END OF FINANCIAL YEAR 2025 | KEY DATES, RESOURCES AND INFO
EOFY Hub
Get end of financial year ready with a helping hand from QuickBooks with our handy EOFY guide and plans to suit your business needs.
END OF FINANCIAL YEAR 2025 | KEY DATES, RESOURCES AND INFO
Get end of financial year ready with a helping hand from QuickBooks with our handy EOFY guide and plans to suit your business needs.
Save more than time this EOFY with QuickBooks Online Simple Start, Essentials, and Plus.
The Australian tax year ends on 30 June, and taxes must be lodged with the Australian Tax Office (ATO) by 31 October.
Registered tax agents can lodge at a later date, but you must engage them by 31 October.
Need a tax agent? Find a ProAdvisor here.
EOFY is an important time for businesses to submit all necessary ATO reporting. Use our EOFY checklist to stay organised and prepared for tax time.
QuickBooks Online makes wrapping up the financial year easy. Automatically track and categorise your expenses, finalise payroll, and submit your small business tax return, all from one convenient place.
Track every trip with the QuickBooks mobile app. Mark your journey as business or personal and claim money back on your driving.
Capture your receipts on the go. We'll take the relevant data and match the details to an expense.
Connect your bank accounts and more to have transactions automatically sorted and categorised so you're ready for tax time.
Enter the "What do I need to do for EOFY?" query from the Help icon and our Digital Assistant will then walk you through the EOFY process.
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Taxation can be complex, but understanding key dates can simplify the process. Learn how comply with your tax obligations so you don't miss out on any deadlines.
Majority of Australian residents are required to lodge a tax return each year. This guide will explain how you lodge a tax return and the timings you can expect.
As a business owner, it's important to know that if youβve filed the wrong tax information you can amend your return. Learn the steps you should take when amending a business tax return with the ATO.
Australian residents are subject to income tax from their domestic and foreign income. Learn about taxable and non-taxable income, deductions, and offsets so your ready for tax time.
Marginal tax rates depend on the financial year's taxable income, and will vary depending on your income.Use this guide to find out what rates you can expect this tax season.
Luxury Car Tax (LCT) is a tax on cars that have a GST-inclusive value above the LCT threshold. Learn about the LCT threshold and more in this ultimate guide on luxury car tax.
Purchasing assets for your business can be a big expense, but the instant asset write-off may be able to help your. Learn more about the instant asset write-off and whether your business is eligible.
Division 7A was introduced to prevent certain dividends from being tax-free. Learn what Division 7A is and how it applies when making or receiving payments and benefits.
The franking credit system is designed to prevent the double taxation of company profits. Learn what franking credits are, how they work, and what you need to know for tax time.
Manage your end of financial year obligations and share your finances in real time with your accountant, bookkeeper or financial advisor.
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.Β
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.
Connect seamlessly with your current apps to keep business running smoothly.
Transform your end of financial year workflow, boost your team's productivity and power through tax time with these guides and tips.
Discover expert tips to improve your EOFY workflows, drive efficiencies with your tech stack and improve your engagement process.
Whether you're looking for a better way to lodge BAS, a more productive way to prepare tax lodgements, or just want to create winning workflows, QuickBooks Online Accountant can help. Speak to our team about the efficiencies you can achieve with QuickBooks.
The ATO have announced there are 3 areas of concern that it will be paying particular attention to this EOFY:
Advisors should work closely with their clients to ensure that claims are being made correctly, records are provided, and that all income, including any income from side hustles or participation in the gig economy, is included.
You can simplify your accounting processes this EOFY with 'Prep for Taxes' in QuickBooks.
With this you'll be able to:
Before EOFY, you'll need to reconcile all bank, credit card, and loan accounts, checking too that clearing accounts, like Payroll clearing accounts, are at zero on June 30. Petty Cash also needs to be counted and reconciled to balance as of June 30.Β
Similarly to clearing accounts, the Undeposited Funds Account account needs to be checked by June 30, any remaining balance should only be the amounts left undeposited as of June 30.
Suspense accounts must show a zero balance on June 30.
The Account Reconciliation tab in Books Review in QuickBooks presents a clear list of accounts requiring reconciliation. You can find detailed, step-by-step guidance on reconciling accounts using Books Review in QuickBooks here.
If the company is required by the ATO to record the total payments made to contractors for their services, you will need to prepare their TPAR and lodge it with the ATO.
You can find out if you need to lodge a TPAR on the ATO website, and can use our detailed, step-by-step guide on preparing and reviewing TPARs in QuickBooks Online.
A finalisation event notifies the ATO that payroll for this finaicial year is complete, meaning provided figures are final and that no further payments need to be made to employees this financial year.
If the company uses QuickBooks Payroll to lodge pay events to the ATO under STP, you will have to lodge a finalisation event to send the final year-to-date figures to the ATO.
Here's more information on how to create, lodge, and amend a finalisation event.
Simplify year-end accounting processes with 'Prep for taxes' in QuickBooks. It lets you:
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