bookkeeping

EOFY resources for small business

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End of financial year resources for your small business

Get help with tidying up the books and wrapping up the accounts this end of financial year (EOFY).

Dates to mark in your diary

Here are the key EOFY milestones you need to know. Check out Xero’s handy key dates calendar so you can meet your year-end requirements on time.

  • 30 June: The Australian financial year runs from 1 July to 30 June. At midnight on 30 June, the financial year ends and your business books are closed off. Super contributions must be paid to qualify for tax deductions.
  • 14 July: Reconcile your payroll in Xero so you can submit your end-of-year finalisation declaration via Single Touch Payroll (STP) by 14 July. Your employees can then complete their income tax returns.
  • 28 July: Lodge and pay your Q4 business activity statement (BAS). If you lodge online, you may be eligible for a two-week extension. If you have employees, your super and PAYG instalments are also due.
  • 31 Oct: You have until 31 October to submit your tax return, but there are exceptions. Check the ATO website or ask your tax agent.

Processing payroll

Understand how to review, reconcile and amend your payroll, so you can finalise and lodge your Single Touch Payroll (STP) declaration by July 14.

First-timers

If it’s your first time using Xero to complete your end of financial year:

Pros

If you’ve used Xero to complete your end of financial year before:

Closing the books

Familiarise yourself with bank reconciliations, closing off accounts in Xero, EOFY adjustments and more.

First-timers
Pros

Setting yourself up for the new year

Financial year-end is the perfect time to do a check-up, celebrate your successes, and refocus on business goals.

For more Xero tips, advice and bookkeeping essentials for your business, visit How We Help You and get started today with Notch Above Bookkeeping, Australia-wide.

Source: Xero

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