End of fiscal year explained
Corporate tax deadlines are coming up. Get your finances in order so an accurate tax return can be prepared.
When your income tax return is due
The due date for most businesses is April 18 unless you have an extension.
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
Keep copies of your filed tax returns to help prepare future returns or file an amended return.
More about EOFY and Xero
Keep on top of your books so they’re ready for the end of the fiscal year. Use our handy guide to help make tax preparation less stressful, more efficient, and much simpler.Read our top tips
You don’t need to do a formal year-end close or roll up journal in Xero, but you can follow a simple process to check your accounts are up-to-date before the fiscal year ends.See how to do a year end in Xero
You may need to file a 1099-NEC if you pay non-employees such as freelancers. Before 2020, this information was reported on the 1099-MISC. You may still need to file a 1099-MISC if you need to report miscellaneous income such as rent or royalties.Learn more about 1099 in Xero
Prepare for EOFY with Xero
Xero has all the features you need to manage the end of the fiscal year effortlessly.
Simple bank reconciliation
Keep track of your cash flow with daily bank reconciliation. Save time and stay current on your business.
Up-to-date accounting reports
Track your finances with accurate accounting reports and collaborate with your advisor online in real time.