End of Financial Year in Australia: Key Dates, Checklist and Annual Changes

The Australian financial year runs from 1 July to 30 June. That means the financial year always ends on 30 June and the new year begins on 1 July. This differs from the calendar year (1 January to 31 December) and from the financial year structures of some other countries.

At the end of each financial year, individuals need to gather their income and deduction records and lodge a tax return. Businesses need to finalise payroll, pay quarterly super, lodge the final BAS, and close their books for the year. And each new financial year brings changes to tax rates, thresholds, or ATO rules that affect how much tax you pay and what you can claim.

This guide covers when the financial year ends, the key EOFY deadlines, an EOFY checklist for individuals and small businesses, the current 2025-26 changes you need to know, and a historical reference for the 2022-23 changes that gave this page its URL. Updated each July when the new financial year opens.

When Is the End of the Financial Year in Australia?

The Australian financial year ends on 30 June, without exception. The date does not change based on the day of the week, public holidays, or government decisions. It is set by legislation and applies to all Australian individuals and businesses for income tax purposes.

The full Australian income year spans from 1 July to 30 June. So when people refer to ‘the 2025-26 financial year’ or ‘FY2025-26’, they mean the period from 1 July 2025 to 30 June 2026.

Why 30 June? Australia adopted the 30 June financial year-end in the colonial era, based on the UK's historical practice of ending the fiscal year at midsummer (which in the Southern Hemisphere is midwinter). The date has been maintained for consistency and has never changed since federation.

Key Financial Year End Dates

The following dates apply at the end of each Australian financial year:

End of Financial Year Checklist for Individuals

Use this checklist each June/July to prepare your tax return:

• 
  Income statements: confirm all income statements show 'Tax ready' in myGov (from employers via STP)
• 
  Centrelink / government payment summaries: check your Services Australia payment history for the income year
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  Bank interest statements: available from your bank or via pre-fill in myTax from August onwards
• 
  Dividend statements: from share registries if you own listed shares
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  Work-related expense receipts: tools, uniforms, professional memberships, self-education, subscriptions
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  Working from home records: hours worked from home (for the 70c/hr fixed rate method) or actual expense records
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  Private health insurance certificate: for the health insurance rebate or Medicare Levy Surcharge calculation
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  Rental property records: rental income received, loan interest, council rates, insurance, repairs, depreciation schedule
• 
  HECS-HELP / study loan balance: the ATO calculates compulsory repayments in your return
• 
  Capital gains records: contracts of sale, cost base documents, agent fees on any assets sold during the year

For the complete tax return preparation checklist, see our individual tax return checklist.

End of Financial Year Checklist for Small Businesses

Business owners have additional obligations at EOFY:

• 
  Lodge Q4 BAS by 28 July: the final quarterly BAS covering April to June. BAS agents have been given an extension to 25 August.
• 
  Pay Q4 super by 28 July: super for the April to June quarter is due by 28 July. Late super triggers the non-deductible SGC.
• 
  Finalise STP for the year: complete the end-of-year STP finalisation in your payroll software so employees' income statements show 'Tax ready'
• 
  Reconcile books: ensure all bank accounts are fully reconciled to 30 June so your end-of-year figures are clean
• 
  Review instant asset write-off purchases: any eligible business asset must be first used or installed by 30 June to count in the current year
• 
  Consider voluntary super contributions: personal concessional super contributions made by 30 June are deductible in the current year (within the concessional cap)
• 
  Review prepayable expenses: prepaying up to 12 months of eligible deductible expenses before 30 June brings the deduction forward to the current year
• 
  Organise invoices and receipts: ensure all business expense documentation is captured and coded in your accounting software
• 
  Consider income timing: where possible, defer income to the next financial year or bring forward deductible expenses to the current year based on your tax position
• 
  Book your tax return appointment: lodge with your registered tax agent to access the extended May deadline and professional review of all deductions

For the full bookkeeping preparation process at financial year-end, see our small business bookkeeping guide.

Key Tax Changes for 2025-26

Super Guarantee Rate: 12% (Permanent)

From 1 July 2025, the Super Guarantee rate reached its final legislated level of 12% and is now permanent. There are no further scheduled increases. All employers must ensure payroll is configured at 12% of ordinary time earnings for eligible employees.

Payday Super (from 1 July 2026 -- Prepare Now)

From 1 July 2026, superannuation must be remitted with each pay run rather than quarterly. Employers need to ensure their payroll software supports per-payrun super remittance before the 2025-26 year ends. The Super Guarantee Charge (SGC) will apply to per-payrun shortfalls rather than quarterly ones from that date.

