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When is the end of the financial year (EOFY)?
It’s important to plan your promotions according to where your customers are located. In Australia, the financial year typically runs from 1st July each year to 30th June the following year. But if you have customers in other countries, it’s important to know that the end of financial year varies country by country. Check the specific financial or fiscal year dates in each country if you’re considering offering EOFY promotions to customers internationally.
The End of Financial Year as a Refresher
As the calendar year winds down, many of us take a moment to reflect, despite the busyness of the season. It’s also a time when resolutions are made, setting intentions to improve our lives in the year ahead.
For Australian business owners, the new financial year offers a second opportunity to reset and refocus, almost like a ‘New Year’.
Below, we outline three practical ways you can make the most of the end of the financial year (EOFY) including the sales season that comes with it to help you kick off the new financial year with confidence and momentum.
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EOFY: A Vessel For Reflection
For many small and medium sized Australian businesses, boosting revenue and managing costs remain constant priorities. But when cash flow demands your daily attention, stepping back to see the bigger picture can feel out of reach.
The end of the financial year is not only a time to meet tax obligations and complete financial reporting, it’s also a valuable opportunity to reflect. The information you gather during this period can provide powerful insights into your business’s overall financial performance. With a clear view of what’s working (and what’s not), you’re better positioned to make informed decisions for the year ahead.
Reframing Goals
As you undertake your EOFY review, take the opportunity to reflect not just on the numbers, but also on your broader business and life goals. If things aren’t quite where you’d like them to be, this is the perfect moment to step back, reassess, and identify areas for improvement.
Plan Ahead!
Decide on the key goals you want to achieve this upcoming EOFY and the goals you would like to achieve for the first quarter of the next end of the financial year. Use each end of financial year as a way to test what works and what doesn’t when it comes to increasing your business’s sales.
Ensure you are also staying compliant with legal requirements that are imposed on you as a business.
Know What You Can And Cannot Claim This EOFY (As An Individual and Business)
When it comes to tax time, knowing exactly what you can and can’t claim is essential both to maximise your deductions and to stay compliant with the ATO.
Whether you’re a sole trader, small business owner, or an employee, there are a wide range of deductions you might be eligible for. These could include home office expenses, equipment purchases, professional subscriptions, or vehicle use.
Some claims are commonly misunderstood and getting it wrong could lead to delays, audits, or penalties.
To help you navigate the rules with confidence, we’ve created a quick quiz you can take right now to assess your EOFY readiness and uncover what deductions might apply to you.
🎯 Can You Claim It?
EOFY 2025 Tax Deduction Quiz - Test your deduction knowledge and see how well you know the ATO rules!
Purchase EOFY Discounted Legal and Accounting Subscriptions
As a business, you may be caught up in the heat of trying to increase revenue on your own discounted products and services which customers may be purchasing. However, as a business, the EOFY is a perfect time to start purchasing discounted legal and accounting subscriptions.
Purchasing a legal plan or tax and accounting plan can aid you in streamlining the administrative and bureaucratic tasks associated with the EOFY period. The benefits of these plans during the EOFY include:
- Staying compliant with ever-changing regulatory and tax obligations.
- Streamlining EOFY reporting and paperwork, saving you time and reducing stress.
- Accessing on-demand expert advice, so you can confidently tackle legal or financial issues as they arise.
- Plan ahead for the year with templates, tools, and strategic guidance tailored to your business’s needs.
