End of financial year resources for your small business

Dates to mark in your diary

Here are the key EOFY milestones you need to know. Check out our handy key dates calendar so you can meet your year end requirements on time.

• 30 June: The Australian financial year runs from 1 July to 30 June. At midnight on 30 June, the financial year ends and your business books are closed off. Super contributions must be paid to qualify for tax deductions.
• 14 July: Reconcile your payroll in Xero so you can submit your end-of-year finalisation declaration via Single Touch Payroll (STP) by 14 July. Your employees can then complete their income tax returns.
• 28 July: Lodge and pay your Q4 business activity statement (BAS). If you lodge online, you may be eligible for a two-week extension. If you have employees, your super and PAYG instalments are also due.
• 31 Oct: You have until 31 October to submit your tax return, but there are exceptions. Check the ATO website or ask your tax agent.

You can also get EOFY-ready with our EOFY jargon buster, a helpful list of common terms to help you navigate your end of financial year.

Processing payroll

Understand how to review, reconcile and amend your payroll, so you can finalise and lodge your Single Touch Payroll (STP) declaration by July 14.

First-timers

If it’s your first time using Xero to complete your end of financial year

Video - How to finalise your year-end payroll in Xero

Checklist - Your guide to end-of-year payroll

FAQ - Getting your financial-year-end payroll done right

Pros

If you’ve used Xero to complete your end of financial year before

Video - Refresh your knowledge: end-of-year payroll in Xero

Article - Prepare payroll for year end

Closing the books

Familiarise yourself with bank reconciliations, closing off accounts in Xero, EOFY adjustments and more.

First-timers

Video - How to end your financial year in Xero

Small business guide - The basics for your end of financial year

FAQ - Tax time answers for completing your financial year end

Pros

Video - Refresh your knowledge: end your financial year in Xero

Checklist - Complete your financial year end in Xero

Setting yourself up for the new year

Financial year end is the perfect time to do a check-up, celebrate your successes, and refocus on business goals.

First-timers

Workshop - Set up for success next year (21 July)

Pros

Small business guide - Complete your tax tasks on time with Xero

Small business guide - Quit your paper bills with Xero