END OF FINANCIAL YEAR 2025 | KEY DATES, RESOURCES AND INFO

The deadline for when you need to lodge your tax return will vary, depending on whether you're lodging yourself or using a registered tax agent. If you're self-login, make sure you complete and lodge by 31 October 2025 to avoid any penalties. If you are using a tax agent, they can lodge on your behalf at a later date, but you must engage them prior to 31 October, 2025.

You can lodge your tax return with the ATO. However, if you need help, you can use the ATO's Free Tax Help Program, visit the National Tax Clinic who help people who can't afford professional tax advice, or you can engage a registered tax agent, who will charge a fee for their services.

If you don't lodge your return by the deadline, you may receive a failure to lodge (FTL) penalty. For small entities, the FTL penalty is calculated at a rate of 1 penalty unit for each period of 28 days that the return/statement is overdue, up to a maximum of 5 penalty units. For medium entities, the penalty unit is multiplied by 2. For large entities, the penalty unit is multiplied by 5.

Consult the ATO website to confirm the rate of the penalty units and whether you are a small, medium or large entity.

Yes you can! Lodging your tax return early can help you prevent an estimated assessment and ensure accurate reporting of your income and deductions. However, lodging your tax return early does not guarantee that you will receive your refund earlier.

Most online returns are processed within 12 business days (applies to current year tax returns only), most electronic amendments are processed in 20 business days, and paper returns may take up to 50 business days to be finalised.

You can track the status of your return using the ATO's self help services.

The ATO defines a small business or small entity as an individual, partnership, company or trust that has an aggregated turnover of more than $1 million but less than $20 million.

The Australian government has continued to provide support for small businesses by extending the $20,000 write off limit until 30 June 2025. 

Under this measure, small businesses, with an aggregated turnover of less than $10 million, can deduct the cost of multiple eligible depreciating assets, so long as the cost is under $20,000. The $20,000 limit is on a per asset basis, meaning small businesses an insteate write off multiple assets.

Assets valued at or over $20,000 can continue to be placed into the small business simplified depreciation pool and depreciated at 15% in the first income year, and 30% each income year following. In addition, pool balances under $20,000 at the end of the 2024-2025 income year can be written off.

If you didn't earn any income under your ABN this tax year, then you can leave your business income section empty on your tax return. If your business is no longer operating, you may need to cancel your ABN.

You may find the services an accountant can offer will be essential for your business at tax time. They can ensure your business is financially sustainable, provide qualified advice before you make financial decisions, and that you are meeting financial compliance requirements, QuickBooks can help you find a ProAdvisor who can help your business this end of financial year. Find an accountant near you can get end of financial year ready.

The tax free threshold applies to the first $18,200 earned during the financial year. If you do not claim the threshold on your Tax Declaration Form, your income will be taxed at a higher rate.

The types of business expenses you may be able to claim deductions for include: day-to-day operating expenses, purchases of product or services for your business, certain capital expenses (such as the cost of depreciating assets used in your business, like machinery and equipment).

If your total claim for work-related expenses (including laundry expenses, but excluding car, travel, overtime meal allowance expenses) is less than $300, you can claim the amount without providing receipts. However, you will need to be able to show how you have come up with the total of your claim.