Untax your brain this
End Of Financial Year
Get all the key dates and information you need to be
prepared for the 2023 EOFY
What do I need to know about EOFY?
The 2022/23 financial year in Australia runs from 1 July 2022 to 30 June 2023. The End of Financial Year (EOFY) is an important time for all businesses. You'll need to make sure your books are up to date, complete tax returns and plan for the new financial year.
With a whole bunch of boxes to tick, tax time can get pretty busy. Use the EOFY hub to help things run smoothly. Here you'll find out about what's changing on 1 July, key dates, checklists, helpful training and resources to keep your business compliant.
Your helpful checklist for key dates this tax year
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 2022 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.
21 May
Airplane mode on. BAS lodged.
Today in 1932, Ameila Earhart became the first woman to fly solo non-stop across the Atlantic. Lodging your BAS may feel like a record-breaking mission, but remember, even Amelia had to file taxes.
Checklist
- Lodge and pay April 2023 monthly Business Activity Statement (BAS).
- Lodge and pay 2022-23 Fringe Benefits Tax (FBT) annual return if lodging by paper.
28 May
Make that a double
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! Triple cheese, anyone?
Checklist
- Lodge and pay quarter 3, 2022–23 Superannuation guarantee charge statement if you didn't pay enough contributions on time.
- Use the ATO's Super Guarantee Charge Statement and Calculator tool to work our the charge and prepare the statement.
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 2022-23 tax returns with a lodgement due date of 15 May 2023 if the tax return is not required earlier and meets criteria.
- Lodge 2022-23 tax returns due for individuals and trusts with a lodgement due date of 15 May 2023 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 2023 monthly Business Activity Statement (BAS).
26 June
Expelliarmus!
26 years ago today, the first book in the Harry Potter series was published. Likewise, submitting your taxes can feel like a magical journey as daunting as trying to find the Philosopher's Stone. Unfortunately, there's no spell to make the paperwork disappear. That's why we have helpful guides below.
Checklist
- Lodge and pay 2022-23 Fringe Benefits Tax (FBT) annual return if lodging via a tax agent.
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 2022–23 financial year
- Complete a stocktake if you have inventory.
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.
- Compliance changes of tax tables, superannuation guarantee increase to 11%.
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
- Tell your employees they can access their end-of-year income statement online through myGov
21 July
The Eagle has landed!
Today marks 52 years since Neil Armstrong set foot on the moon. What firsts will you check off today?
Checklist
- Lodge and pay June 2023 monthly Business Activity Statement (BAS).
- Lodge and pay Payroll Tax.
28 July
Back from the dead...
On this day in 1932, the first feature-length zombie film, 'White Zombie', was released in New York City. Think of all the zombie films and TV shows released since then! If you're feeling like a zombie after EOFY, now's a great time to take a break!
Checklist
- Lodge and pay quarterly 2023 Business Activity Statement (BAS).
- Make super guarantee contributions for Quarter 4 (Apr-Jun) of the 2022–23 financial year.
21 August
The Mona Lisa's big break
On this day in 1911, three tradies stole the Mona Lisa from the Louvre Museum in Paris. Don't let your monthly business activity statement slip through your fingers. Unlike the painting, you won't want it to disappear for two years before resurfacing!
Checklist
- Lodge and pay July 2023 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 Annual Report (TPAR).
21 September
Crack open a cold cola
More than 50 years ago today, Coca Cola made history by introducing the plastic bottle, but don't bottle up your tax responsibilities. Remember to complete your taxes and avoid any fizzles with the ATO!
Checklist
- Lodge and pay August 2023 monthly Business Activity Statement (BAS).
28 October
Microsoft. Word.
On this day in 1955, the tech world was gifted with the birth of Bill Gates, the mastermind behind Microsoft. While we can't all be software giants, we can take charge of our financial responsibilities. Lodge and pay your quarterly BAS, even if it's not as exciting as creating revolutionary computer programs.
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
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, unless you aren't required to lodge a tax return or you use a registered tax or BAS agent.
- Lodge Annual GST 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.
Preparing for the 2023 EOFY in your MYOB Software has never been easier
Compliance changes in the 2023-24 Financial Year
Increase of the superannuation guarantee rate (the minimum super amount an employer needs to pay to all eligible employees) from 10.5% to 11%.
Tax tables are automatically updated for the new payroll year.
These changes will be ready in your MYOB software from 1 July 2023 to help make payroll compliance changes easier to manage. For more information visit the ATO website.
Your MYOB software checklists for this EOFY
Use these checklists to help you navigate the end-of-year process in MYOB Business and MYOB AccountRight and prepare for the year ahead.
Learn how to:
- Reconcile your accounts
- Review your finances
- Create your reports for year-end
- Check your payroll to avoid errors
- Reconcile and finalise Single Touch Payroll (STP)
Get step-by-step guidance and blast through your EOFY
Join us for our free EOFY webinars and MYOB Academy courses.
Reconcile your accounts and get ready for EOFY
Live webinar
Get a refresh on the steps to reconcile your business' accounts in MYOB. Learn about useful reports, and tools to make the process straightforward.
