End of Financial Year in Australia: When is EOFY in 2024

Published: July 3, 2024

The Nitty Gritty

  • The End of the Financial Year can be a challenging time for businesses of any size, especially new businesses
  • Find out your obligations and key dates during the financial year to stay on top of your tax requirements
  • Review our handy checklist for all the necessities to make the most of EOFY

No matter how many times it comes around, the end of the financial year, also known as EOFY, in Australia is still plenty of work for businesses. Small businesses and contractors experiencing their first EOFY can find it overwhelming (and there is a good reason accountants are a popular option!), especially when it comes to navigating tax obligations.

So when is EOFY, and what goes into preparing for it?

When is EOFY in Australia

EOFY is the official day that marks the end of Australia’s financial year. The financial year begins on the 1st of July so the day before that, June 30th, is the end of the financial year.

While it’s not going to get any ‘Happy New Year’ or a public holiday, EOFY is nonetheless an important day for every business and taxpayer in Australia. It’s the summary of that year for a business, all the in, come, expenses and profits, reviewed and accounted for. It’s also when tax season kicks off!

From July 1st to June 30th in Australia

Financial years are not the same throughout the world, and this can bring some confusion, especially when asking when is EOFY? Australia’s fiscal year operates from July 1st to June 30th, so all financials within those dates are the financials for that year.

Our fiscal dates reflect the summer holidays, which is why we have them smack in the middle of winter.

EOFY Deadlines for Tax Returns and Financial Reporting

So, when is EOFY and what are the other financial year dates? EOFY is the first step to preparing for the tax season, but June 30th is just one key date for preparing business documents. Due to the varied nature of business structures and the relevant tax obligations, there are multiple essential deadlines throughout the financial year.

Depending on your business size and structure, you may need to prepare for particular deadlines and organise documents in time to meet your business obligations.

For example, some deadlines may only apply to your business if you lodge quarterly Business Activity Statements (BAS) or have employees. The table below outlines key dates and deadlines: some will apply to all businesses, and others depend on your situation.

Due Date Title Description
30th June 2024 EOFY
  • The end of the Australian financial year. If you haven’t already started, begin preparing your financial documents. Follow our EOFY checklist below as a guide to getting ready for tax time
1st July 2024 SOFY
  • Self-Employed Contractors
  • The start of the Australian financial year.
  • Self-employed contractors can lodge their individual tax returns from this date
14th July 2024 PAYG
  • STP
  • If your business has employees, this is the due date for PAYG withholding summaries
  • If you’re Single Touch Payroll (STP) reporting, payment summaries will become available for your employees
28th July 2024 BAS Deadline
  • Super Guarantees
  • If you lodge quarterly BAS, the Q4 (April-June) lodgement is due by this date.
  • To qualify for tax deductions, ensure all super contributions are paid
28th August 2024 Contractor / Subcontractor Payments
  • If your business pays any other contractors / subcontractors, a taxable payments annual report is due by this date
30th September 2024 PAYG
  • If you’re registered to pay your PAYG withholding installment annually, it’s due on this date
28th October 2024 BAS
  • Super Guarantees
  • If you lodge quarterly BAS, the Q1 (July - September) lodgement is due by this date
  • Super contributions are due
31st October 2024 Tax Lodgement Deadline
  • Taxes must be lodged by this date.
  • Tax can be lodged after this date if you’re using a registered tax agent. If your business is considering using a tax agent, be sure to begin the process by the 31st of October as it will reflect in your lodgement.
21st November 2024 SGC
  • If Super Guarantee obligations have not been met, this is the date to lodge your Superannuation Guarantee Charge to meet legal obligations
28th February 2025 BAS
  • Super Guarantees
  • If you lodge quarterly BAS, the Q2 (October - December) lodgement is due by this date
  • Super contributions are due
15th May 2025 Tax Lodgement
  • If you’re using a registered tax agent, this is the due date for tax lodgements

What happens if you miss a deadline?

Now, we all know not to mess around with taxes. There are many important dates when it comes to EOFY and it can be easy to let them slip through the cracks. Missing deadlines can have harsh consequences, usually in the form of fines that can harm your bottom line.

This is why it’s essential to not only ask when is EOFY but check the other key dates and deadlines relevant to your business structure.

What expenses can you claim as a tradie?

Ah, one of the best parts of the end of the financial year: getting those sweet expense deductions. Expenses paid as part of operating your tradie business, such as uniforms, tools, equipment, devices and vehicles all count as deductible expenses. Even if you use certain claims for personal use, such as a vehicle that you use off and on the job, you can claim the percentage of work use as a deduction.

For trade business, a standout claim is on depreciating assets such as machinery, vehicles and equipment. Any asset you use for business purposes that depreciates over time can be claimed, and more counts as an asset than you might think!

For example:

  • Vehicles
  • Smartphones, tablets, other devices
  • Machinery such as welding machines and air purifiers
  • Mechanical Tools

How do I complete a tax return?

There are two main ways to complete a tax return, either by completing it yourself online through MyTax/SBR or through a registered tax agent.

