end-of-year tax too. A good bookkeeper will prep your financials quarterly and refer them to a tax agent, who can then estimate your tax position.

It’s always better to plan early, but a lot of businesses wait until June and panic. You need a proactive bookkeeper. A Jim’s bookkeeper is trained to handle this, and then your tax agent (hopefully also a Jim’s Tax person!) will review it at tax time. But at a minimum, your accounts should be updated quarterly.

Key financial documents for EOFY tax.

Question: What key documents or reports should small businesses have ready?

Answer: Importantly, you need a profit and loss statement and a balance sheet, ideally on an accrual basis. These help determine profitability based on your business structure – whether you’re a sole trader, partnership, trust or company. 

Remember that GST is typically calculated on a cash basis – money in, money out. But small business tax is done on an accrual basis – what’s been invoiced. That’s why it’s so important to know whether you’re reporting on a cash or accrual basis, it affects when income is counted.

You should have your financials up to date by the end of March. Then in early June you can sit down and ask yourself (and your tax agent), “What’s my profitability up to March? How much have I earned in April and May, and what can I do before June 30 to legally minimise tax?”

Common EOFY tax deductions and overlooked claims. 

Question: Are there any deductions or claims that often get overlooked?

Answer: There are two sides to EOFY planning – income and expenses.

On the expenses side, look at your debtors. Write off bad debts before 30 June or you’ll be taxed on them. Check your depreciation schedule too – sometimes there’s old plant and equipment that’s been written off or no longer exists. Write it off and claim the deduction.

Also, pay expenses before the end of June and delay income if you can. For example, if I finish a job on 29 June, I might not invoice until 1 July (subject to cash flow, of course) and that pushes the tax into the next year.

EOFY tax tips by business structure (sole trader, company, trust).

Question: What steps should sole traders take that might differ from those with staff or a company structure?

Answer: Sole traders pay tax on net profit. Super isn’t compulsory for sole traders, which catches people out. You can contribute up to $30,000 into super and claim it as a deduction – taxed at 15% in super instead of up to 47%.

Companies should keep an eye on debit loans – directors drawing from the company. You’ve got to sort those before EOFY or they’ll be taxed as unfranked dividends. Directors can also contribute to their super – up to $30k per director) – and if you haven’t used your full contribution cap in the last five years, you can add more.

If you’ve got staff and your pay run starts 1 July, consider paying it early on 30 June so you can claim the deduction this year. You can pay expenses up to 12 months in advance. And if you buy plant and equipment under $20k and receive it before 30 June, you can write off 100% of it. Over $20k, you have to depreciate it.

2025 ATO guidance for small businesses at EOFY.

Question: Have you seen any recent changes in ATO guidance that business owners should be across

Answer: The ATO is focused on trusts this year. If you operate through a family trust, make sure your distribution minutes are done before 30 June to allocate profit to beneficiaries. If not, the whole lot could be taxed at up to 47%. Be careful with trust distributions to companies too, that’s under scrutiny.

If you’re in a company, sort out your debit loans before EOFY. If you don’t, they might be taxed as income. Super and wage adjustments can help, but don’t go throwing around massive bonuses, your structure has to support it.

Overcoming EOFY tax stress.

Question: For business owners who feel overwhelmed by EOFY, what’s your advice?

Answer: Talk to a Jim’s Tax agent. The first step is getting your accounts up to date, at least to March, so you’ve got a clear idea of where you stand. What’s your actual net profit? What tax is payable? What’s already been paid through your BAS? Once you know those numbers, the fear factor drops and you can take action if needed.

A lot of people get overwhelmed because they don’t have the right info in front of them. If your books are a mess, EOFY can feel like a mountain. But if you’ve kept things tidy through the year, or get someone to help you sort it out now, it becomes much more manageable. I do the same process in my own business – I check receivables and payables, think about super, and look at expenses I might bring forward.

Also, another big benefit of using a tax agent is that your return can be lodged as late as May or June the following year. If you’re not using a tax agent, it’s due by the end of October.  

Reviewing business performance at EOFY.

Question: What should business owners be asking themselves (or their advisors) when reviewing the past financial year?

