When is End of Financial Year (EOFY)?

The end of financial year (EOFY) is one of the most important times in the Australian calendar, especially for anyone earning a wage, running a business, or managing finances. That’s not just a routine check-in - it’s a major moment of financial activity. In fact, over 14 million individuals filed their tax returns for 2024. That kind of national movement makes EOFY a critical checkpoint for both individuals and businesses alike. It’s when tax returns get filed, receipts get rounded up, and businesses do a big stocktake (and maybe throw in a cheeky office morning tea).

If you’ve ever wondered "when is EOFY in Australia?" or "what does EOFY even mean?", you’re in the right place. This guide covers the key EOFY dates, what it means, and how to get prepared - whether you're an individual, a freelancer, or a business owner.

What is EOFY?

EOFY stands for End of Financial Year. It's a term used to describe the wrap-up of a full year of financial activity, when individuals and businesses review their financial position and fulfil their reporting obligations. This includes tasks like preparing tax returns, reconciling records, evaluating income and expenses, and making strategic plans for the new financial year.

When is EOFY?

EOFY, or End of Financial Year, refers to the completion of a country’s financial reporting period. While there’s no global standard, most governments and businesses adopt a consistent annual cycle to manage taxes and accounts. In Australia, the financial year ends on 30 June. In contrast, the United States federal government ends its fiscal year on 30 September, while many American companies follow the calendar year ending 31 December. The UK wraps up its tax year on 5 April, a quirk dating back to an 18th-century calendar shift. The UK tax year ends on 5 April. These differences usually reflect historical decisions and administrative practicality rather than any global standard.

When is the end of financial year in Australia?

EOFY in Australia officially ends on 30 June each year. The next day, 1 July, kicks off the new financial year. Tax season then runs from 1 July to 31 October for most individual tax returns (unless you're lodging through a registered tax agent).

Why do different countries have different EOFY dates?

EOFY dates vary globally due to history, political timing, and climate. For instance, the UK’s 5 April date originates from a calendar switch, while the US government set 30 September to align with budget cycles. Countries also try to avoid holiday periods for ease of processing. Ultimately, each nation adopts a cycle that aligns best with its operational, economic, and political rhythms.

Why is EOFY in the middle of the year?

Australia’s financial year runs from July to June largely for historical reasons. Back in 1901, the first federal budget had to be passed mid-year to avoid the December/January holiday period. This timing also helps align budget decisions with government planning cycles.

So while other countries (like the US) use a calendar year, EOFY Australia sticks with its July-June system.

Why is EOFY important?

EOFY is a big deal for managing taxes, staying compliant, and making smart financial decisions. It’s the point where individuals and businesses:

• Report income and expenses
• Claim deductions
• Lodge Business Activity Statements (BAS)
• Finalise payroll and superannuation payments
• Assess business performance

It’s also when retailers launch huge EOFY sales to clear stock before they do inventory and reporting.

EOFY Key Dates

EOFY comes with some very specific deadlines for both individuals and businesses. Missing them can mean penalties or missed opportunities for deductions, so mark these down:

How Do You Prepare for EOFY?

EOFY prep looks different depending on whether you're an individual or a business, but the key goal is the same: wrap up your finances for the year and get ready for tax time.

Individuals

For individuals, EOFY is the time to make sure all your income and deductions are accounted for. It’s about getting your paperwork in order, lodging your tax return, and making the most of any claims you’re entitled to.

• Lodge your tax return between 1 July – 31 October
• Gather receipts for work-related expenses and donations
• Check private health cover
• Confirm income statements in myGov
• Prepay eligible expenses for early deductions

Businesses

For businesses, EOFY is more than just balancing the books—it’s a chance to close out the year cleanly, stay compliant with the ATO, and plan ahead. Whether you’re a sole trader or a company with employees, these tasks are essential to wrap up the financial year.

• Reconcile accounts including income, payroll, and super
• Finalise STP by 14 July
• Lodge BAS and TPAR
• Stocktake & asset review
• Review debtors/creditors
• Back up systems

Freelancers and Sole Traders

EOFY is a big deal for freelancers and sole traders alike, since you're fully responsible for your own record-keeping, tax obligations, and superannuation. Whether you’re issuing invoices, managing expenses, or planning for growth, EOFY is a good time to clean up your systems, reflect on the past year, and get ready for the next.

• Invoice audit – track all jobs and payments
• Log expenses – software, gear, WFH bills
• Super & tax planning
• Update pricing or service offerings
• Consider automation tools

EOFY and Tax Returns: What You Need to Know

Whether you're a sole trader, PAYG employee or small business, EOFY is when all your financial ducks need to be in a row. Mistakes here can lead to penalties or missed deductions.

Be sure to:

• Track your income
• Separate personal vs business expenses
• Keep invoices and receipts (digitally if possible)
• Review ATO guidelines to maximise deductions

Common EOFY Mistakes to Avoid

EOFY can sneak up quickly, and that’s when mistakes happen. From missed super deadlines to forgetting to lodge, it pays to stay on top of the basics.

• Lodging tax returns late
• Missing super deadlines
• Not reconciling your accounts
• Forgetting to claim eligible expenses
• Not backing up your accounting data

EOFY can be chaotic, but avoiding these mistakes can save you a ton of stress (and money).

How Do Australian Workplaces Celebrate EOFY?

EOFY isn’t just spreadsheets and receipts. Many Aussie workplaces mark the end of financial year with:

• Morning teas or catered lunches
• "Thank you" gifts for staff
• Performance awards
• EOFY parties (budget-dependent, of course)

It’s a great time to reflect on the team’s wins and reset for the year ahead. Many businesses also take this opportunity to thank loyal clients and business partners for their ongoing support—whether that’s with a handwritten note, a thoughtful gift, or a catch-up lunch.

Plus, let’s be honest—we all need a reason to eat dessert at 10am.

Corporate Gifting Ideas for EOFY

EOFY is also a chance to show appreciation through corporate gifting. Whether you're thanking clients or rewarding your team, consider:

• Edible gift boxes (yes, donuts count as a tax-deductible morale booster)
• Personalised cookies or brownies with a company message
• Desk plants, candles, or other small luxuries
• Gifts bundled with a thank-you card or custom branding

It’s the little things that make people feel seen. Plus, thoughtful gifts at EOFY can strengthen relationships heading into Q1.

Here at Goldelucks, we know the importance of thoughtful gifting in building long-lasting relationships. That’s why we’ve created EOFY gifts that help you stay top of mind with your team and your clients. Customise your desserts with branding, personalised messages, or even a confetti explosion to turn EOFY into a real celebration. Hosting a big office party or sending thank you's across your client list? We offer bulk packs, corporate discounts, and quick Australia-wide delivery. Explore our range of personalised corporate gifts and submit an enquiry to have a dedicated account manager tailor a package that works for you - whether you're sending 5 gifts or planning a large event.

EOFY FAQs

What does EOFY mean?

EOFY means End of Financial Year—it's the end of Australia's tax and reporting year (30 June).

When does EOFY end?

EOFY ends on 30 June every year.

Is EOFY the same as the calendar year?

Nope. Australia’s financial year runs from 1 July to 30 June.

What happens after EOFY?

You can start lodging tax returns, finalising payroll, and planning for the new financial year.

Final Thoughts

EOFY might sound dry, but it’s one of the most crucial periods for financial clarity and growth. Whether you're lodging your first return or prepping a business P&L, getting EOFY right sets you up for the next 12 months. So, start planning early and save the stress during EOFY!