The end of the financial year (EOFY) is a significant time for individuals and businesses across Australia. It marks the conclusion of the 12-month tax period, which runs from 1 July to 30 June, and brings with it important financial responsibilities. Whether you’re self-employed, a small business owner, or simply lodging your individual tax return, preparing early can save you time, money, and stress.
In this guide, we’ll walk you through what the EOFY means, what needs to be submitted, key dates to remember, and how to stay organised as we approach 30 June 2025.
Understanding EOFY in Australia
EOFY is the time when financial records are finalised, and tax returns are prepared and submitted to the Australian Taxation Office (ATO). The ATO uses these returns to determine your tax obligations or entitlements for the year.
For individuals, this means declaring all income (including from wages, investments, and overseas sources), as well as any eligible deductions. For businesses, it involves wrapping up the financial year’s books and reporting on business income, expenses, assets, liabilities, and more.
What Needs to Be Submitted?
Individuals and Sole Traders
Most people, including sole traders and self-employed individuals, are required to lodge an individual tax return. This can be done:
- Online via myTax through your myGov account
- Through a registered tax agent
- Or with the help of your accountant, who can handle the process on your behalf
Australian tax residents must declare worldwide income, not just income earned within Australia.
Companies
If you operate a company, you must lodge a company tax return. Additionally, any income you receive personally from the company—such as wages, dividends, or bonuses—must be reported on your individual return. Company returns can be submitted:
- Through SBR-enabled software
- Via a registered tax agent
- In paper form (though online submission is preferred)
- Or managed directly by your accountant, who can ensure your financials are accurate and compliant
Organising Your Financial Records
To lodge an accurate and complete tax return, you’ll need to gather and review your financial data. The key documents include:
- Profit and Loss Statement (P&L): Shows income and expenses and helps calculate taxable income.
- Balance Sheet: Lists your business’s assets and liabilities and outlines net worth.
- Receipts and invoices: Ensure all deductions and business expenses are well-documented.
- Superannuation payments: Make sure contributions have been made and recorded before the deadline.
Using accounting tools like Xero, MYOB, or QuickBooks can make this process more efficient. If you work with an accountant, they may already use one of these platforms and can help generate the necessary reports.
Key Lodgement Dates for EOFY 2025
Individuals, Sole Traders, and Partnerships:
Tax returns must be lodged between 1 July and 31 October 2025.
If you’re using a registered tax agent or your accountant, you may receive an extended deadline—provided you’re registered with them by 31 October.
Companies:
Most company tax returns for the 2024–2025 financial year will be due by 28 February 2026.
Specific due dates can vary, so it’s best to check directly with the ATO or confirm with your tax agent or accountant.
EOFY Tips for a Smooth Process
Start early: Don’t wait until June—begin gathering documents and reconciling accounts in May or earlier.
Go digital: Use accounting software to automate reports and track expenses.
Get expert help: A registered tax agent or accountant can guide you through the process and help you claim all eligible deductions.
Stay compliant: Make sure you meet all reporting requirements and deadlines to avoid penalties or delays in processing.
EOFY 2025 is your opportunity to take control of your finances, meet your tax obligations, and set yourself up for a fresh start in the new financial year. Whether you’re lodging as an individual or running a business, staying organised and informed is key. Gather your documents early, make use of helpful tools, and if you have an accountant—lean on them. Their expertise can take the pressure off and help you make the most of your return.
Got questions or need help getting EOFY-ready? Don’t hesitate to contact us—we’re here to support you every step of the way.