Answer: Start by getting your accounts up to date – that’s non-negotiable. Then ask the basics: “What’s my net profit? How much tax is payable? What have I already paid?” Once you’ve got those answers, the next question is “What can I do before 30 June to reduce my tax?” That’s the conversation you want to be having with your tax agent.

EOFY is also a good time to reflect on what went well and what didn’t go so well over the past 12 months. Were your margins healthy? Are you on top of your cash flow? Is your structure still the right fit? Those kinds of questions can lead to smarter decisions for the year ahead.

Quick 2025 EOFY tax wins for small businesses.

Question: What are some quick wins business owners can take in the final month of the financial year?

Answer: Pay super before June 30, that’s a big one. If you’ve run a payroll and you know what super is owed, pay it a few business days before 30 June so it lands in the fund on time – then you can claim the deduction this year. If you miss the cut-off, you can’t claim it until next year, even if you pay it in early July.

Delay income where it makes sense, bring expenses forward where possible and write off bad debts. Review your depreciation schedule — if you’ve bought any assets under $20k and started using them before 30 June, you can claim the full deduction this year.

It’s not about magic tricks, it’s about good management. The small things can make a big difference when they’re done right and done on time.

Business restructuring or system changes at 2025 EOFY.

Question: Should business owners consider restructuring, changing systems or adjusting payment schedules at EOFY?

Answer: If you’re thinking about changing structure, say from sole trader to company or trust, EOFY is the time to do it. You can wrap things up neatly on 30 June and start fresh on 1 July. It’s much easier from a bookkeeping and reporting point of view, otherwise you’re dealing with a crossover year, and that just creates more complexity.

The same goes for system changes. If you’re switching accounting software, or introducing a new payroll or invoicing system, 1 July is a clean starting point. 

EOFY is a natural point to review how your business is running. If something’s not working, now’s the time to make a change, but always get advice first so you’re not creating a bigger headache down the track.


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Zeller Business Blog

The Secret to One of Sydney’s Best New Restaurants Is Free-flowing Drinks… and Data

After a 20-year career shaking and stirring behind the bar and in the boardroom of some of Sydney’s most revered venues, Joong Charpentier is today the General Manager of Tanuki. Since its opening in January 2024, the Japanese restaurant and cocktail bar has become a wildly popular haunt in the harbourside suburb of Double Bay. Drawing on his wealth of experience in fine-dining restaurants, pubs, five-star hotels, nightclubs, and bars, Joong is leading Tanuki to success with a combination of the right team and the right tech. “My family immigrated to Sydney from Belgium in the early 90s and opened a French restaurant in Manly, so I’ve just always been around hospitality, ”  explains Joong Charpentier. After cutting his teeth as a kitchen hand, he worked his way up through back-of-house, front-of-house, and management, to where he is now, at the helm of Tanuki. Named after the mischievous raccoon dog, known in Japanese folklore for leading humans astray, the venue is an invitation to stay a little longer than you should. “It combines everything I love: cocktails, fine-dining, and an atmosphere that turns into a bit of a party later on in the evening. It has all those elements rolled into one,” Joong says. With those three elements comes the need for multiple teams and careful coordination in order to provide consistent quality and service throughout the venue. “Staffing is the biggest challenge,” says Joong, “Finding the right team members and maintaining consistency. Whether it's your product offering, trading hours, messaging, or back-of-house policies: consistency is key. And you need to find the right people to achieve that,” he explains. Thankfully, the hospitality industry is producing more professionals today than ever before, and offering them opportunities to learn and grow within the industry: “We invest time and energy into training our team members,” says Joong, “Because people now understand that this is a professional industry. You can apply yourself and have a successful and rewarding career, it’s no longer just a weekend job or something you’re doing to put yourself through uni." Parallel to the professionalisation of the industry, Joong has also experienced the shift in technology available to restaurateurs. Being able to access data today, enables venues like Tanuki to hone in on and optimise different areas of the business – from customer service to inventory management, and pricing. “The more information that we have on the way a guest likes to enjoy their time in the venue, the better the experience we're going to provide,” says Joong. “We use  SevenRooms  to manage our reservations. It syncs up to our point-of-sale system, H&L, and allows us to track everything the guest orders and allows us to make profile notes. So, if you come back in six months time and say ‘I had a really great wine here last time’, we’ll be able to track it down for you,” explains Joong. The flow of data between separate providers has been a key development in recent years, unlocking even more opportunities for hospitality professionals to speed up their processes and conduct richer analysis. One such integration was that of  H&L  point-of-sale system with  Zeller ’s payment platform, giving rise to  Pay at Table : a solution that allows wait staff to view open tables, see outstanding bills from across the entire restaurant, accept payments and close tables — all from one device, while keeping the point-of-sale free for other staff to use.

