END OF FINANCIAL YEAR 2026

You can lodge your tax return for the 2025/26 financial year from 1 July 2026. If you are lodging the return yourself, the deadline is 31 October 2026.

If you use a registered tax agent, they may be able to lodge your return later than 31 October. However, you must be registered with your tax agent before 31 October 2026 to access their extended lodgement deadlines.

For the end of financial year in Australia, you can lodge your tax return with the ATO. However, if you need help, you can use the ATO's 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).

To complete your tax return, you need to review your financial records for the financial year. This includes confirming your income, expenses, and any deductions your business is eligible to claim.

Once your records are organised, you can prepare key financial reports such as a profit and loss statement (P&L) and a balance sheet. These reports help you calculate your taxable income and provide the figures needed to complete your tax return.

You can lodge your return through the ATO online services or by working with a registered tax agent.

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.

You can lodge your tax return once the financial year ends on 30 June. Most individuals and businesses begin lodging from 1 July each year.

However, it’s important to make sure all your income information, deductions, and financial records are finalised before submitting your return. Lodging too early without complete records can lead to errors or the need to amend your return later.

ATO refunds are usually processed within about 12 business days if you lodge your tax return online. If you submit a paper return, it can take up to 50 business days to process.

Processing times can vary depending on the complexity of your return and whether the ATO needs to review additional information. You can track the progress of your refund through ATO online services or your myGov account.

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 small business instant asset write-off allows eligible businesses to immediately deduct the cost of certain depreciating assets instead of claiming the deduction over several years.

Under recent rules, eligible small businesses with an aggregated turnover of less than $10 million have been able to claim an instant deduction for assets costing less than $20,000 per asset, provided the asset is first used or installed ready for use within the relevant financial year.

Key points to know:

• The threshold applies per asset, meaning multiple eligible assets under the threshold can be written off.
• Assets valued above the threshold are generally added to the small business depreciation pool and depreciated over time.
• Eligibility criteria and thresholds can change between financial years.

Because instant asset write-off rules are regularly updated by the Australian Government, it’s important to check the latest guidance from the ATO or speak with your tax adviser before making EOFY purchasing decisions.

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.

If you’re running a small business, an accountant can help you understand what to do before EOFY. A bookkeeping professional can provide qualified advice before you make financial decisions and ensure that you are meeting financial compliance requirements. Intuit QuickBooks can help you find a ProAdvisor who can help your business this end of financial year. Find an accountant near you and get ready for the end of financial year.

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, and certain capital expenses (such as the cost of depreciating assets used in your business like machinery and equipment).

A medium-sized business can claim tax deductions for expenses that are directly related to earning business income. To be deductible, the expense must be incurred as part of running your business and you must keep records to support the claim.

Common deductions for medium sized businesses may include:

• Operating expenses such as rent, utilities, insurance and office costs
• Employee costs including wages, superannuation and payroll-related expenses
• Business equipment and assets, which may be depreciated over time
• Professional services such as accounting, legal and consulting fees
• Vehicle and travel expenses used for business activities
• Software subscriptions and technology costs

Because deduction rules can vary depending on your business structure and the type of expense, it’s important to keep accurate records and confirm eligibility with the ATO or a registered tax professional.

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.