Instant Asset Write-Off: $20,000 (to 30 June 2026)

The $20,000 instant asset write-off for eligible small businesses (aggregated turnover under $10 million) continues through 30 June 2026. Assets must be first used or installed ready for use by 30 June 2026 to count in the current year. Purchasing an asset but not installing it before 30 June does not qualify.

GIC No Longer Deductible (from 1 July 2025)

From 1 July 2025, the General Interest Charge (GIC) on overdue ATO liabilities is no longer tax-deductible. Previously deductible as a business expense, this change makes late ATO payments significantly more expensive. The SGC for late super was never deductible.

Working From Home: 70 Cents Per Hour

The fixed rate for working from home expenses is 70 cents per hour (updated from 67 cents per hour from 1 March 2023). This covers electricity, gas, internet, phone usage, stationery, and computer consumables. Requires a record of actual hours worked from home (a timesheet, diary, or similar record). You can also claim the decline in value of office equipment separately.

Car Expenses: 88 Cents Per Kilometre

The ATO’s cents-per-kilometre rate for the 2025-26 financial year is 88 cents per kilometre. This applies to work-related travel in your private vehicle (not motorcycles or vehicles carrying more than 1 tonne or 9 passengers). The maximum claim under this method is 5,000 kilometres per year. Keep a record of the kilometres driven for work-related purposes.

Stage 3 Tax Cuts (from 2024-25, Continuing)

The Stage 3 tax cuts that took effect from 1 July 2024 continue in 2025-26. The 16% tax rate applies to income from $18,201 to $45,000 (down from 19% previously). The full 2025-26 tax brackets are: 0% on $0-$18,200; 16% on $18,201-$45,000; 30% on $45,001-$135,000; 37% on $135,001-$190,000; 45% on $ 190,001+; plus the 2% Medicare Levy.

Historical Reference: What Changed in 2022-23

This page was originally published to cover the key changes for the 2022-23 financial year. The following is kept for historical reference. These changes remain in effect in subsequent years unless noted.

Self-Education Expenses: $250 Threshold Removed

From 1 March 2023, the fixed rate method for working from home was updated. The rate increased from 52 cents per hour (old temporary COVID rate) to 67 cents per hour, later revised to 70 cents per hour from 1 July 2023 (and still applicable in 2025-26). The revised method requires actual records of hours worked from home rather than a representative four-week diary.

Working From Home: Fixed Rate Method Revised

Before 1 July 2022, you were required to subtract $250 from eligible self-education expense deductions before claiming them. From the 2022-23 income year onwards, this $250 non-deductible threshold was removed. Self-education expenses that are genuinely work-related are now fully deductible from the first dollar, without the $250 reduction. This change also applied to the FBT year from 1 April 2023. This change remains in effect.

Car Cents Per Kilometre: Increased to 78 Cents

For 2022-23, the ATO cents-per-kilometre rate increased from 72 cents (2021-22) to 78 cents per kilometre. The rate has since been further increased to 85 cents for 2023-24, 88 cents for 2024-25, and 2025-26. Always use the rate applicable to the income year you are claiming for.

LMITO Ended: No Longer Available

The Low and Middle Income Tax Offset (LMITO) ended after the 2021-22 income year. It is not available for 2022-23 or any subsequent year. This is one of the primary reasons many taxpayers received a lower refund (or a tax bill) when lodging their 2022-23 returns. The separate Low Income Tax Offset (LITO) (up to $700 for incomes below $37,500) continues to apply.

How The Kalculators Can Help

As registered tax agents and Xero Gold Partners, we assist Adelaide small businesses and individuals through the financial year-end: finalising payroll, lodging Q4 BAS, preparing and lodging individual and business tax returns, and advising on year-end tax planning to maximise deductions and minimise your tax liability.

Book an appointment in July for your individual tax return, or contact us in June to discuss year-end tax planning for your business. See our individual tax return service for the full list of what we cover, and our early tax lodgment guide for the best timing for your 2025-26 return.

Call (08) 7480 2593, Monday to Friday, 9:00 AM to 6:00 PM. Offices at 182 Salisbury Highway, Salisbury; 315 Prospect Road, Blair Athol; and 280 Main South Road, Morphett Vale. Online services for Murray Bridge, Woodville, Melrose Park, Port Augusta, Prospect, and Brighton via info@thekalculators.com.au.