A Sydney Icon with a Storied Past Embraces the Future

Steeped in the historical infamy of Sydney’s Kings Cross, The Roosevelt has a colourful past going back decades. Originally operating in the 1940s and 50s, the venue was once controlled by the notorious underworld figure Abe Saffron – dubbed ‘Mr. Sin’ – whose powerful influence over Sydney’s nightlife included the original Roosevelt Club. Fast forward to today, and The Roosevelt has been lovingly and creatively reimagined with an American diner meets old-school nightclub-style aesthetic, and is now proudly under the stewardship of Ben Hickey and his partner Naomi Palmer. Hickey has been involved with the venue for over a decade, and since taking ownership eight years ago, has helped transform it into a destination for cocktail lovers, whiskey connoisseurs, and locals looking for a unique experience. Some of The Roosevelt’s most famous offerings are its signature martinis, served ice-cold and with plenty of panache thanks to the power of dry ice. “We do a lot of classic martinis, but we use liquid nitrogen to get the glass as cold as absolutely possible,” says Hickey. “So, you get a really, really cold martini, plus the effect of the liquid nitrogen smoke spreading everywhere.” Also a standout is the eponymous Roosevelt Blazer cocktail. “For this one, we use Diplomatico rum, plus PX that has been infused with date, fig and cinnamon, then serve it flaming at the table. It’s a great winter drink with the  kind of theatrical presentation people love.” A food menu with finesse While The Roosevelt is best known for its drinks, it also boasts a full food menu featuring a variety of share plates and main courses. Two of the most noteworthy (and droolworthy) options on the menu include the Sydney rock oysters with champagne mignonette and the sirloin steak with cannellini bean, leek, & black pepper jus, both popular choices for guests looking for a refined dining experience. Those with a sweet tooth might opt for the treacle and almond tart with Laphroaig whisky cream or the ‘Noir Nightcap’, made with Jameson Black Barrel, coffee, stout reduction and Frangelico, served affogato style over brandy ice-cream. Zeller’s Bill at Table: worth the wait. The Roosevelt’s relationship with Zeller started a few years ago when a friend of Ben’s suggested Zeller could likely offer a better rate than their provider at the time. “When we switched to Zeller, we got a really good rate, so that made the switch well worth it. But now Bill at Table is here it's even better, because it makes the billing process that much smoother.” Tipping the scales in favour of gratuity. Tipping has always been a nuanced topic in hospitality. “Tipping is always tricky. It depends on the group and the situation,” Hickey shares. “Some people always tip, some never do.” With Zeller’s Bill at Table, guests are presented with an itemised bill on the  Zeller Terminal screen before making payment. They can also choose whether they’d like to split the bill and leave a tip with a single tap. “People are definitely more likely to tip when they’re still sitting at the table. If they get up to pay, the feeling of traditional service evaporates and the magic is gone. The awkwardness is removed from the tipping process as the system prompts the tip, meaning the staff don’t have to. It’s seamless.” More covers means more revenue. Since implementing Bill at Table, The Roosevelt has experienced a tangible improvement in patron experience at the end of a sitting. “Before Bill at Table, we had way more people coming up to the till to pay. Or we would drop the bill off and then they’d be holding their phone – but were they ordering an Uber, for example, or ready to pay? It was often awkward,” Hickey reveals. “But with Bill at Table, there’s no ambiguity. It makes the experience much smoother.” For staff, the transition has been intuitive. “Most of our team has worked in hospitality for a while, and even if they hadn’t used this system before, it didn’t take them long to learn.” For The Roosevelt, the way Bill at Table streamlines the payment process makes for quicker table turnover and thus more patrons served. “Now pretty much 95% of our payments are taken at the table,” says Hickey. “On a busy night, when we’re doing 160 covers, the feature is particularly great. People don’t need to worry about their friends forgetting to PayID them or not having the right cash, the bill is settled then and there and then they’re off into the night – and we’re onto the next table.”

