When is the end of the financial year (EOFY) in Australia? Key dates and tips for 2025

The end of the financial year (EOFY) is a crucial period for businesses and individual taxpayers in Australia. It brings new obligations for filing tax returns and preparing financial statements. It’s also an opportune time for businesses to take stock of their financial performance and prepare for the new tax year.

In this guide, we’ll look at the key dates and deadlines you need to know to remain compliant with tax and reporting requirements. We’ll also provide some practical tips for completing tax returns and preparing for EOFY. 

When is the end of the financial year in Australia?

In Australia, the financial year (also known as the fiscal year) runs from 1 July to 30 June. So for 2025, EOFY falls on Monday, 30 June 2025. After this date, businesses must finalize their accounts, and taxpayers can turn their minds to preparing their tax returns for the 2024–2025 financial year.

EOFY sometimes goes under the radar, especially for individual taxpayers or busy small-business owners. Sitting in the middle of the calendar year, it’s easy to overlook. But if you run a business, it’s one of the most important periods of the year.

In the weeks and months following EOFY, accountants see a huge spike in demand as taxpayers seek professional help to prepare and file their tax returns. This is known as the accounting busy season. In Australia, it typically falls between July and October. 

Key EOFY dates and deadlines to remember

Keeping on top of important tax and reporting deadlines is essential for businesses and individual taxpayers. It helps you avoid last-minute stress. At the same time, it helps ensure compliance with the requirements set out by the Australian Taxation Office (ATO).

With this in mind, here are the key EOFY dates and deadlines to be aware of for 2025:

30 July — the last day of the financial year 

This date officially marks the end of the Australian financial year for 2024-25. By this point, businesses should be preparing to finalise their financial statements and reports, ensuring that all transactions are up to date. 

1 July — the start of the new financial year

The first of July marks the start of the 2025-26 fiscal year in Australia. It also marks the start of the period in which taxpayers can file their returns for the 2024-25 financial year. 

Income tax return deadlines

The deadline for lodging tax returns for the 2024-25 financial year depends on the type of taxpayer and whether they are filing it themselves or using a professional tax agent. Here are the dates you need to know: 

• 31 October 2025 — the deadline for individual taxpayers, partnerships, and trusts using myTax (ATO’s online portal)
• 28 February 2026 — the general deadline for companies without tax agents
• 15 May 2026 — the extended tax return deadline for taxpayers using tax agents

For more detailed information, we recommend checking out ATO’s official guidance.

Superannuation guarantee payment deadlines

If you’re a business with employees, you’ll need to pay superannuation payments. These are spread across quarterly intervals, with the following deadlines: 

Business Activity Statements (BAS)

Businesses in Australia must also report various tax obligations to ATO at different intervals throughout the tax year. This is done by submitting Business Activity Statements. They cover obligations such as: 

• Goods and services tax (GST)
• Pay As You Go (PAYG) withholding
• PAYG installments
• Fringe benefits tax

You can choose whether you want to file your BAS monthly or quarterly. If you opt for monthly, you’ll need to lodge your BAS by the 21st of the following month. So July’s BAS is due August 21, for example. If you prefer quarterly, your deadlines are the same as those for super payments (see above), i.e. 28 October, 28 January, 28 April, and 28 July. 

How to complete a tax return?

There are various ways taxpayers can complete and lodge their tax returns in Australia. Some are available only to individual taxpayers, others are geared towards businesses. For example: 

• myTax. Individual taxpayers who want to lodge their returns themselves can use myTax, which is ATO’s online portal. 
• Tax agent. Individuals and businesses can engage a tax professional to assist them with their returns. These are known as tax agents. If you choose this route, you’ll get an extended deadline.
• Tax return software. Third-party tax software provides a range of tools to simplify and automate the tax filing process for businesses. 
• Paper returns. While digital methods are becoming increasingly popular, it’s still possible to file your returns the old-school way using paper forms and prostate stamps. 

How to prepare for EOFY in Australia

When it comes to a successful end of the financial year, it’s important to be as prepared as possible. This helps you avoid last-minute panics, stress, and potential penalties caused by late filing. Below, we’ll provide some simple steps that businesses can take to ensure they have everything under control when EOFY rolls around.

Ensure all financial records are up to date

As EOFY approaches, you need to ensure that all your financial records are accurate and up to date. This includes reviewing invoices, receipts, and other key documents related to income and expenses. By reconciling these with your accounts, you’ll get a clear picture of your business’s financial health. This will also help simplify your tax return process. 

