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Everything you need for the end of financial year

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?

Australia’s end of the financial year (EOFY) for 2023/24 is on 30 June 2024. Also called “tax day”, the EOFY is when tax returns, financial statements, and superannuation reporting are due.  Think of them as your business’s financial report card, containing details of your business’s income, expenses, and financial health over the last 12 months.

The months leading up to it are known as the “tax season”. 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, it’s 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, doesn’t 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 – 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.

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.

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 2022/23year.

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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.
  • You’re facing potential tax audits. If you’re chosen for an audit, a tax agent can represent you to ease the process.
  • You’re 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. You’ll need to fill up forms from scratch, and processing time takes longer. You can download the necessary forms from the ATO website.

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Frequently asked questions about EOFY in Australia

Individual taxpayers and businesses can lodge their tax returns for the 2023/24 financial year from 1 July 2024 to 31 October 2024. If you use a registered tax agent, the lodging deadline might be extended later.

Depending on your business activities, you might need to lodge additional reports alongside your tax return. These could include:

  • PAYG withholding: This reports income tax withheld from employee salaries.
  • Fringe Benefits Tax (FBT): This reports on taxable fringe benefits provided to employees.
  • Goods and Services Tax (GST): This reports on GST collected and paid on your business transactions.

Many concessions are based on your business structure (sole trader, partnership, company) and your annual aggregated turnover. The ATO website is your best resource on the types of concessions available and the eligibility criteria.

Here are some of the common tax concessions for small businesses in Australia:

  • Lower company tax rates: If your business is a company and has an aggregated turnover below $250 million, you might benefit from a lower company tax rate.
  • Instant asset write-off: This concession allows you to immediately deduct the full cost of eligible capital purchases (up to a certain threshold) in the year you acquire and start using the asset.
  • Simplified tax accounting: If your business has an aggregated turnover below $100 million, you might be eligible to use simpler accounting methods for record-keeping and tax calculations.

Generally, you’re required to keep relevant records for 5 years after the income year they relate to. This ensures you have proper documentation to support your tax return claims in case of an ATO enquiry.

Payroll software automates many payroll tasks, including calculating tax withholdings and superannuation contributions and generating payment summaries for your employees. This can significantly reduce the risk of errors and ensure you meet your tax and superannuation obligations throughout the year. Payroller is a powerful tool for small businesses, simplifying payroll tax compliance tasks and reducing the workload during tax season.