Zeller for Startups

How to Raise Funds for your Startup

Raising capital is one of the biggest challenges facing Australian startups. In fact, in a recent survey by Zeller , 94% of local tech founders cited fundraising as their top hurdle, followed by financial management.   If you're an early-stage founder wondering how to secure funding in Australia, you're not alone. The good news is that these days there are more funding options available than ever, from government grants and accelerators, to angel investors and VCs. This guide outlines the different paths to fundraising for your startup, along with tips to make the most of each option. Bootstrapping and self-funding. Bootstrapping simply means using your own money – whether that’s your savings, income from a day job, or early sales – to fund your business. It’s the most straightforward way to retain full control and ownership as you don’t have to give up equity or answer to external investors, making it ideal if you want to build on your terms. But bootstrapping demands discipline. You’ll need to stretch every dollar as far as you can, track your expenditure closely to ensure you’re keeping costs down, and focus on reaching profitability fast. This often involves launching with a minimum viable product (MVP), finding low-cost marketing strategies (such as referral programs or leveraging social media), and maintaining a lean operation. Many successful startups begin this way. That said, bootstrapping isn’t ideal for every business.  If your startup requires significant upfront capital – such as for product development, engineering, technical infrastructure, inventory, or team recruitment – you'll likely need the support of external funding. Still, even a short period of bootstrapping shows investors you're dedicated and know how to responsibly manage your startup finances. Having some traction before raising money can also lead to better terms. Pro tip: Document your early wins. Investors like to see founders who’ve achieved progress with limited resources as it signals resilience and vision. Fundraising from friends and family. Once personal funds start running low, founders sometimes turn to friends and family for limited initial capital raising. These people already believe in you, so they might accept a higher level of risk than a VC or professional investor. It’s a common early-stage funding step, especially if you require modest capital to develop a prototype or reach your first customers. Still, it should be approached with care. Even though the relationship is personal, you should treat it like a business deal. Be clear about whether the money is a loan, a gift, or an investment, and formalise everything in writing. Using tools like SAFE notes (Simple Agreement for Future Equity) or convertible notes allows informal investors to gain equity later, once you raise a proper round. Raising money from loved ones can strain relationships if things don’t go well. Only take what you truly need, and make sure everyone understands the risks. Some startups go years before returning capital to early investors – and some never do. Government grants and support programs Australia offers a wide range of government support for startups. Unlike loans or investment, most grants are non-dilutive and don’t require repayment, making them a valuable source of early-stage funding.​ The most well-known is the Research and Development (R&D) Tax Incentive , which refunds up to 43.5% of eligible R&D expenses. If your startup is working on new technologies, this can significantly reduce burn. Another popular program is the Export Market Development Grant (EMDG) , which helps cover international expansion costs.​ There are also many state-level grants and startup challenges. For instance, LaunchVic in Victoria offers funding and support for innovation-focused businesses. In New South Wales, the Minimum Viable Product (MVP) Ventures Program provides grants ranging from $25,000 to $50,000 to help startups commercialise innovative products or processes. ​ These grants often require businesses to meet criteria around location, industry, or stage.​ If you haven’t already, check out the government’s Grants and Programs Finder to see if there could be something suitable for you. Applying can be time-consuming, but the payoff is often worth it. Be ready to justify how the funds would be used and how they’d contribute to your growth. Startup accelerators and incubators. Accelerators and incubators support early-stage founders through mentoring, resources, and often seed funding. Accelerators typically run structured programs over a few months, ending in a pitch event or demo day. In exchange for equity, they may offer anywhere from $50,000 to $150,000, alongside  intensive business dev elopment support. Well-known Australian accelerators include Startmate, muru-D, and BlueChilli. These programs are competitive, but graduating from one can significantly boost your credibility and access to investors. Incubators are less structured and may not offer funding but provide office space, mentoring, and networking opportunities. Some are affiliated with universities or corporates and help commercialise research or develop early-stage ideas. The non-monetary benefits of these programs – exposure, mentorship and networking – can be just as valuable as the funding itself. Crowdfunding. Crowdfunding has grown as a legitimate funding path for startups, and there are two main types: Product crowdfunding: Platforms like Kickstarter or Indiegogo let you pre-sell