The other option is a paper lodgement. (It’s not exactly popular.)

MyTax

Completing a tax lodgement online using MyTax is free, and simply requires a MyGov account linked to the ATO. It can be done on any device with the relevant documents handy. However, this is only an option for sole traders.

SBR

Standard Business Reporting software, also known as SBR, is the option for companies wishing to lodge tax online. Business and accounting software has this as an integration to send to the ATO once ready. Picking job management software, like Simpro’s, that integrates with accounting options is an option for businesses that want to lodge their own returns.

Registered Tax Agent

A registered tax agent is an option for businesses wanting professional help to prepare and lodge taxes. These can be a high upfront cost, however, this option provides businesses with consumer protections as services are engaged with the expectation the tax agent will prepare everything necessary.

Another benefit of choosing a tax agent for their services is that when EOFY lodgement deadlines come around, having a tax agent means this deadline can be extended. Haven’t been able to catch up and the lodgement deadline is approaching? Get a tax agent before it arrives!

EOFY Checklist in Australia: Prepare for the End of Financial Year

When EOFY comes around, you want to be prepared to hit all your deadlines and make the most of your tax returns. The last thing your cash flow needs is a fine or overpaying tax, so what when you do to ensure your business maximises returns while streamlining the process?

We’ve come up with this handy checklist so your business can check off all the important things and make the most of the end of the financial year. It doesn’t have to be one big yearly headache with the right preparation and planning.

1. Ensure accuracy with your financial statements and reports

The end of the financial year means that all your financials need to be in order, especially if the books haven’t been kept up-to-date. To file an accurate tax return with the maximum expense deductions and benefits, you need to know what you’re claiming and your financial situation.

With the right job management software, especially with accounting integrations, you’ll be able to keep track of your financial documents/reports all in one place and easily accessible at any time.

2. Conduct stocktake and asset valuation

EOFY is the perfect time to do a stocktake and inventory audit for trade businesses that carry stock. Assess your stock and get a concrete list of your current inventory. When EOFY comes around, you’re able to see what benefited your budget the most and where your inventory can be adjusted.

As mentioned above, asset valuations and asset depreciations are another important item to check off. Knowing what kind of assets your business has in its name and the total value of those assets is vital for future business loans and investments. It’s a representation of your business’s current total value in hard numbers. If you’re looking to expand your business, it’s vital to know exactly where you stand.

3. Verify Income and Expense Transactions

Got any outstanding bills, or do you need to chase up invoices from a few customers? EOFY is when you can do some housekeeping on all your final transactions for the year. Get them in before June 30th so they can be counted towards tax documents. Using job software with accounting integrations means having all your invoices in one place for review and follow-up.

It’s necessary to ensure all the books are up-to-date with the reality of your cash flow and expenses. Unaccounted-for expenses are expenses you can’t deduct, after all!

4. Prepare and lodge your business tax return with the ATO

This is the big one when asking when is EOFY: preparing your tax return for the Australian Tax Office. As mentioned above, there are multiple options for preparing and lodging a tax return, and you’ll need your reviewed financial documents with income, expenses, and contributions.

5. Make necessary superannuation contributions for employees

If your tradie business has employees, superannuation contributions are absolutely essential payments that must be made before any tax lodgements if you want your business to qualify for tax deductions (and you want those deductions!) Ensure these have all been paid as part of your EOFY checklist.

6. Review any fringe benefits (FBT) provided

Does your business provide fringe benefits for employees, such as entertainment, stock options, or employee discounts? If so, they might be subject to fringe benefit taxes (FBT).

Minor expenses and exemptions exist, but it’s a nuanced tax and depends on the situation. It’s important to review what kind of benefits are provided and if FBT is applicable.

7. Identify and claim all eligible business expenses and deductions

There’s a good reason every office supply store is spruiking EOFY deals: now is the perfect time to review your business expenses and discover the wonderful world of deductions.

This is another reason why it’s essential you keep track of your expenses and hold onto receipts: without proof of the expense, you can’t claim it! So keep records of purchases and value of your assets and make the most of your deductions.

8. Set financial goals and budgets for 2025

When EOFY comes around, there’s plenty of work to complete and deadlines to hit. Wrapping up your finances for that year can feel both nerve-wracking and satisfying, and it can be tempting to forget about it as soon as it’s over.

The end of the financial year is an opportunity to review your targets for the year and the reality of your budget. How did your business fare? Did you hit the goals you expected? If not, reviewing the details of your expenses and income can show you what worked and what hasn’t. This is the time to review and set new goals for the new 24/25 financial year.

Early preparation with EOFY for the end of your financial year

If EOFY was challenging this year, or you feel like your trade business is playing catch up, it’s important to review what tripped up your reporting or lodgements. What stood out as particularly annoying or challenging? Financial statements, invoices, expenses? The checklist items that were difficult this year can be turned around next year with the right preparation.

Job management software with accounting and quoting features can be your best mate in this process. Simpro’s accounting integrations and streamlined quotes mean that come tax time, you have all your records in one place, saving you time and headaches. Transparency and accessible documentation will set you up for success, so try a demo today!