When is End of Financial Year? Essential Dates and Tips

If you run a small business in Australia, EOFY is a crucial period for sorting your financial records, reviewing business income, and staying compliant with Australian tax law. It’s not just about lodging your income tax return; it’s also your chance to claim deductions, assess your financial health, and stay on top of goods and services tax, superannuation contributions, and other reporting requirements.

In this guide, we’ll cover key dates, what the end of the financial year means for you, your business, and simple ways to make tax season less stressful.

When is End of Financial Year?

The Australian financial year ends on 30 June each year. In Australia, the financial year runs from 1 July to 30 June. This period forms the basis for business accounting, tax planning, and ATO compliance. For business owners, understanding this cycle is crucial; EOFY is when you wrap up your books, review financial performance, and report income and expenses.

Your obligations and lodgement dates can vary depending on your business structure, so knowing when the financial year ends and how to prepare for it helps you stay compliant, avoid penalties, and plan effectively for the year ahead.

What happens if you miss EOFY deadlines?

If you lodge late, the ATO may apply penalties and interest on unpaid amounts. The amount depends on how overdue your lodgement is and the size of your business. The ATO can issue Failure to Lodge (FTL) penalties and charge interest on tax that hasn’t been paid by the due date. These costs can build up quickly if left unaddressed.

If you realise you’ve missed a deadline, it’s best to act fast. Lodge your return as soon as possible to reduce the risk of extra penalties. If you can’t pay everything upfront, reach out to the ATO to organise a payment plan or discuss hardship options.

What is the last date to lodge a tax return?

For most individuals, it is 31 October if self-lodging. If you’re lodging through a registered tax agent, extensions may apply. Your agent must be registered with the Australian Taxation Office (ATO) and you need to engage them before 31 October to access extended deadlines, which can go as late as May the following year depending on your circumstances.

When to Lodge Tax Returns for Different Business Structures

The way your business is structured significantly affects your tax obligations, eligible tax deductions, and reporting requirements. The main business structures in Australia include:

Sole Traders

• Tax return due date: 31st October 2025 (for the 2024-2025 financial year)
• Extended due date with a tax agent: May 2026 (exact date varies)
• Learn more about Sole Trader Tax Deductions for EOFY

Partnerships

• Partnership return due date: 31st October 2025
• Extended due date with a tax agent: May 2026 (exact date varies)

Company Tax Reporting

• Company tax return due date: 28th February 2026 (for companies with 30 June balance dates)
• Extended due date with a tax agent: 15th May 2026

Trust Income Tax Returns

• Trust tax return due date: 31st October 2025
• Extended due date with a tax agent: May 2026 (exact date varies)

These are the standard due dates for different business structures; it’s important to mark these dates on your calendar to ensure that your business remains compliant. Consulting a registered tax agent can help you determine the best structure for your specific needs and ensure you understand all associated obligations.

Essential Financial Reporting Deadlines

For businesses operating in Australia, being aware of key financial dates throughout the year allows you to plan ahead and avoid the last-minute scramble. Accurately reporting income and deductible expenses is crucial for income tax purposes, ensuring compliance with ATO regulations and avoiding penalties.

The important dates to remember for the 2024-2025 financial year include:

PAYG Payment Summary Annual Report:

Due on 14th August 2025. This report is essential for the PAYG withholding process, ensuring that employees’ income tax is correctly withheld and reported to the ATO.

Quarterly Business Activity Statement (BAS) Lodgements

• Quarter 4 (April – June 2025): 28th July 2025
• Quarter 1 (July – September 2025): 28th October 2025
• Quarter 2 (October – December 2025): 28th February 2026
• Quarter 3 (January – March 2026): 28th April 2026

Monthly Reporting (if applicable)

For businesses with higher turnover that report monthly, lodgements are typically due on the 21st day of the month following the reporting period. For example, July’s report would be due on August 21st. 

You can learn more about BAS lodgement dates in our handy guide.

