Navigating the End of Financial Year Tax Obligations

June 23, 2025

Navigating the End of Financial Year Tax Obligations

The end of the financial year (EOFY) can feel overwhelming, especially when it comes to tax obligations. This blog post will help you navigate the complexities and ensure you're prepared.


Understanding Key Dates

The Australian financial year runs from July 1 to June 30. Knowing the key dates is crucial for planning and avoiding penalties.

 

  • June 30: End of the financial year.
  • July 1: Start of the new financial year.
  • October 31: Deadline for most individual tax returns (unless lodged by a registered tax agent).


Gathering Your Documents

Before you start your tax return, gather all necessary documents. This will streamline the process and minimise errors.

Here are some essential documents: 

  • Payment summaries from employers
  • Bank statements
  • Investment records
  • Receipts for work-related expenses
  • Health insurance details


Claiming Deductions

You can claim deductions for expenses related to earning your income. Keep detailed records and ensure the expenses are directly related to your work.

Common deductions include:

 ·     Home office expenses

·     Self-education costs

·     Work-related travel

·     Tools and equipment


Seeking Professional Advice

If your tax situation is complex or you feel overwhelmed, consider seeking advice from a registered tax agent. They can provide personalised guidance and ensure you meet all obligations

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