a product in exchange for future delivery or rewards. It’s ideal for consumer goods, gadgets, or creative projects, and helps validate market demand, but it requires a strong campaign and careful fulfillment planning. Most platforms are all-or-nothing – if you don’t hit your goal, you get nothing. Equity crowdfunding: Since 2018, Australian startups can raise up to $5 million per year from retail investors in exchange for equity, using platforms like Birchal, Equitise, and OnMarket. This opens up your funding to the general public, and is especially effective if your brand has community appeal. Crowdfunding is a marketing effort as much as a fundraising one. You'll need a compelling story, strong visual assets, and a plan to engage directly with supporters to maximise your investment potential. It can be a good option if you want to build brand awareness while raising capital. Angel investors. Angel investors are high-net-worth individuals who fund startups, usually in early stages, with investments ranging from $10,000 to several hundred thousand dollars. Australian groups like Sydney Angels and Melbourne Angels are actively investing in startups across various sectors. Angels are often former founders or industry veterans, and many provide mentorship and strategic guidance in addition to capital. They typically invest via SAFE notes or convertible notes, which delay equity valuation until a future round. To attract angels, have a solid pitch deck, an early product or traction, and a clear growth plan. Research angels who align with your sector or business model. Getting an angel on board can lend your startup credibility and help you reach larger investors down the track. Venture capital. Venture capital funding in Australia is competitive, but thriving. Firms like Square Peg, Apex Capital Partners, Blackbird Ventures, and AirTree back high-growth companies with multi-million-dollar investments across a longer-term partnership. VCs (venture capitalists) are looking for businesses with large addressable markets, scalable models, and traction – not just ideas. You'll need a proven team, a strong product, and revenue or growth metrics (be it firm projections, or realised figures). The VC process includes extensive due diligence, so be ready to share your financials, projections, and cap table. VCs may sometimes also take a board seat and expect a say in key decisions. While they can accelerate growth, VC funds come at a price – dilution and control. Be sure that venture funding aligns with your company’s goals before pursuing it. If you’re looking at getting VC investment, warm introductions through other founders, angels, or accelerators can significantly improve your chances of getting a meeting. Business loans for startups. Loans offer a non-dilutive path to funding, which can be attractive to startup founders who want to retain full ownership and control.   Traditional lenders may require a trading history, collateral, or a personal guarantee. These hurdles can make loans difficult to secure early on. However, if you have existing revenue, purchase orders, or assets, you might qualify. Alternative and fintech lenders, like Prospa or Capify, offer faster application processes and unsecured options. Be cautious – interest rates can be higher, and repayments start immediately. Some founders use credit cards or overdrafts to manage short-term cash flow. While risky, it can work if the borrowed funds drive growth that covers the debt. Only borrow what you can realistically repay, and make sure any debt supports revenue-generating activities. Pitch competitions and startup events. Startup pitch events can be a great opportunity to refine your pitch, build visibility, and meet investors. Across Australia, competitions range from university challenges to major events like StartCon or SXSW Sydney, where prize pools can reach six figures. You might not win every contest, but participating builds your confidence, sharpens your story, and connects you with the ecosystem. Winning smaller awards can also add up and provide early, non-dilutive capital. If you decide to compete, make sure to tailor your pitch to the judges and practice until it’s smooth. Use any prize money strategically to hit meaningful milestones, like launching your product or scaling up your marketing. Set yourself up for financial success. Raising capital is only half the equation. Once you have funds, managing them wisely is equally crucial. Many founders struggle with outdated banking tools and disjointed systems when they simply don’t have to. Modern platforms like Zeller for Startups provide banking, payments, and expense management all in one place, streamlining the finance side of things considerably.   Pro tip: Be sure to open a dedicated business account, like a Zeller Business Transaction Account , to keep your personal and business separate. Plus, you can integrate it with accounting tools like Xero or MYOB to streamline your tracking and reporting. Make it work for you. There’s no one-size-fits-all approach to raising funds. Most startups use a combination of bootstrapping, grants, investors, and competitions to grow. Stay flexible, persistent, and realistic. Every rejection is an opportunity to learn something – about your pitch, your timing, or your market. Finally, remember that the end goal isn’t securing funding, it’s building a successful, sustainable business, so make sure your capital is always fuelling progress, not just buying time.

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