Small Business Glossary

End of Financial Year (EOFY)

End of Financial Year, or EOFY, is a significant period in Australia for both individuals and businesses. It marks the close of the financial year, which runs from July 1st to June 30th of the following year.

During EOFY, a focus is placed on ensuring compliance with the Australian Taxation Office (ATO) requirements. This involves activities like:

  • Finalising financial records: Businesses need to finalise their bookkeeping and accounts for the past year.
  • Tax return preparation: Individuals and businesses need to prepare and lodge their tax returns with the ATO. This determines their tax liability for the year.
  • Tax planning: This is a good time to review your financial situation and plan for tax minimisation strategies in the upcoming year.

The EOFY period can be busy and involve paperwork, so many people start preparing well in advance to ensure a smooth process.

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