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The End of Financial Year (EOFY) in Australia occurs on 30 June each year. It is the date by which small businesses must finalise their financial records, lodge tax returns, pay superannuation, and meet obligations like BAS and PAYG. Preparing early ensures Tax compliance, maximises tax deductions, and helps your business start the new financial year with clear finances.
What is the End of Financial Year?
In Australia, the financial year runs from 1 July to 30 June every year. The End of Financial Year marks the conclusion of this period and is the time when businesses and individuals must finalise their financial records, lodge tax returns, and review financial performance.
Understanding when end of financial year occurs is essential to plan your accounting, bookkeeping, and tax compliance efficiently.
Key points:
- Financial Year Australia: 1 July – 30 June
- EOFY refers to 30 June, the official cut-off date
- Small businesses must ensure all records, invoices, and payments are reconciled before this date
Why EOFY Matters for Small Businesses
EOFY is more than just filing tax returns. It’s an opportunity to:
- Review business performance and profitability
- Ensure compliance with the Australian Taxation Office (ATO) requirements
- Identify tax deductions and plan for future tax savings
- Update budgets, cash flow forecasts, and business strategies
According to the Australian Small Business and Family Enterprise Ombudsman (ASBFEO), nearly 30% of small businesses face penalties or delays each year due to unprepared EOFY processes. Planning ahead can save both time and money.
Key Financial Year Dates in Australia
For End of Financial Year 2025, small businesses should be aware of the following important dates:
| Date | Task |
| 30 June 2025 | Official end of financial year |
| 14 July 2025 | Lodge activity statements (if quarterly BAS) |
| 28 July 2025 | Pay quarterly BAS (if using quarterly cycle) |
| 21 October 2025 | Lodge tax returns for small business entities using a tax agent |
| 31 October 2025 | Lodge individual tax returns (if not using a tax agent) |
Tip: Deadlines may vary based on your business structure and tax agent arrangements. Always confirm with the ATO.
EOFY Checklist for Small Businesses
To ensure your business is ready for EOFY, follow this practical checklist:
1. Reconcile Accounts and Records
- Review bank statements and reconcile accounts
- Check invoices issued and received
- Record all expenses, including petty cash
2. Review Payroll and Superannuation
- Process final pay runs for the year
- Ensure superannuation payments are up to date
- Prepare and distribute PAYG summaries if required
3. Review Inventory and Assets
- Conduct stocktake and update inventory records
- Identify assets eligible for depreciation or write-offs
- Update fixed asset register
4. Assess Tax Deductions and Liabilities
- Collect receipts for business expenses
- Identify prepayments and accrued expenses
- Ensure all GST, BAS, and PAYG obligations are met
5. Engage Your Accountant or Tax Agent
- Submit records for review
- Discuss tax planning strategies
- Schedule lodgement with your tax agent
Pro Tip: Start your EOFY process at least 4–6 weeks before 30 June to avoid last-minute complications.
Common EOFY Mistakes to Avoid
- Missing important deadlines (BAS, PAYG, tax returns)
- Incomplete or disorganised financial records
- Overlooking superannuation or payroll obligations
- Failing to claim eligible deductions
- Delaying consultation with a registered tax agent
Avoiding these mistakes can reduce stress and minimise the risk of penalties.
Expert Tips for a Smooth EOFY
- Use accounting software to automate invoicing and reconcile accounts
- Maintain a digital record of receipts to simplify deductions
- Schedule a pre-EOFY review with your accountant
- Plan for tax payments to avoid cash flow issues
- Educate staff on EOFY processes for payroll and reporting
Take Action This End of Financial Year
The End of Financial Year is the perfect time to get your business finances in order, maximise tax savings, and ensure compliance with the ATO. Don’t leave it to the last minute—preparing early can save you time, stress, and money.
If you need expert guidance, the team at TaxByte is here to help. As trusted tax accountants in Sydney, we specialise in helping small businesses manage EOFY obligations, lodge accurate tax returns, and optimise deductions.
Try our Tax return calculator to see your estimated tax returns instantly and take control of your finances this EOFY.