What is end of financial year?
The Australian end of financial year is the perfect time for businesses to get their finances in order. You will need to keep records of all of your financial transactions under Australian tax laws as well as supporting documents and other important information you have made within your tax return.
Individuals and businesses are required to submit a tax return form to the Australian Taxation Office (ATO) by 30 June. The ATO will use this information to determine how much tax is owed to the governement, or how much the business or individual needs to be reimbursed.
How do I complete my EOFY paperwork?
Fill out a business income return and declare how much profit the business earned, do this even if you've made a pay-as-you-go instalment payment throughout the year. Ensure you claim your deductions, some business expenses can be deducted from your taxable income. You will also need to declare how much GST you collected and paid throughtout the year. Check out our FAQs for more information.
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Features to make EOFY beautifully easy
From invoicing on the run to helping keep you Single Touch Payroll (STP) compliant, our accounting software has all the features you need to manage EOFY effortlessly.
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