The financial year in Australia plays a crucial role in business operations, taxation, and compliance. For businesses, proper planning and financial management are essential to meeting tax obligations and ensuring smooth operations at the end of the financial year (EOFY).
This guide covers key financial year dates, tax obligations, budgeting strategies, and practical steps businesses should take to stay compliant and financially prepared. Plus, we’ll explore how Budgetly can help businesses manage EOFY reporting, expense tracking, and financial planning.
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The FINE PRINT - This blog is not financial or taxation advice, please consult a taxation professional in regards to your business tax decisions. |
- Financial year in Australia: Important dates & information
- What is a financial year?
- When does the financial year start and end in Australia?
- How does the financial year affect taxation?
- Strategies for businesses to prepare for the end of the financial year
- Master your finances this financial year with Budgetly!
- Tax obligations and compliance for businesses
- What must businesses submit by the end of the financial year?
- Submission deadlines for small businesses at the EOFY
- Quarterly Business Activity Statement (BAS)
- Elevate your financial management with Budgetly
- What actions are required to be taken by businesses at the end of the financial year?
- How Budgetly supports businesses at the end of the financial year
- Do hassle-free accounting and bookkeeping for your business with Budgetly
Financial year in Australia: Important dates & information
The financial year in Australia runs from 1 July to 30 June. It’s the designated period for businesses to report their income, expenses, and tax obligations to the Australian Taxation Office (ATO). During this time, businesses are required to:
- Lodge tax returns
- Prepare financial statements
- Track and categorise expenses
- Ensure compliance with tax laws and regulations
Understanding the structure and requirements of the financial year is the first step to staying organised and avoiding penalties.
What is a financial year?
A financial year is a designated 12-month accounting period used by businesses and individuals to report income, expenses, and tax obligations. It differs from the calendar year and is crucial for taxation, financial planning, and business reporting
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Are you preparing documents for the Financial Year? Check out these free Budgetly resources: 
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When does the financial year start and end in Australia?
In Australia, the financial year starts on 1 July and ends on 30 June the following year. This means:
- 1 July – Start of the new financial year
- 30 June – End of the financial year (EOFY)
- July to October – Tax return lodgement period for individuals and businesses
How does the financial year affect taxation?
The financial year determines when businesses and individuals must report income and expenses, pay taxes, and submit financial documents. It impacts:
- Income tax obligations – Businesses report earnings and deductions within the financial year.
- BAS and GST reporting – Businesses registered for GST must report transactions and payments within specific quarters.
- Payroll and employee obligations – Employers report wages, superannuation, and tax withheld from employees.
- EOFY financial audits and assessments – Businesses must finalise records for compliance and planning.
Strategies for businesses to prepare for the end of the financial year
EOFY can be stressful, but careful preparation ensures businesses meet obligations without last-minute panic. Key strategies include:
- Reviewing financial statements to ensure accurate records
- Reconciling accounts and resolving outstanding invoices
- Organising receipts and expense records for tax claims
- Assessing tax-deductible expenses and finalising tax planning
- Consulting accountants or financial advisors to stay compliant
Master your finances this financial year with Budgetly!
EOFY financial management doesn’t have to be complex. Budgetly helps businesses with expense tracking, reporting, and financial planning, making compliance stress-free.
Tax obligations and compliance for businesses
Businesses must meet specific tax obligations at the end of the financial year to avoid penalties and maintain compliance.
Handling intricate tax duties
Businesses must calculate and submit income tax, payroll tax, and GST obligations based on revenue and expenses.
Ensuring prompt reporting and payment
Late tax lodgements can result in penalties. Businesses must meet ATO deadlines to avoid unnecessary costs.
Strict adherence to reporting standards
Financial reports must comply with Australian Accounting Standards to ensure transparency and accuracy.
Maintaining precise financial records
Accurate records help businesses claim deductions, track expenses, and prepare for audits efficiently.
Meeting GST and PAYG requirements
GST-registered businesses must submit Business Activity Statements (BAS) quarterly or annually, ensuring compliance with PAYG withholding obligations for employees.
Safeguarding business interests
Proper tax management reduces risks, ensuring businesses remain financially stable while meeting tax obligations.
What must businesses submit by the end of the financial year?
Sole traders
- Tax return for business income
- BAS for GST-registered businesses
- Superannuation contributions
Company/partnership
- Annual company tax return
- BAS and GST reports
- Employee payment summaries
- Financial statements for auditing and reporting
Submission deadlines for small businesses at the EOFY
Small businesses must lodge tax returns, BAS, and superannuation payments by ATO-mandated deadlines to avoid penalties. Key deadlines include:
- 31 October – Individual tax return due (unless using a tax agent)
- 28 July, 28 October, 28 January, 28 April – BAS due dates for quarterly reporting
- 15 May – Company tax return lodgement deadline
Quarterly Business Activity Statement (BAS)
BAS is a report businesses use to declare GST, PAYG withholding, and other tax obligations to the ATO. It must be lodged quarterly or annually, depending on business size.
Due dates for quarterly BAS
- Quarter 1 (Jul – Sep): 28 October
- Quarter 2 (Oct – Dec): 28 February
- Quarter 3 (Jan – Mar): 28 April
- Quarter 4 (Apr – Jun): 28 July
Elevate your financial management with Budgetly
With Budgetly, businesses can automate expense tracking, ensuring financial records are organised and EOFY compliance is effortless.
What actions are required to be taken by businesses at the end of the financial year?
1. Lodge BAS statement
Ensure all GST, PAYG withholding, and other tax liabilities are reported to the ATO.
2. Compile financial reports
Prepare profit and loss statements, balance sheets, and tax records for accurate filing.
3. Assess insurance and business structure
Review business insurance and entity structure to align with growth goals.
4. Complete tax return
Finalise deductions and business expenses before submitting the tax return.
5. Review finances and business plans
Adjust budgets, re-evaluate financial strategies, and set goals for the next financial year.
How Budgetly supports businesses at the end of the financial year
Budgetly helps businesses by:
- Automating expense tracking for better financial record-keeping
- Providing real-time financial insights for tax planning
- Simplifying reimbursement processes
- Generating detailed reports to support EOFY compliance
Do hassle-free accounting and bookkeeping for your business with Budgetly
EOFY doesn’t have to be overwhelming. With Budgetly, businesses can efficiently manage expenses, tax reporting, and financial planning, ensuring compliance with ATO requirements.
Get started with Budgetly today and simplify your EOFY financial management!
Eager to elevate your business? Why not schedule a demo with us today, or watch a 10-minute recorded demo!
