End of financial year resources for your small business

While this EOFY might look different to most, if you’re a small business owner, we’ve got the right resources to help you conquer the end of the financial year. 

Explore this page to learn more about processing EOFY

When is the Australian financial year?

The Australian financial year (also called the Australian tax year) runs from 1 July to 30 June. At midnight on 30 June, the financial year ends, your business books are closed, and you report your financial situation to the Australian Tax Office (ATO). They use this information to figure out how much tax you owe.

When is my tax return due?

You can submit your tax return for the previous financial year as soon as the year ends on 1 July. 

You have until 31 October to submit your tax return, but there are exceptions. To find your precise due date, see what the ATO says about lodging your tax return or ask your tax agent.

 

Business performance

Finalise your accounts

It's a good time to get organised so you're ready to submit your tax paperwork. Here are some key jobs to do before you process a year end in Xero.

  1. Perform stock take (if applicable) 
  2. Fully reconcile all of your bank accounts and ensure they match with the balances from your bank statements.
  3. Enter and approve all invoices, bills, and expense claims.

4. Bank all payments you’ve received.

5. Invite your accountant or bookkeeper into Xero as a user.

Once this is done, learn how to process the year end in Xero.

Tax paperwork

Complete your tax paperwork

Fill out an income tax return

Declare how much profit the business earned. Do this even if you made pay-as-you-go instalment payments throughout the year. 

Claim your deductions

Some business expenses can be deducted from your taxable income.

Declare GST

If you're registered for GST, you need to declare how much GST you collected and paid throughout the year.


RESOURCES

Quick Guide to GST & BAS

Using New BAS for annual reporting of GST

Tax paperwork for employers

Additional tax paperwork for employers

Finalise Single Touch Payroll (STP)

Sign off your STP data and send it to the ATO. Your employees can then access their Income Statement via their MyGov account to complete their tax return.


RECOMMENDED RESOURCES

Processing end of year payroll with STP 
Recommended for those who are finalising STP for the first time.

Payroll EOFY refresh
Recommended for those who have finalised STP before but need a quick refresh of the process. 

Sorting your payroll with Xero
Recommended for those who have recently started completing Payroll within Xero.

Pay superannuation

You need to make super contributions on behalf of all employees, including casual staff. Make sure you’re meeting your commitments with this ATO checklist.

Work out fringe benefits tax

Non-cash benefits you provide to your employees (such as a car) are taxed. You must pay it on your employee’s behalf. Learn more about fringe benefits tax.

The due date for lodging and paying the 2020 FBT return has been deferred from 21 May 2020 to 25 June 2020. Learn more.

More about Single Touch Payroll

Your top FAQs about Xero Payroll

Next FY

Start the next financial year off on the right foot

EOFY is a great time to set up systems and processes to improve your business.

Create a tax plan

Ask your advisor to come up with a tax plan for the coming year. They’re in a much better position to lower your tax bill if they can put a 12-month strategy in place. Don't have an accountant or bookkeeper? Find one near you.

RESOURCES

When you should hire an accountant

Get the most out of Xero day to day

Make sure you're utilising Xero's features and reporting capabilities to the fullest.

RESOURCES

Using Xero day to day

Basic accounting

Use online accounting software

Online accounting software automates data entry, so your books are always up to date. That’s great for end of financial year and the tax season, but it also means you can create a P&L statement or a balance sheet whenever you like – not just at tax time. And because you’ll have digital records of everything, there’s no need to fear an audit.

RESOURCES

Spreadsheets to Xero

How to convert to Xero from your previous accounting software

Find an accountant or bookkeeper

Get help for your business from an accountant or bookkeeper experienced in Xero.

Find an advisor

Not on Xero? Sign up for a free trial and make this EOFY beautiful.

Free trial