Mastering EOFY: Expert insights and strategies for success

The end of the financial year (EOFY) is a crucial time for New Zealand accountants and bookkeepers. It’s an opportunity to ensure compliance, optimise workflows, and help clients prepare for the year ahead.

We’re here to arm you with expert insights, practical strategies and a few handy tricks to make EOFY seamless — so you can spend less time firefighting and more time adding value where it matters most.

Key EOFY dates and legislation updates

Staying informed about tax deadlines and regulatory changes is essential. Here are some key dates and legislative updates for EOFY 2025:

• 31 March 2025: Official end of the financial year for most businesses.
• 7 May 2025: Deadline for filing income tax returns for the 2024 tax year (for clients without an extension).
• 28 August 2025: Final date for GST returns for businesses using a two-month filing cycle.
• Provisional tax adjustments: Ensure clients are up to date with any required provisional tax payments to avoid penalties. Staying ahead of key dates isn’t just good practice — it’s the easiest way to avoid unnecessary stress and penalties.

From 1 April 2025 the following compliance changes will take effect:

• Minimum wage will increase to $23.50
• Updated Property Interest Limitation rules

If you use MYOB Business, keeping up to date with compliance changes is easy. When required, your software will be automatically updated to reflect these changes.

If you use any desktop version of MYOB including Ace Payroll or NZ Payroll, make sure you download the latest release to ensure your software is up to date with the latest compliance changes.

For a full list of EOFY tax obligations and key dates, visit MYOB’s EOFY resource page.

Strategies for a successful EOFY with clients

EOFY can be overwhelming for businesses, but as a trusted advisor, you can help your clients navigate it with confidence. Here are some expert-recommended strategies to ensure a smooth transition into the new financial year:

1. Get financial records in order

Encourage clients to review their financial statements, reconcile accounts, and ensure all transactions are correctly categorised. Accurate records will simplify tax filing and reduce the risk of compliance issues. A well-organised EOFY means fewer surprises at tax time. Keeping your records up to date throughout the year makes everything easier.

“Having better systems means businesses are reducing the admin time they’re spending on EOFY,” says Leanne Berry, MYOB’s Partner Engagement Manager — Practice & Partner Advocacy.

“So, we’re seeing — and I think most data would support this — a lot more SMEs, particularly small businesses and sole traders, move from shoebox systems and excel spreadsheets into using better software systems.”

2. Review outstanding invoices and cash flow

EOFY is the perfect time to follow up on unpaid invoices and assess cash flow health. Use MYOB’s invoicing tools to automate reminders and improve collection rates. Many businesses think of EOFY as purely an accounting exercise, but it’s actually a great opportunity to evaluate cash flow. It’s the perfect time to tighten up credit terms or use automated reminders.

According to MYOB’s latest research, 40% of New Zealand SMEs are confident about increasing their sales in the first quarter of 2025, despite ongoing economic pressures. Strong financial management during EOFY can help businesses capitalise on this optimism and set themselves up for sustained growth. Read more on MYOB’s latest SME insights.

3. Maximise deductions and tax planning opportunities

Ensure your clients are making the most of available deductions, such as business expenses, asset depreciation, and KiwiSaver contributions. Work with them to implement tax-saving strategies for the new financial year. Understanding what deductions apply to your business can lead to real savings — EOFY is the perfect time to review, tweak and plan ahead.

4. Prepare for payroll compliance changes

Payroll obligations, including PAYE and KiwiSaver contributions, are often updated at the start of the financial year. Make sure clients are aware of any changes and using MYOB’s payroll tools to stay compliant. Payroll compliance isn’t just about ticking boxes — it’s about ensuring employees are paid correctly, on time while avoiding penalties.

Product workflow tips and tricks for EOFY

MYOB’s suite of business tools can help partners and their clients streamline EOFY processes. Here are some key features to leverage:

• Automated bank reconciliation: Save time by automating bank feeds and reconciling transactions in real time.
• Batch invoicing and bulk payments: Process multiple invoices and payments efficiently to improve cash flow.
• Custom reports and financial insights: Generate EOFY-specific reports and Report Packs to support tax filings and strategic planning.
• Payroll updates and compliance tracking: Ensure businesses remain compliant with payroll obligations using MYOB’s payroll solutions.

Future-proofing your practice and client relationships

EOFY isn’t just about closing the books — it’s an opportunity to strengthen client relationships and set them up for long-term success. Consider offering additional services such as:

• Business advisory and forecasting: Help clients make data-driven decisions for the upcoming year.
• Technology adoption and automation: Introduce clients to digital tools that can improve efficiency and reduce manual work.
• Ongoing education and support: Provide guidance on best practices and industry trends to help clients stay ahead.

Make EOFY 2025 your most efficient yet

EOFY presents both challenges and opportunities for our MYOB Partner accountants and bookkeepers. By staying informed on key deadlines, leveraging MYOB’s tools, and offering proactive advice, you can make the process smoother for your clients while strengthening your practice.

Every year, we see last-minute panic stations that could have been avoided with a little preparation. A proactive EOFY approach makes all the difference — ensuring businesses stay compliant without the stress.

For more EOFY insights and support, visit MYOB’s EOFY hub.

Information provided in this article is of a general nature and does not consider your personal situation. It does not constitute legal, financial, or other professional advice and should not be relied upon as a statement of law, policy or advice. You should consider whether this information is appropriate to your needs and, if necessary, seek independent advice. This information is only accurate at the time of publication. Although every effort has been made to verify the accuracy of the information contained on this webpage, MYOB disclaims, to the extent permitted by law, all liability for the information contained on this webpage or any loss or damage suffered by any person directly or indirectly through relying on this information.