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End of Financial Year

Get good busy this tax time with all the key dates and information you need to be prepared.

What do I need to know about the End of the Financial Year (EOFY)?

In Australia, the financial year begins 1st July and ends 30th June the following year. 

The end of the financial year is when businesses complete bookkeeping and tax returns and plan for the new financial year.

Key tasks that you need to tick off in order to be prepared for EOFY include (but are not limited to):

  • Record-keeping
  • Identifying tax deductions and concessions
  • Reviewing your finances
  • Reviewing your business and marketing plans
  • Reviewing your business structure
  • Checking your insurance cover

Important dates this EOFY

15 May

Acing it!

On this day in 1987, tennis champion Andy Murray was born in Glasgow, Scotland. Andy has won three Grand Slam singles titles, two at Wimbledon (2013 and 2016) and one at the US Open (2012). Think like Andy and make sure you keep your eye on the ball this tax time!

Checklist
  • Lodge 2021 tax returns for all entities that did not have to lodge earlier (including all remaining consolidated groups), and are not eligible for the 5 June concession.
  • Due date for companies and super funds to pay if required.
Note: Individuals and trusts in this category pay as advised on their notice of assessment.

 

21 May

Aussie Aussie Aussie!

It’s Federal Election Day! After you tick off your tax tasks, make sure you take a sec to have your say in who will become the next leader of our great country, home of Vegemite, fairy bread and budgie smugglers.

Checklist
  • Lodge and pay April 2022 monthly Business Activity Statement (BAS).
  • Lodge and pay 2021-22 Fringe Benefits Tax (FBT) annual return if lodging by paper.

 

28 May

A day of honour (with a side of fries)

Did you know that the United States has a National Burger Day? Did you also know that it’s today? Never has there been a better excuse to grab yourself one as a reward for getting your tax tasks done! Double cheese, anyone?

Checklist
  • Lodge and pay quarter 3, 2021–22 Superannuation guarantee charge statement if you did not pay enough contributions on time.
Note: The super guarantee charge is not tax-deductible.

05 June

Get curious

If you were born today, that makes you a Gemini. Geminis are known for being curious and adaptable, but also for being inconsistent and indecisive. Now is a good time to get curious: make sure you have had all your tax-related questions answered, and avoid being indecisive!

Checklist
  • Lodge 2021-22 tax returns with a lodgement due date of 15 May 2022 if the tax return is not required earlier and meets criteria.
Note: This includes companies and super funds but excludes large/medium taxpayers and head companies of consolidated groups.
 
  • Lodge 2021-22 tax returns due for individuals and trusts with a lodgement due date of 15 May 2022 provided they also pay any liability due by this date.

21 June

Brrrrrr

Feel that? The chill of winter is here, and so is the winter solstice, which falls between 21 and 23 June. This is the day that has the least daylight hours of any other day of the year. Make the most of it: pack it in early (provided that you’ve done your BAS), grab yourself a tea and snuggle up. 

Checklist
  • Lodge and pay May 2022 monthly Business Activity Statement (BAS).

30 June

It’s actually the end of the financial year!

So you’ve heard all of the ads about EOFY for weeks now, but finally, it really is the end. Pat yourself on the back: you’ve probably gotten all the hard stuff done (if you followed our trusty advice). It’s time to forget about tax and relax to the max. 

Checklist
  • Super guarantee contributions must be received by your employees' fund by this date to qualify for a tax deduction in the 2021–22 financial year.

14 July

Vive la France!

Today is Bastille Day, the national day of France. What better time to have a croissant and make sure your employees have their payment summaries?

Checklist
  • Due date for PAYG withholding payment summaries to be supplied to employees.

14 August

Slam dunk!

American former professional basketball player Magic Johnson was born on this day. He led the NBA's Los Angeles Lakers to five championships. Lodge your tax return on time and you can be a champion, too! 

Checklist
  • Deadline for disclosing employee PAYG withholding information to the ATO.

31 October

There's nothing scarier than overdue paperwork!

Boo! Today is Halloween, a day celebrated in many different ways but best known for ghost costumes and copious amounts of sugar. It's also the tax return lodgement deadline!

Checklist
  • Final date to lodge tax return.

Want to get key tax dates sent to you?
Make sense of confusing tax terminology

 

This list is a guide only. For more information, visit the ATO website.

Looking for advice on tax payment and lodging? Speak to an accountant or bookkeeper.

We're here to help with tax time

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EOFY blog articles

Get tips and advice on how to best prepare for the end of financial year. Read more about tax time on our blog.

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