What is end of financial year?
The Australian end of financial year is the perfect time for businesses to get their finances in order. Individuals and businesses must submit a tax return form to the Australian Taxation Office (ATO) for the year ending 30 June. The ATO uses this information to determine how much tax they owe to the government or how much they need to be reimbursed.
Under Australian tax law, you need to have records of all of your financial transactions as well as supporting documents and other information you’ve included in your tax return.
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 pay-as-you-go instalment payments throughout the year. Some business expenses can be deducted from your taxable income, so make sure you claim them. You also need to declare how much GST you collected and paid throughout the year. Check out the FAQs for more information.
When do I need to lodge my tax return?
What you report and when depends on your type of business entity. If you lodge your own business tax returns, the due date for most businesses is 31 October. However, if you have a registered tax agent, they’ll let you know when your return is due.
Explore resources to help you manage the end of financial year
Whether this is your first end of financial year or your tenth, we’ve got checklists, webinars, videos and more to help.
Xero features to make this EOFY better
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.
Keep on top of your cash flow by sending online invoices with online payment options.
Keep track of cash flow effortlessly with bank reconciliations, so you don’t spend hours transcribing.
Take a photo of your business receipts and store them in Xero so you can lodge them easily at tax time.
*This offer is only available to organisations new to Xero that are based in Australia. Offer available until 11:59pm AEDT on 30 September 2021. Discount applies to base Starter, Standard and Premium plan subscriptions only. Offer cannot be used in conjunction with any other plan offer and cannot be exchanged for any other Xero offer. At the end of the offer period, the plan will be charged at Xero’s standard rates.