Prepare your tax returns and BAS

When the financial year ends, you can turn your attention to preparing and lodging your tax returns. You can make this process easier by using accounting and tax software that auto-calculates income tax based on your financial data. 

You should also start preparing your business’s BAS for the quarter or month, depending on your lodging schedule. This involves gathering all necessary information, such as your GST and PAYG withholding details.

Consider tax planning strategies

EOFY is a good time to discuss tax planning strategies for the coming financial year. Depending on your situation, you may want to make changes to reduce your tax liability, such as increasing superannuation contributions, deferring income, or claiming eligible business deductions. If in doubt, talk to an accountant or tax advisor. 

Evaluate inventory levels

If you hold physical stock, EOFY is an opportune time to do a thorough stocktake. This will help you assess inventory levels and write off any obsolete or unsellable stock. You can then compare the results of your stocktake with your digital records — and make adjustments to the latter where necessary. This can help you adjust your tax position and ensure that your balance sheet is accurate.

Review financial policies and procedures

EOFY is a great time to review your internal policies and procedures and make any adjustments or improvements. If you have employees, you can check that all employee benefits are up to date, including annual leave and superannuation contributions. 

Plan for any upcoming changes in legislation

It’s also a good idea to keep an eye on any tax law changes or new legislation that could impact your business. By keeping ahead of these changes, you can implement financial and tax strategies for the upcoming year proactively.

What about individual taxpayers?

For individual taxpayers, EOFY doesn’t hold the same significance as it does for businesses. Generally speaking, the average individual will have a relatively simple tax return to prepare and file. That said, the more prepared and organized you are, the smoother the process will be. 

Here are some tips to help make EOFY as hassle-free and advantageous as possible for individuals: 

• Gather all relevant financial documents — e.g. income records, bank statements, documents relating to investments, dividends, or rental income.
• Review potential tax deductions, such as work-related expenses and charitable donations. This can help reduce your taxable income and save you money.
• Consult an accountant or tax agent if your financial situation is complex or if you have any specific questions.
• Lodge your return ASAP — although you have months to prepare and lodge your return, we recommend doing it as soon as you can to avoid a last-minute rush or oversight.

EOFY tips and best practices

EOFY needn’t be a headache. By following these tips and best practices, you can streamline the process and set yourself up for a smoother financial year ahead: 

Simplify tax filing with accounting software. Manual processes can be time-consuming and error-prone. By using accounting or tax software, you can automate financial reporting, tax calculations, and the tax filing process. This reduces the risk of error while saving you precious time and hassle. 

Plan your tax strategy for the next financial year. Before the financial year ends, it’s worth taking a proactive approach to tax strategy for the coming financial year. For example, consider how you can maximize tax deductions, review investment portfolios and capital gains tax (CGT) implications, and adjust financial strategies to optimize your tax position. 

Automate workflows with practice management software. With TaxDome, you can automate client data collection, communication, and invoicing. You can boost collaboration and transparency through task management tools. And you can securely store, manage, and request documents and e-signatures — all on one powerful platform.  

Common EOFY mistakes to avoid

When it comes to EOFY tax and reporting obligations, the smallest mistakes can be costly. Below, we’ll look at some of the most common mistakes businesses make around EOFY — and how you can avoid them altogether.

Missing important filing deadlines. Late lodgements can result in penalties and interest charges from ATO. To avoid these issues, prepare your financial statements well in advance. We also recommend using automated reminders in the run-up to key deadlines. If you work with a tax agent, you’ll get an extended deadline and can rely on a professional to lodge your returns accurately and on time.

Errors in accounting data. Inaccurate financial records can lead to compliance issues and unnecessary audits. In most cases, accounting errors are caused by manual processes or using legacy tools such as spreadsheets. You can avoid this issue by using accounting software that automates calculations, tracks transactions, and identifies discrepancies.

Not fully utilizing tax credits and deductions. Many businesses miss out on valuable tax deductions and credits that could significantly reduce their tax liability. For example, you may be able to deduct work-related expenses or certain business purchases. To ensure you are claiming all eligible deductions, we recommend working with an accountant or tax advisor.

The bottom line

The end of the financial year is a crucial time for taxpayers. When navigating EOFY processes, preparation and organization are key. With the right tools and planning, you can ensure smooth tax filing, maximize tax deductions, and ensure a stress-free transition to the new financial year. 

If you’re an accountant, EOFY can be particularly stressful. To help you serve your clients efficiently, you need the right tools. This is where TaxDome can help. TaxDome acts as the central hub for your accounting workflows. It helps you automate workflows, engage clients, manage documents, keep track of tasks, and much more. 

Want to ensure a stress-free EOFY? Request a demo today!