Make end of financial year practically effortless
Transform the way you work and get your books in order before Australia’s end of financial year. Sharpen your skills, supercharge your business, and make tax time less taxing with help from our webinars, videos and guides.
End of financial year explained
Australia's financial year runs from 1 July to 30 June. As the end of financial year (EOFY) deadline approaches, you need to reconcile accounts, review expenses, and ensure books are accurate so a complete tax return can be lodged with the ATO on time.
What is end of financial year?
The financial year is a 12-month period for tax and accounting purposes - separate from the calendar year. At the end of the financial year, small business owners must reconcile their books and finances to calculate how much tax is owed to the ATO for that year.
When does the Australian financial year start?
The Australian financial year, also called the fiscal year, starts on 1 July and ends on 30 June the following year. This period sets the timeframe for tax obligations, budgeting, and financial reporting for businesses.
How do I complete a tax return?
You, your accountant, or bookkeeper will need to organise and reconcile financial records to generate reports like profit & loss statements and balance sheets. Sole traders can lodge an individual return through myGov; companies can lodge a company tax return directly with the ATO.
What are the tax return lodgement dates?
Tax returns for Individuals, sole traders, partnerships and trusts are due by 31 October each year. Company returns are generally due by 28 February each year. If you lodge through a registered tax agent, check your lodgement dates with them as they may vary.
How Xero helps small businesses with EOFY
Xero makes business accounting, including end of financial year reporting, straightforward. It has the tools you need to help you keep track of your accounts, unlock actionable insights, and make informed decisions throughout the financial year so your business can thrive and grow.
Automated data capture and bank reconciliation
Connect your bank account to keep your books up to date throughout the financial year, so you’re ready for tax time
Customizable financial reporting
Generate accurate and customizable financial reports in just a few clicks, making financial year reporting fast and easy
Online collaboration with accountants and tax advisors
Share financial data with your accountant or advisor to streamline year-end reviews and prepare accurate info for ATO tax requirements.
Xero tools and resources for EOFY
Xero provides calendars, guides, checklists and other resources to help small businesses, accountants and bookkeepers streamline preparations for the end of the financial year. These resources help you work more efficiently so you can free up time to focus on your business.
See EOFY tools and resources below
EOFY jargon buster
Get EOFY-ready with our helpful list of common terms to help you navigate your end of financial year. We’ve included a few below to get you started.
Income tax return
A report that you file to the ATO which includes information on income and expenses throughout the relevant financial year period.
Activity statements
Activity statements are filed to the ATO by GST registered businesses to report goods and services tax, pay as you go tax, and other taxes.
Pay as you go (PAYG)
The system that allows an employee to divide their tax liability into equal payments throughout the year.
Helpful EOFY resources
When to lodge your tax return
The due date for most businesses is 31 October. If you have a tax agent, they’ll let you know when to lodge.
Key financial year dates
See the key dates and deadlines for the financial year at a glance with this handy tax year calendar.
Estimate your income tax
Estimate how much tax you owe with Xero's free income tax calculator for small business owners and freelancers.
Work smarter with apps this EOFY
Simplify your year end with apps that help you move to Xero, close off your books and set up for a successful new year.
Complete your income tax return
Declare how much profit your business earned and any business expenses you can claim as a deduction.
Retain business records
Under Australian tax law, you must keep records of all business transactions for at least five years.
FAQs on Australian end of financial year
When the Australian financial year ends, you need to finalise STP so it’s ready to submit to the ATO by 14 July. This confirms your employees’ income statements are ready for them to access when lodging their returns. In Xero, you can review and finalise your STP data directly from the payroll menu.
Find out how to finalise STP data in XeroWhen the Australian financial year ends, you need to finalise STP so it’s ready to submit to the ATO by 14 July. This confirms your employees’ income statements are ready for them to access when lodging their returns. In Xero, you can review and finalise your STP data directly from the payroll menu.
Find out how to finalise STP data in XeroThere are a few key reports every business should run at the end of the financial year. Run a profit and loss statement to review income and expenses for the year, and a balance sheet to confirm assets, liabilities, and equity. If you're GST registered, reconcile your BAS to ensure records match each quarter. If you have employees, make sure your Single Touch Payroll (STP) data is accurate and ready to finalise by 14 July.
Read our top tips (PDF)There are a few key reports every business should run at the end of the financial year. Run a profit and loss statement to review income and expenses for the year, and a balance sheet to confirm assets, liabilities, and equity. If you're GST registered, reconcile your BAS to ensure records match each quarter. If you have employees, make sure your Single Touch Payroll (STP) data is accurate and ready to finalise by 14 July.
Read our top tips (PDF)Payday Super is a change to how Australian employers pay superannuation. From 1 July 2026, employers will be required to pay super contributions at the same time as wages, rather than quarterly. While this doesn’t impact EOFY this year, now is an ideal time to review your payroll systems and processes to make sure you’re ready. Use this EOFY to check that your current super contributions are up to date and you’re paying at the correct 12% superannuation guarantee rate.
Learn more about to prepare for Payday SuperPayday Super is a change to how Australian employers pay superannuation. From 1 July 2026, employers will be required to pay super contributions at the same time as wages, rather than quarterly. While this doesn’t impact EOFY this year, now is an ideal time to review your payroll systems and processes to make sure you’re ready. Use this EOFY to check that your current super contributions are up to date and you’re paying at the correct 12% superannuation guarantee rate.
Learn more about to prepare for Payday SuperYou can generally claim deductions for most expenses directly related to running your business. Common deductions include rent, utilities, insurance, employee wages, superannuation contributions, and work-related travel. Always check with your accountant or registered tax agent to make sure you're claiming everything you're entitled to.
Learn more about deductions on the ATO’s websiteYou can generally claim deductions for most expenses directly related to running your business. Common deductions include rent, utilities, insurance, employee wages, superannuation contributions, and work-related travel. Always check with your accountant or registered tax agent to make sure you're claiming everything you're entitled to.
Learn more about deductions on the ATO’s websiteWith Xero’s auto super feature, you can batch pay your super contributions through the third-party clearing house, SuperChoice. We'll recommend a submission date for batches that takes into account bank clearing times throughout the process.
Register for automatic superannuation paymentsWith Xero’s auto super feature, you can batch pay your super contributions through the third-party clearing house, SuperChoice. We'll recommend a submission date for batches that takes into account bank clearing times throughout the process.
Register for automatic superannuation payments
Run your business with Xero
Xero has all the features you need to manage the end of the financial year effortlessly.
Easy invoicing
Send online invoices as soon as the job is done. Set automatic reminders to spend less time chasing payments.
Simple bank reconciliation
Keep track of your cash flow with daily bank reconciliation. Save time and stay current on your business.
Instant data capture
Automate tasks like entering bills and receipts. Take a photo of receipts or scan bills into Xero via Hubdoc.
Start using Xero for free
Access Xero features free for 30 days to help you conquer tax time.