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The end of financial year:
Everything you need to know
Get all the information you need for your Australian business for the 2023/24 financial year.
What date is the end of the financial year 2023/24?
Australiaโs end of the financial year (EOFY) for 2023/24 is on 30 June 2024. Also called โtax dayโ, the EOFY is when tax returns, financial statements, and superannuation reporting are due. Think of them as your businessโs financial report card, containing details of your businessโs income, expenses, and financial health over the last 12 months.
The months leading up to it are known as the โtax seasonโ. During tax season, business owners and tax agents alike are known to scramble to manage and clean up their accounts to lodge their tax returns to the Australian Taxation Office (ATO). If this is you right now, itโs best to stay informed with our EOFY toolkit or work with a tax professional for more guidance.
What happens at the end of the financial year?
EOFY signals businesses to gather all of their financial records for the year, including invoices and sales, expense documents, and payroll reports, if applicable. Depending on your business structure, you’ll need to lodge a tax return with the ATO by a specific deadline, typically October 31st for most small businesses.
If you have employees, ensure all mandatory contributions towards their superannuation are paid. These contributions are typically made quarterly, with the last quarter’s payment due by EOFY.
Just because these deadlines only come around once a year, doesnโt mean you should only be keeping track of your finances during tax season. If you regularly check on your financial records and keep them clean, the EOFY can feel like any other month!
Key Australian EOFY dates right at your fingertips
April 2024
21 Apr โ Lodge and pay March BAS (if you lodge monthly).
28 Apr โ Lodge and pay Q3 (Janโ March) BAS (if you lodge quarterly).
28 Apr โ Super guarantee contributions for Q3 (Jan- Mar) is due by today.
May 2024
15 May โ Company income tax, returns due for lodgement and payment.
15 May โ Partnership & Trust Income tax returns due for lodgement.
15 May โ Individual income tax returns due for lodgement if using a tax agent.
21 May โ Lodge and pay April BAS (if you lodge monthly).
21 May โ The Fringe Benefit Tax return is due by today if you lodge by paper.
28 May โ 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.
June 2024
21 Jun โ Lodge and pay May BAS (if you lodge monthly).
30 Jun โ Prepare for end of financial year and wrap up your books for the 2022/23year.
The latest resources to help you manage end of financial year
End of Financial Year
A complete guide to everything you need for EOFY payroll
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Read More โ Download your free EOFY Checklists
Understanding income and tax deductions
The key to EOFY reporting is knowing what income to report and what work-related expenses you can claim deductions for. Income includes things like sales revenue and bank interests. Tax deductions are expenses subtracted from your income.
Here are some of the common tax deductions for small businesses:
- Rent, utilities, office supplies, software subscriptions, etc.
- Marketing fees, such as website hosting, advertising, and promotional materials
- Vehicle expenses related to your business, such as fuel, repairs, and insurance
- Depreciation of assets
The general rule for deductions is that you must have spent the money and the expenses were business-related. Always keep receipts so you can back up your claim!
How do I know when to consult a tax agent?
Consulting with a tax agent may present significant benefits if your business falls under the following situations:
- Your business structure is complex. Unlike sole traders, partnerships, trusts, and companies involve more intricate tax rules.
- You have large business expenses. Tax agents can help you accurately manage a large volume of expenses or depreciation claims and get bigger deductions.
- Youโre facing potential tax audits. If you’re chosen for an audit, a tax agent can represent you to ease the process.
- Youโre short on time and overwhelmed. Fair enough! Tax agents are equipped to help you with the legwork and take the EOFY stress off your shoulders.
How do I lodge my tax return?
There are three main ways lodge your tax return:
1. Online with myTax
Lodging with myTax is the free and recommended option for most individuals. It’s convenient, and secure, allowing the ATO to pre-fill much of your information from employers, banks, and other sources. To lodge online, make sure your myGov account is linked to the ATO.
2. Through a registered tax agent
This option involves working with a qualified tax agent who can process the entire tax return process for you. This is beneficial for businesses with complicated tax situations.
3. Paper tax return
This is the least sufficient way to lodge tax returns. Youโll need to fill up forms from scratch, and processing time takes longer. You can download the necessary forms from the ATO website.