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BUSINESS ADVICE •  24 MAY 2023 • 3 MIN READ

A guide for the end of the financial year in Australia

Checking off EOFY tasks in work diary

The end of the financial year in Australia is on the 30th of June. It’s an important time for many of us, with many responsibilities to keep in mind as 12 months of financial activity come to a close. It is also a good time to reflect on our financial situation, review our expenses and revenue, and plan for the year ahead.

There are many deadlines for various tax-related activities, such as the filing and payment of tax returns. As these deadlines draw near, it is important to stay on top of your finances to ensure a smooth transition into the new financial year.

What are the key dates I need to keep in mind?

The financial year in Australia is different from the calendar year, running from the 1st of July to the 30th of June the following year. If you are a small business owner, this provides an opportunity to review your financial performance, plan for the future, and ensure compliance with your tax obligations.

Tax compliance is a crucial aspect of EOFY, as you must file your annual income tax returns and pay any outstanding income taxes before the deadline. Financial reports are necessary for maintaining a clear and accurate understanding of your past year (both of which are made easier by efficient business management). It is also a good time to review and update your insurance coverage, so your business is properly protected from any unforeseen events.

It’s important to note the end of the financial year is not the only deadline for businesses. For business owners who file income tax returns themselves, the deadline is the 31st of October. However, if you are working with an accountant (like Beany), the deadline for filing with a registered tax agent is the 15th of May the following year. Circumstances and structure may change that date, so please confirm with your accountant or the ATO.

There are many things to be aware of throughout the financial year - our calendar provides a comprehensive list of key dates, so you can keep on top of your compliance and reporting responsibilities. If you'd like to know more, the ATO has more information on lodging and paying due dates.

What do I need to prepare for the end of the financial year?

There’s a lot to keep in mind during the end of the financial year. To make things easier, we have created a quick checklist to make sure your EOFY process goes smoothly. Using this as a reference will also help you prepare for the next financial year.

End of year checklist

  1. Review your financial records for the year to ensure that they are accurate and complete - this includes your income, expenses, assets and liabilities
  2. Assess whether you have any money owing (and if you’re owed anything)
  3. Organise any receipts or documentation that you (or your accountant) will need to complete your accounts and tax return
  4. Review your fixed assets to check they are all still in use and make a note of any that need removing (if they have been sold or are obsolete, etc).
  5. Perform and record a stock take - make note of any obsolete stock!
  6. Consider consulting with a tax professional (such as Beany) to ensure you are taking advantage of all possible tax deductions, and whether an accountant can prepare your financial statements
  7. Make sure you are aware of any upcoming deadlines
  8. Reflect on the past year and produce a budget or forecast for the next financial year.
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Tax and business planning for the next financial year

As the end of the financial year approaches, it's important to review how the past 12 months have been for your business. This is an opportunity to review how your business performed and assess how you’re tracking on your goals. This analysis will help for the coming year as you set budgets and identify areas for growth.

A good way to assess your financial performance is to look for any trends in your revenue and expenses. Maintaining proper budgeting and cash flow is important when setting financial goals for the coming year, as it allows you to identify areas where you can cut costs, prioritise expenses, and make informed decisions about where to allocate resources in order to achieve your goals.

You should also assess the resources you need for the coming year, such as staff and equipment, and incorporate this into your forecast. Seeking professional help from an accountant can be beneficial here - we offer a wide range of services to take the weight of accounting off your shoulders.

Who are Beany? 

We’re an online accounting firm that is always right here for you, your accounting pain relief. The most advanced technology lets us work way more closely with you than a normal accountant world. ​

We have a dedicated team of certified accountants and a support team to take care of your business no matter where you are, so you can focus on growing your business. We take out the ‘fluff’, break down the barriers and get things done. Looking out for you is what we are all about. Talk to one of our team members or get started for free today.

Julian Hutabarat

Julian Hutabarat

General Manager, Beany Australia

I started my accounting career in 2012 and obtained my CPA in 2015. Outside of work I enjoy mountain biking and hope one day to ride Crank It Up! at Whistler.

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