Annual Reporting Requirements

• PAYG payment summary annual report: 14th August 2025
• Taxable payments annual report (TPAR): 28th August 2025
• Fringe benefits tax return (if applicable): 21st May 2025

How to Prepare for EOFY: 3 Essential Approaches

Now that you know when the key EOFY dates are, the next step is understanding how to properly prepare for the end of financial year:

Comprehensive Financial Review

The most thorough approach is conducting a complete review of your financial position. This involves reconciling all bank statements, reviewing income statements, balance sheets, and profit and loss statements to ensure accuracy. 

Identify any errors or discrepancies early to give yourself time to address them before lodgement deadlines. For help getting organised, refer to our End of Financial Year Checklist for Small Businesses.

Strategic Tax Planning

Planning ahead for tax time involves identifying all eligible deductions, managing business expenses, and ensuring you have proper documentation to support your claims.

Work-related expenses, subscriptions, home office expenses, and equipment purchases can all potentially reduce your tax liability if properly recorded and claimed. You might also find our guide on Claiming Work-Related Travel Expenses on Tax useful.

Professional Assistance

Many business owners find value in consulting a registered tax agent or accountant to manage their EOFY processes. These professionals understand the complexities of tax law and can help ensure all reporting requirements are met while maximising legitimate deductions.

Additionally, they can provide advice on financial management strategies specific to your business situation. Be vigilant about fake tax refund scams and ensure proper procedures are in place to protect against these fraudulent activities. You should also explore whether You’re Claiming All Possible Business Expenses.

Why It’s Worth Getting a Tax Agent

Working with a registered tax agent doesn’t just take the pressure off – it can also buy you extra time. If you lodge through a tax agent, your EOFY deadlines may be extended, which gives you more breathing room to get everything sorted properly. Plus, their fees are tax-deductible, so it’s a win-win.

More importantly, a good tax agent knows the ins and outs of tax law. They’ll help you find deductions you might have missed, steer you through GST and other obligations, and make sure your return is accurate and on time. It’s smart support that can save you money and headaches in the long run.

Four Tips for Managing EOFY Preparation

Avoid the eleventh-hour financial scramble by considering the following tips for managing your EOFY obligations:

1. Create a Financial Calendar

Mark all important tax and reporting dates in your calendar to stay on top of your obligations throughout the year. Setting reminders 2-4 weeks before deadlines gives you ample time to gather necessary information and prepare submission.

2. Maintain Accurate Records

Staying organised throughout the year makes EOFY a whole lot easier. Accurate record keeping means less stress when it’s time to lodge. Use accounting software to track your income and expenses, and regularly review your reports so you’re not scrambling at the last minute.

It’s also important to stay informed of any changes in tax laws that could affect your obligations. The ATO website is the best place for updates, but if you need a hand getting your records in shape, check out our tips on why keeping accurate records matters for small businesses.

3. Regular Financial Reviews

Don’t wait until June to review your financial position. Conducting quarterly reviews allows you to identify potential issues early, make necessary adjustments to your financial strategy, and ensure your records are always audit-ready. Organise your financial documents, profit & loss statements, and stocktake data to prepare thoroughly for EOFY requirements.

4. Invest in Professional Support

When managing EOFY obligations feels overwhelming, consider engaging a registered tax agent. The team at Shoebox can provide expert advice, prepare and lodge your tax returns. We even ensure you’re taking advantage of all available deductions and planning opportunities. You may also want to review Superannuation Due Dates for 2024 & 2025 to stay across your other EOFY compliance obligations.

Stay on top of your financial year planning

Understanding when the financial year ends and what’s expected of you, can make all the difference when it comes to staying compliant and avoiding penalties.

There are plenty of helpful tools out there to guide you, but if you’re time-poor or simply over the admin, it might be time to call in some help. Partnering with a qualified bookkeeper or accountant means you can focus on running your business while they handle the nitty gritty of tax and reporting.

Financial management doesn’t stop at EOFY either. It’s a year-round job, and having someone in your corner gives you the confidence to make smarter decisions and plan ahead. If you’re ready to make EOFY stress-free, explore our bookkeeping or accounting and tax services, or get in touch with your local Shoebox expert today.