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Everything you need to know about End Of Financial Year

Tax returns? Balance sheets? GST? Get all your tax time answers right here

What is End of Financial Year (EOFY) all about?

If you're a new business owner, this might be the first time you've had to think about what to do at the end of the financial year.

It's an important time for all kinds of businesses, from sole traders to big companies.

It's when you need to meet your tax obligations for the ATO – but it's also the perfect time to plan for the next 12 months of your business. 

Leading up to the EOFY, you'll need to complete certain tasks to keep your business in the ATO's good books and in the best shape possible. These can include:

  • submitting tax returns
  • completing income statements
  • figuring out your profit and losses
  • lodging reports for your PAYG, FTB and GST
  • conducting a stocktake

We're here to help with tax time

Whatever your business needs to do to, we can help make sure you get it right

Tax software
Tax software

MYOB software tracks expenses and tax as you do business, so the EOFY prep is done for you.

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Tax deduction by industry
Tax deduction by industry

Often office, hospitality, retail and trade workers claim incorrect expenses. We're here to make sure you don't.

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Online EOFY training course
Online EOFY training course

MYOB has launched a five-part online training course for anyone who wants to master their business at tax time.

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Tax time checklist
Tax time checklist

Get ready for tax time with this helpful checklist to assist with preparing your business tax return faster.

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Your EOFY Calendar


Take a look at our calendar for important tax and End of Financial Year Dates.

This list is a guide only. Looking for advice on tax payment and lodging? Speak to an accountant or bookkeeper.

21 March

Add a haiku to your to-dos

Today is World Poetry Day, celebrating all forms of poetry from epic Greek classics to NSFW limericks.

Checklist
  • Lodge and pay February 2021 Business Activity Statement (BAS) if you pay monthly.

21 April

Rome wasn't built in a day

On this day in 753 BC, Romulus and Remus founded the city of Rome. Keep your own empire ticking over by making sure you've lodged the following paperwork.

Checklist
  • Lodge and pay March 2021 Business Activity Statement (BAS) if you pay monthly.

28 April

Let sleeping dogs lie

Want to add a furry friend to your life? April is Adopt a Greyhound Month. Despite being bred for racing, these gentle giants love to snooze up to 18 hours a day.

Checklist
  • Lodge and pay Q3 (January-March) Business Activity Statement (BAS) if you pay quarterly.
  • Make superannuation guarantee contributions for Q3 (January-March) by this date to avoid paying the superannuation guarantee charge.

15 May

Take to the sky

On this day in 1930, Ellen Church became the first-ever flight attendant. She was responsible for serving snacks, checking tickets and even re-fuelling the plane. Luckily this checklist has a few less responsibilities.

Checklist
  • Lodge and pay 2020 tax returns for Companies (if not lodged earlier).
  • Lodge 2020 tax returns for Partnerships and Trusts (if not lodged earlier).
  • Lodge 2020 tax returns for Individuals (if not lodged earlier).
  • Due date for companies and superannuation funds to pay as advised on their notice of assessment.

21 May

Pop the kettle on

Today is International Tea Day, celebrating the most popular beverage on the planet after water. Pop the kettle on, make yourself a cuppa and check these items off your list.

Checklist
  • Lodge and pay April 2021 Business Activity Statement (BAS) if you pay monthly.
  • 2020-2021 Fringe Benefit Tax (FBT) return is due today.

28 May

Stand up for what's right

Amnesty International was founded on this day in 1961. It now has seven million members around the world dedicated to the promotion and protection of human rights.

Checklist
  • Make superannuation guarantee contributions for Q3 (January-March) by this date to avoid paying the superannuation guarantee charge.

05 June

It's World Environment Day!

This year, the United Nations is focusing on ecosystem restoration over the next decade. Is your business putting in more than it's taking out?

Checklist
  • All entities to lodge their 2019-20 tax return with a lodgement due date of 15 May 2021 if the tax return is not required earlier.

21 June

Crack the code

The Da Vinci Code author Dan Brown turns 57 today. Despite being banned in multiple countries, the 2003 blockbuster has sold 80 million copies and been made into a film.

Checklist
  • Lodge and pay May 2021 Business Activity Statement (BAS) if you pay monthly.

30 June

EOFY is here!

It's time to finish off any stocktaking, organise your paperwork and make some last-minute tax-deductible purchases.

Checklist
  • Super guarantee contributions must be paid by this date to qualify for a tax deduction in the 2020–21 financial year.

01 July

Happy New (Financial) Year!

The countdown begins for tax returns. The deadline for most returns is October 21, however your tax accountant may be able to organise a later filing date depending on your business needs.

Checklist
  • You can lodge your individual tax return from today until 31 October if you're preparing it yourself.