Book now
Reconcile payroll and finalise STP at EOFY
Live webinar
Get a refresh on the steps to reconcile payroll in MYOB. We’ll take you through the steps to finalise STP and prepare for the payroll year ahead.
Book now
End of financial year with MYOB
On demand
Learn how to complete EOFY tasks in your software or take a deep dive into reconciliation with our free guided courses.
Register nowA helping hand when you need it this EOFY
Get the support you need, when you need it. There are plenty of ways to access help over the busy period — visit the MYOB Help Centre, try the live chat, or browse the options below.
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Submit an online support request. Find out how
Plus, get help in your own time through these easy ways
Online help
Message us online in real-time with LiveChat, or visit the Help Centre for more help options
Community Forum
Ask a question to our community of users, accountants and bookkeepers.
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Our one-stop-shop for setup, FAQs and other payroll resources.
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You can easily update your password and reset your two-factor-authentification (2FA) with the links below.
Forgot your password? Manage and reset 2FAEstimate your tax payable with our super simple tax calculator
It's time to turn guestimates into best estimates.
When end of financial year comes around, it can be difficult to know how much tax your business will be required to pay. It's important info that deserves more than just guesswork.
To make things easy, we've created a simple tax calculator for sole traders, freelancers and contractors to quickly estimate how much tax you'll need to pay.
Just enter a few key details to see your projected tax payable for 2022/23. Too easy.
Countdown to launch: All the latest on EOFY
All your questions about the 2022-23 End of Financial Year, answered
What is the end of financial year in Australia?
The End of the Financial Year (EOFY) in Australia is on June 30th. It is the date on which the Australian financial year ends and the next financial year begins. EOFY is an important date for businesses and individuals in Australia.
June 30 marks the deadline for various financial reporting and compliance requirements, such as tax returns, financial statements and superannuation contributions. Additionally, it is a common time for businesses to review their financial performance and plan for the upcoming year.
When is the start and end of the financial year?
The start of the financial year in Australia is on 1 July, and the end of the financial year is on June 30th of the following year. This period covers a 12-month cycle and is the standard financial year for businesses and individuals in Australia. During this time, businesses and individuals need to meet various obligations to the Australian Taxation Office (ATO).
What do I need to do for the End of Financial Year?
The specific tasks you need to do for the end of the financial year in Australia will depend on your circumstances. If you're an individual taxpayer, a sole trader, or a business owner tax time will be a different story. However, here are some general tasks you may need to consider:
- Organise your receipts, invoices and other financial documents from throughout the year.
- Lodge your tax returns with the ATO. The due dates for this are 31st October for individuals and 31st December for businesses.
- If you are an employer, you need to make sure you have made all required superannuation contributions for your employees by the end of the financial year.
If you have MYOB, you can easily manage expenses throughout the year and lodge your tax return in a few simple clicks. Learn more about how MYOB Business can help you.
These are just some of the tasks you may need to consider for the end of the financial year in Australia. It's always a good idea to stay informed about your obligations and seek professional advice if needed.
When can I lodge my 2023 tax return?
The lodgement period for individual tax returns in Australia typically begins on 1 July and runs through to 31 October of the following year. Therefore, you should be able to lodge your 2023 tax return with the Australian Taxation Office (ATO) from 1 July 2023. If you are unsure about your lodgement deadline, you should check with the ATO or seek advice from a qualified tax professional.
You can prepare and submit your tax return before the lodgement period opens. However, the ATO won't process your lodgement until the period officially begins on 1 July.
How do I complete a business tax return?
Completing a business tax return in Australia can be a complex process, but with MYOB Business you can reduce errors and all the double-handling. You can try it for free for 30 days and see how it'll make your tax-time to-do list a little easier.
Here's a general outline of the steps involved in completing a tax return without software:
- Gather your financial records
Including all your business income and expenses for the financial year. It's helpful to have any other relevant financial information on hand, such as bank statements, balance sheets and profit and loss statements.
- Complete the tax return form
The form you need to complete will depend on your business structure. For example, sole traders and partnerships generally need to complete an individual tax return. But, companies and trusts need to complete a company tax return.
- Include all income
Make sure that you include all income earned by your business during the financial year, including any interest, dividends, or capital gains.
- Deduct expenses
Deduct any business expenses that you are eligible to claim, such as rent, utilities, salaries and office supplies. Be sure to keep accurate records of all expenses.
- Calculate depreciation
If you have any depreciable assets (e.g., plants and equipment), you may be able to claim a deduction for their depreciation.
- Review your tax return
Check your tax return carefully to ensure that all information is accurate and complete.
- Lodge your tax return
Lodge your tax return with the Australian Taxation Office (ATO) by the relevant deadline. The end of February of the following year is the deadline for company tax returns. Partnerships and trusts are due in May and sole traders are due in October.
It's important to note that completing a business tax return can be complex, and the tax rules and regulations can change from year to year. Check out our guide to how tax works in Australia for more information. It may be helpful to seek advice from a qualified accountant or tax professional.