Prepare your business for end of financial year
All the information you need to manage your tax obligations and breeze through to the 2024/25 financial year!
Everything you need to know about EOFY in Australia.
What is end of financial year?
The financial year is a time period of 12 months used for tax and accounting purposes. The Australian financial year starts on 1 July, with the last day occurring the following year on 30 June. At the end of each fiscal year small business owners wrap up their books, create financial statements, and begin finalising their tax time paperwork and accounting. From 1 July through to 31 October individuals and businesses submit their tax return to the Australian Taxation Office (ATO), who use the information to determine how much tax you owe.
To help you get ready for tax season we’ve created a video with 6 steps to make your end of financial year easy!
When is the start and end of the financial year?
1 July 2024
A new fiscal year begins today.
30 June 2025
This marks the end of the fiscal year in Australia.
What do I need to submit at end of financial year?
Most businesses will need to lodge a tax return during end of financial year. A tax return is basically a summary of your income and expenses for the financial year. See our end of financial year calendar for key dates to endure you lodge before the end date.
Self-employed and sole traders need to lodge an individual tax return at year end. Your business income and expenses go in your individual tax return using a separate business schedule. Individual tax returns can be submitted online via through myTax (accessed through myGov), by paper, or through a registered tax agent. If you’re an Australian resident for tax purposes, you must declare all income you earned both in Australia and internationally on your Australian tax return.
Companies lodge a separate company tax return each year. You must also lodge an individual tax return for income you earn via wages, shares, and dividends from the company. Company tax returns can be lodged using SBR enabled software, through a registered tax agent, or by paper.
How do I complete a tax return?
To complete your tax return accurately you first need to gather, organise and reconcile your financial records. Once your records are in order you can generate the financial statements that provide you the figures to fill out your tax return. The main reports are a profit & loss statement (P&L) and a balance sheet.
A P&L shows your total income and expenses for the year and is useful for tax reporting purposes. Expenses are subtracted from income to show how profitable your business is. The profit you make in a business represents your taxable income. A balance sheet lists your businesses assets and liabilities to work out your net assets.
What are the EOFY lodgement dates for small business?
- Sole trader/self employed: If you lodge by yourself your tax return can be lodged from 1 July to 31 October each financial year. If you lodge via a registered tax agent contact them for more information.
- Partnership: If you lodge by yourself your partnership tax return can be lodged from 1 July to 31 October each financial year. If you lodge via a registered tax agent contact them for more information.
- Company: Company tax returns lodgement dates vary. The majority of company tax returns will be due 28 February each financial year, however we recommend you check the ATO website for your specific date as rules can change for different fiscal years.
See the end of financial year calendar below for a full list of key dates.
Stay up to date with our Australian tax year calendar
Financial year dates and cut-offs for businesses with employees including business activity statements (BAS), pay as you go (PAYG), and superannuation obligations.
May 2024
15 May – Company income tax returns due for lodgement and payment
15 May – Partnership & Trust Income tax returns due for lodgement
15 May – Individual income tax returns due for lodgement if using a tax agent
21 May – Lodge and pay April BAS (if you lodge monthly).
21 May – The Fringe Benefit Tax return is due by today if you lodge by paper.
28 May – The Fringe Benefit Tax return is due by today if you lodge electronically.
*Note: The FBT tax year runs from 1 April to 31 March.
July 2024
1 July – Individual income tax returns due from now until 31 October if preparing and lodging yourself.
14 July – Employers must issue PAYG withholding payment summaries to employees by today. Note: if reporting via STP this information is in myGov for your employees.
21 July– Lodge and pay June BAS (if you lodge monthly).
28 July – Lodge and pay Q4 (April – June) BAS (if you lodge quarterly).
28 July – Super guarantee contributions for Q4 (April – June) is due by today.
September 2024
21 Sept – Lodge and pay August BAS (if you lodge monthly).
November 2023
21 Nov – Lodge and pay October BAS (if you lodge monthly).
January 2025
21 Jan – Lodge and pay December BAS (if you lodge monthly).
28 Jan – Super guarantee contributions for Q2 (Oct – Dec) is due by today.
March 2025
21 Mar – Lodge and pay February BAS (if you lodge monthly).
May 2025
15 May – Company income tax returns due for lodgement and payment
15 May – Partnership & Trust Income tax returns due for lodgement
15 May – Individual income tax returns due for lodgement if using a tax agent
21 May – Lodge and pay April BAS (if you lodge monthly).
21 May – The Fringe Benefit Tax return is due by today if you lodge by paper.
28 May – The Fringe Benefit Tax return is due by today if you lodge electronically.
*Note: The FBT tax year runs from 1 April to 31 March.
July 2025
1 July – Individual income tax returns due from now until 31 October if preparing and lodging yourself.
14 July – Employers must issue PAYG withholding payment summaries to employees by today. Note: if reporting via STP this information is in myGov for your employees.
21 July – Lodge and pay June BAS (if you lodge monthly).
28 July – Lodge and pay Q4 (April – June) BAS (if you lodge quarterly).
28 July – Super guarantee contributions for Q4 (April – June) is due by today.
June 2024
21 Jun – Lodge and pay May BAS (if you lodge monthly).
30 Jun – Prepare for end of financial year and wrap up your books for the 2021/22 year.
August 2024
14 Aug – PAYG withholding payment summary annual report is due.
21 Aug – Lodge and pay July BAS (if you lodge monthly).
October 2024
21 Oct– Lodge and pay September BAS (if you lodge monthly).
28 Oct – Lodge and pay your Q1 (July – Sept) BAS (if you lodge quarterly).
28 Oct – Super guarantee contributions for Q1 (July – Sept) is due by today.
31 Oct – Last day to submit individual income tax returns.
December 2024
21 Dec – Lodge and pay November BAS (if you lodge monthly).
February 2025
21 Feb– Lodge and pay January BAS (if you lodge monthly).
28 Feb – Lodge and pay Q2 (Oct– Dec) BAS (if you lodge quarterly).
April 2025
21 Apr – Lodge and pay March BAS (if you lodge monthly).
28 Apr – Lodge and pay Q3 (Jan– March) BAS (if you lodge quarterly).
28 Apr – Super guarantee contributions for Q3 (Jan- Mar) is due by today.
June 2025
21 Jun – Lodge and pay May BAS (if you lodge monthly).
30 Jun – Prepare for end of financial year and wrap up your books for the 2022/23year.
Want to know more about your tax time obligations and due dates? Check out these handy links.
PAYG, Superannuation & Tax Compliance | Single Touch Payroll | Business Activity Statements | EOFY Videos
EOFY tax time guide!
Download our free end of financial year guide for small businesses, with important EOFY dates, tips to help you stay compliant and in control of your tax obligations.
Ultimate Financial Year Timeline Poster!
Free and printable Financial Year Timeline Poster which contains all the key tax and financial year dates small business owners need to know.
Reckon One makes your EOFY easier!
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