What is the Financial Year in Australia?

Created by Danilo Echeverri, Modified on Tue, 15 Oct, 2024 at 10:32 AM by Danilo Echeverri

In Australia, the financial year (FY) runs from July 1 to June 30 of the following year. This means that the 2024 financial year, for example, would start on July 1, 2023, and end on June 30, 2024.

Main Points about Financial Year:

Purpose: The financial year is used for tax reporting and financial planning. Individuals and businesses report their income and expenses for this period.
Tax Returns: Individuals typically need to lodge their tax returns by October 31 following the end of the financial year. Businesses have different deadlines depending on their structure.
Budgeting: The Australian government presents its federal budget in May each year, outlining spending and revenue estimates for the upcoming financial year.
Financial Reporting: Many businesses align their financial reporting with the FY, making it easier to compare performance and comply with regulatory requirements.

What is the Financial Year in Australia?

Main Points about Financial Year:

Purpose: The financial year is used for tax reporting and financial planning. Individuals and businesses report their income and expenses for this period.

Tax Returns: Individuals typically need to lodge their tax returns by October 31 following the end of the financial year. Businesses have different deadlines depending on their structure.

Budgeting: The Australian government presents its federal budget in May each year, outlining spending and revenue estimates for the upcoming financial year.

Financial Reporting: Many businesses align their financial reporting with the FY, making it easier to compare performance and comply with regulatory requirements.