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
  • Employers must issue PAYG withholding payment summaries to their employees by today.

21 July

Don't let your business go cold

On this day in 1983, the lowest temperature ever recorded on Earth was taken at Vostok Station in Antarctica - a positively chilly -89.2c. Make sure your business doesn't fall below acceptable levels by submitting your BAS forms today.

To do
  • Lodge and pay June 2019 monthly business activity statement.
  • Lodge and pay quarter 4, 2018–19 PAYG instalment activity statement for head companies of consolidated groups.

28 July

Dig this!

Today is National Tree Day across Australia. Started in 1996, over 10 million native trees and shrubs have been planted on this day to make a positive impact on the environment. Submit your relevant forms or payments today then plant a tree to celebrate!

To do
  • Lodge and pay quarter 4, 2018–19 activity statement if lodging by paper.
  • Pay quarter 4, 2018–19 instalment notice (form R, S or T). Lodge the notice only if you vary the instalment amount.
  • Make super guarantee contributions for quarter 4, 2018–19 to funds by this date.

14 August

I Got You Babe

Sonny & Cher's hit song landed at #1 on the US Charts 56 years ago today. Cher went on to become the only artist to have a #1 song on the Billboard charts in every one of the past six decades and is still putting out music today. How's that for staying power?

Checklist
  • PAYG payment summary annual report for wages, salaries and other work-related payments must be lodged by today.

21 August

The Mona Lisa's big break

On this day in 1911, three handymen stole the Mona Lisa from the Louvre museum in Paris. The painting wasn't well-known at the time, but its theft made it internationally famous. Make sure to keep a close eye on your assets today!

Checklist
  • Lodge and pay July 2021 monthly Business Activity Statement (BAS).

28 August

A delicious pivot

Did you know Worcestershire Sauce was invented by a pair of pharmacists? John Lea and William Perrins cooked up the condiment in their lab on this day in 1837, which indirectly led to the establishment of a research lab at Oxford University and the creation of the Bloody Mary cocktail.

Checklist
  • Lodge Taxable Payments Report if your business is in the following industries: building and construction; cleaning; couriers; information technology; road freight; security, investigation or surveillance. Find out more from the ATO.

21 September

Quarter time

We're nearly at the end of Q1, and your EOFY admin should be ticking along nicely. Haven't got your ducks in a row yet? There's still time to speak to a MYOB accredited accountant or bookkeeper and sort out your tax return.

Checklist
  • Lodge and pay August 2021 monthly Business Activity Statement (BAS).

21 October

20 years of the iPod

Steve Jobs launched the Apple iPod on 21 October 2001. The original model had space for 1000 songs, 10 hours of battery life and cost $895. It received mixed reactions from Apple fans at the time, but went on to pave the way for the convenience of streaming music we enjoy today.

Checklist
  • Lodge and pay September 2021 Business Activity Statement (BAS) if you pay monthly.

28 October

Time to file your Q1 paperwork

It's BAS and super time again! Make sure you've filed everything you need to file in order to avoid paying late fees.

Checklist
  • Lodge and pay Q1 (July-September) Business Activity Statement (BAS) if you pay quarterly.
  • Make superannuation guarantee contributions for Q1 (July-September) by this date to avoid paying the superannuation guarantee charge.

31 October

Boo! It's the first tax return deadline

Today is Halloween and the lodgement deadline for individual, sole trader, partnership and trust tax returns. Don't be scared - your accountant can extend the deadline if needed.

Checklist
  • Individual income tax returns due today unless lodging through a tax agent
  • Sole trader, partnership and trust tax returns are due today unless lodging through a tax agent
  • A number of payment reports regarding PAYG withholding and superannuation payments to employees who are foreign residents and people who did not declare their ABN or TFN are due today. Find out more from the ATO.
  • Annual Investment Income report is due today.
  • Reporting on natural resource payments made to foreign residents is due today

28 February

Look out for the company tax lodgement deadline

The company tax returns lodgement dates have taken the lead from our leaping friend February 29th and like to change things up every few years.

Checklist
  • Usually company tax returns are due today, but check the ATO website to make sure.

Want to get key tax dates and deadlines sent to you?
Make sense of all the confusing tax and accounting terminology.

Read more about tax time on our blog

Understanding tax deductions: how much is your tax deduction worth?
Understanding tax deductions: how much is your tax deduction worth?
Questions to ask an accountant before you hire them
Questions to ask an accountant before you hire them
Deducting travel expenses: New ATO ruling for what you can (and can’t) claim
Deducting travel expenses: New ATO ruling for what you can (and can’t) claim

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We're excited to help you keep organised this EOFY!

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