The end of financial year (EOFY) is an important period for Australian businesses. It’s the perfect opportunity to review financial performance, finalise accounts, and prepare for the next year. For many businesses, understanding key dates, requirements, and strategies for the end of financial year 2024 is essential to staying compliant and maximising economic opportunities. This guide provides all the critical information you need for a smooth EOFY in Australia.
When is the End of Financial Year (EOFY)?
At the end of the financial year, businesses close their books, prepare financial statements, and complete their tax reporting obligations. The financial year commences in Australia on July 1 and concludes on June 30. This means the end of financial year 2024 marks the conclusion of the 2023–2024 financial year on June 30, 2024, and the 2024–2025 financial year begins on July 1, 2024.
Why the End of Financial Year Matters
Key Benefits and Opportunities for Your Business
The EOFY Australia 2024 period isn’t just about compliance—it’s also an opportunity for businesses to:
Maximise tax deductions: Claim eligible business expenses, depreciation, and superannuation contributions.
Evaluate financial health: Analyse performance through profit and loss statements, cash flow reports, and balance sheets.
Plan for the future: Set financial goals and budgets for the next year.
Meet obligations: Finalise superannuation payments, lodge tax returns, and issue payment summaries to employees.
Key Dates for End of Financial Year 2024-2025 Calendar
| Month | Due Date | Description |
| May 2024 | 15 May | Company, Partnership & Trust, and Individual Income Tax Returns are due for lodgement |
| 21 May | If you lodge monthly, lodge and pay April business activity statements (BAS) | |
| 21/28 May | Fringe Benefit Tax return is due by today (if you lodge by paper/electronically) | |
| June 2024 | 21 Jun | If you lodge monthly, lodge and pay May BAS |
| 30 Jun | Prepare for EOFY and wrap up books for the year 2022/2023 | |
| July 2024 | 1 July | If lodging yourself, individual income tax returns are due from now till 31 Oct |
| 14 July | Employers must issue pay as you go (PAYG) withholding payment summaries to employees | |
| 21 July | If you lodge monthly, lodge and pay June BAS | |
| 28 July | If you lodge quarterly, lodge and pay Q4 (April – June) BAS; Due for Super guarantee contributions for Q4 (April – June) | |
| August 2024 | 14 Aug | PAYG withholding payment summary annual report due |
| 21 Aug | If you lodge monthly, lodge and pay July BAS | |
| September 2024 | 21 Sept | If you lodge monthly, lodge and pay August BAS |
| October 2024 | 21 Oct | If you lodge monthly, lodge and pay September BAS |
| 28 Oct | If you lodge quarterly, lodge and pay Q1 (July – Sept) BAS; Due for Super guarantee contributions for Q1 (July – Sept) | |
| 31 Oct | Last day to submit individual income tax returns | |
| November 2024 | 21 Nov | If you lodge monthly, lodge and pay October BAS |
| December 2024 | 21 Dec | If you lodge monthly, lodge and pay November BAS |
| January 2025 | 21 Jan | If you lodge monthly, lodge and pay December BAS |
| 28 Jan | Due for Super guarantee contributions for Q2 (Oct – Dec) | |
| February 2025 | 21 Feb | If you lodge monthly, lodge and pay January BAS |
| 28 Feb | If you lodge quarterly, lodge and pay Q2 (Oct – Dec) BAS | |
| March 2025 | 21 Mar | If you lodge monthly, lodge and pay February BAS |
| April 2025 | 21 Apr | If you lodge monthly, lodge and pay March BAS |
| 28 Apr | If you lodge quarterly, lodge and pay Q3 (Jan – March) BAS; Super guarantee contributions for Q3 (Jan – March) are due by today | |
| May 2025 | 15 May | Company, Partnership & Trust, and Individual Income Tax Returns are due for lodgement |
| 21 May | If you lodge monthly, lodge and pay April BAS (monthly) | |
| 21/28 May | Fringe Benefit Tax return is due by today (if you lodge by paper/electronically) | |
| June 2025 | 21 Jun | If you lodge monthly, lodge and pay May BAS |
| 30 Jun | Prepare for EOFY and wrap up your books for the year 2023-2024 |
Key Dates for End of Financial Year 2024-2025 Calendar
What to Do Before the EOFY 2024?
Preparation is key for a smooth end of financial year 2024. Here’s a checklist to ensure nothing falls through the cracks:
1. Review Income and Expenses
- Verify all income and expense transactions.
- Chase outstanding invoices and ensure all receipts are accounted for.
2. Finalise Superannuation Payments
- Pay employee superannuation contributions before 30 June 2024 to claim a deduction in the current financial year.
3. Assess Inventory and Assets
- Conduct an inventory check and adjust stock levels as necessary.
- Review depreciation on business assets to maximise deductions.
4. Reconcile Accounts
- Use accounting software to reconcile bank accounts, ensuring accurate records.
5. Prepare Financial Statements
Prepare the following reports for your business:
- Profit and loss statement summarising income and expenses.
- Balance sheet listing assets, liabilities, and equity.
- Cash flow statement that tracks inflows and outflows of cash.
6. Understand Tax Deductions
Maximise deductions by claiming:
- Office supplies and equipment.
- Travel expenses related to business.
- Professional development or training courses.
- Immediate write-offs for eligible business assets.
How to Lodge Your Tax Return for EOFY 2024
There are several ways to lodge your tax return during the EOFY Australia 2024 period:
1. Lodge Through MyGov
Sole traders and individuals can use the ATO’s MyTax system to lodge their returns online. Ensure your MyGov account is linked to the ATO and all documents are ready before starting.
2. Use Standard Business Reporting (SBR) Software
Businesses can use SBR-enabled software for lodging returns. This is integrated with popular accounting tools for streamlined processing.
3. Engage a Registered Tax Agent
If you need expert help, a tax agent can ensure accuracy and provide advice on maximising deductions. They also have extended lodgement deadlines.
Strategies to Maximise Your EOFY 2024
Take a proactive approach to maximise benefits during the end of financial year:
Plan Major Purchases
If you’re considering buying equipment or assets, ensure that immediate write-off applies. Making these purchases before 30 June 2024 can result in substantial tax savings.
Consider Fringe Benefits Tax (FBT)
If your business offers benefits like cars or entertainment to employees, understand your FBT obligations. FBT is calculated separately from income tax but can affect your overall tax position.
Defer or Accelerate Income
Based on your financial position, you may choose to defer income or prepay expenses to manage tax liabilities effectively.
What Are the Consequences of Missing EOFY Lodgement Deadlines?
Missing deadlines for the end of financial year 2024 can lead to:
- Late lodgement penalties from the ATO.
- Loss of tax deduction opportunities (e.g., unpaid superannuation contributions).
- Increased scrutiny from tax authorities for repeated non-compliance.
If you anticipate delays, contact the ATO or your tax agent promptly to explore options.
EOFY 2024 Made Simple with Infinity22
Managing the end of Financial year can be daunting, but professional assistance can make a difference. At Infinity22, we specialise in helping businesses navigate the complexities of EOFY in Australia. End of Financial Year 2024: Maximising Your Tax Deductions to ensure compliance, our tailored solutions are designed to simplify your financial management.
Contact us today to schedule a consultation and prepare for a successful end of Financial year 2024.
Embrace the opportunity the EOFY 2024 provides to strengthen your business and plan for a prosperous year ahead!
