11th June, 2025
Between scaling a mountain of receipts, chasing overdue invoices, and digging for possible tax deductions, EOFY can be a bit of a battle — and when you’re a sole trader or freelancer, you’re facing most of it alone.
While you might never learn to love it, it’s possible to get confident and EOFY-ready, quickly and simply, with a bit of preparation and the right tools.
Here are eight key steps to ace EOFY as a sole trader or freelancer:
A slew of spreadsheets, screenshots and shoebox receipt stashes = stress at EOFY. It’s time to streamline. Solo by MYOB can help you manage expense tracking throughout the year, alongside all your business admin — no more switching between apps and programs. You can connect to your bank, manage invoices and expenses, handle payments, and automate GST calculations for every transaction. That means ATO-ready records for a stress-free and simple EOFY!
Claiming tax deductions is a bit like eyeing up dessert at the end of a meal – should I or shouldn’t I? But once you’re clued in on what you can claim, it’s guilt-free and ensures you get the tax write-offs you’re entitled to. The most common claims for freelancers and sole traders are home office costs, internet, phone bills, car expenses and software subscriptions.
Don’t forget to claim GST credits, too. Accounting apps can help with this, for example, Solo by MYOB automatically calculates GST on every transaction, meaning you’re all set to lodge your BAS with the right GST information at tax time.
Chasing up unpaid invoices isn’t fun for most business owners — in fact, it can be downright awkward. But leaving invoices unpaid can make tax time more complicated and really impact your cash flow. The good news? You can hand some of the trickiest, most uncomfortable parts to technology.
For example, Solo by MYOB pumps out slick-looking, professional and customisable invoices, and sends automated reminders that do the awkward chasing for you.
Want to set up your future self for success? Drop some dollars into your super fund before June 30, and they will count towards the current financial year. While it’s not mandatory, you’ll never regret preparing for a comfy retirement (and there are other benefits too).
Want to get ahead of the rush? Mark these two important dates in your calendar — June 30: EOFY and October 31: Business Activity Statement (BAS) and tax return submissions. These dates aren’t suggestions — they’re legal requirements, so plan for them and they won’t sneak up on you.
When you’re running a business on your own, you need all the advice and support you can get. This could mean friends with business experience, other business owners in your network, even savvy financial influencers on Insta.
If you’re a Solo user, our community forums can help you answer tricky EOFY questions — you’ll almost always be able to find someone who’s been through it all before. Of course, when it comes to EOFY signoff, it’s also smart to get help from an accountant or bookkeeper. They’ll be able to help you tick compliance boxes, maximise deductions, and submit all your documentation to the ATO.
You made it. Take a breath. But before you mentally check out and sit back with a cuppa, take a second to reflect on what worked this year (and what didn’t). Set some new business goals, assess your systems, and think about what could make next year even better.
You’re not just a sole trader or freelancer, you’re the finance department, marketing head, coffee runner and admin ninja. If finance isn’t your forte, hand over the reins and let tech play CFO.
An app like Solo by MYOB can help you automate GST, track expenses, and prep your business for tax time. You can even download reports from Solo to share with your accountant or bookkeeper. Translation: less stress, more doing the work you love.
EOFY doesn’t have to feel like a battle. With the right tools, some inside info and advice when you need it, you can conquer the paperwork without the last-minute stress.
Ready to roll? Meet Solo by MYOB, the ultimate assistant in your pocket. Solo handles all the boring financial stuff like invoicing, tax and expenses, so you’re set for EOFY and beyond.
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.