When Is the Last Day of the Financial Year in Australia (EOFY)?

As a small business owner, the end of financial year can sneak up fast. You’re juggling operations, cash flow and staffing - and suddenly it’s time to close the books, finalise payroll and plan the year ahead.

Getting clear on the last day of the financial year (and what it means for your legal and compliance tasks) will make EOFY far less stressful. In this guide, we’ll walk through the key dates, what to prepare before 30 June, and the practical legal checks that smart business owners schedule at this time of year.

By the end, you’ll know exactly when the financial year ends in Australia, how EOFY affects your business, and the simple steps to set yourself up for the next financial year with confidence.

What Is The Financial Year In Australia - And What’s The Last Day?

In Australia, the standard financial year runs from 1 July to 30 June. So the last day of the financial year is 30 June, and the new financial year begins on 1 July.

You’ll often see people use “EOFY” (End Of Financial Year) to refer to the period leading up to 30 June, when businesses wrap up accounts, run stocktakes, finalise payroll and lock in tax planning decisions.

Does It Change If 30 June Falls On A Weekend?

No - the financial year end date is always 30 June.

However, some lodgement and payment deadlines set by regulators may shift to the next business day if the due date lands on a weekend or public holiday. That can help with submissions, but it doesn’t change the fact that transactions posted after 30 June fall into the new financial year.

Key EOFY Tasks For Small Businesses

EOFY is both a finish line and a fresh start. Here are the core administrative and legal tasks most small businesses consider at this time each year.

1) Lock Down Your Financial Records

• Reconcile bank accounts, invoices and expenses up to 30 June.
• Complete stocktakes where relevant and record write-offs or adjustments.
• Collect and file any missing supplier invoices or receipts for the year.
• Review your record-keeping processes to ensure you meet Australian data retention laws for business records.

2) Finalise Payroll And Superannuation

• Process final pay runs for the year and reconcile year-to-date totals.
• Ensure superannuation contributions intended for the old year reach the fund by 30 June if you want them counted for that year.
• Complete Single Touch Payroll (STP) finalisation so your team can access their year-end income statements in myGov (the ATO typically sets mid-July finalisation due dates).

3) Review Customer Terms, Website Policies And Privacy

EOFY is a great time to refresh your customer-facing terms and check they still match how you do business. If you sell online or collect data, make sure your Privacy Policy is accurate and updated for any new products, tracking tools or integrations you’ve added this year.

4) Health Check Your Contracts And Structure

• If you’re a company, confirm your governance documents (for example, your Company Constitution) still suit your operations and board processes.
• If you have co-founders or investors, ensure your Shareholders Agreement reflects current ownership, vesting and decision-making arrangements.
• Update supplier agreements and pricing schedules to match current trading conditions.
• If you hire staff or contractors, make sure each person has a current Employment Contract or contractor agreement that reflects their role and award obligations.

5) Confirm Asset Security And Credit Terms

If you provide goods on credit or lease/finance equipment, check whether you should register or renew interests on the PPSR (Personal Property Securities Register) so you’re better protected if a customer defaults or becomes insolvent.

When Does The New Financial Year Start - And What Should I Do On 1 July?

The new financial year starts on 1 July. It’s the natural moment to roll over your budgets, refresh your forecasts and put any pricing or contract updates into effect.

Consider launching a simple “new year reset” checklist:

• Update your price lists and customer terms for new engagements starting 1 July.
• Confirm award increases or indexation (if applicable) and reflect them in your payroll system.
• Review insurance cover and limits in line with growth or new services.
• Schedule quarterly legal and finance check-ins so EOFY is a tidy finish rather than a scramble.

Company Compliance Around EOFY: What Changes And What Stays The Same?

EOFY is a good trigger to review company compliance, even though many company obligations don’t align exactly with 30 June.

ASIC Annual Review

Every company has an ASIC annual review date (usually the anniversary of registration), which can fall at any time of year. You’ll receive a statement to confirm details, pay the fee and keep your corporate register up to date. The fee is separate from tax time and due around the review date (not necessarily at EOFY).

Solvency Resolution

Directors must pass a solvency resolution within two months after each annual review date, confirming the company can pay its debts when due. This is different from your 30 June financial year-end, but EOFY is a smart time to assess solvency indicators so you’re prepared when your review date arrives.

Financial Reports And Audit

Large proprietary and public companies often have statutory financial reporting and audit obligations linked to the financial year. Many small proprietary companies don’t have to lodge financial reports with ASIC, but you should still maintain accurate records and be ready to provide financials to lenders, investors or other stakeholders if needed.

Company Governance Documents

Take the time to ensure your board resolutions, share registers and corporate records are complete. If you’ve grown or changed direction, consider whether your Company Constitution and any board charters or delegations still reflect how you want decisions to be made.

Practical Legal Housekeeping To Do Before 30 June

Beyond the finance routine, EOFY is the perfect time to tighten your legal foundations so you can scale with fewer surprises.

Refresh Customer Contracts And Website Terms

If you’ve added new services or changed how you price or deliver, update your Customer Terms or Service Agreements so they match your current offer and clearly address cancellation, scope, IP ownership and liability. Online businesses should review both their website terms and their Privacy Policy to account for new integrations or marketing tools.

Review Employment And Contractor Arrangements

Over time, roles evolve. Check that each team member’s Employment Contract or contractor agreement truly reflects their actual duties, hours, classification and entitlements. This is also a good moment to update your staff handbook or key workplace policies (for example, leave, use of devices, and data security).

Co-Founders And Investors

If you’ve brought on a new founder or investor during the year, make sure your cap table, vesting schedules and any convertible instruments are captured in your Shareholders Agreement and corporate records. This helps avoid misunderstandings and keeps everyone aligned on decision rights, dividends and exits.

Protect Your Position As A Supplier Or Creditor

Where you supply goods on credit, lease equipment or provide retention of title terms, ensure your credit application terms are up to date and that you’ve registered any security interests on the PPSR. Annual internal audits of PPSR registrations help you catch expiries or errors before they put you at risk.

FAQs: Financial Year End Dates And Common Timing Questions

What Date Is The End Of The Financial Year In Australia?

30 June is the final day of the financial year. The next day, 1 July, is the start of the new financial year.

When Does “End Of Financial Year” Start?

People often refer to “EOFY” broadly as the weeks leading up to 30 June. There’s no formal start date - it’s simply the closing phase of the financial year when you complete year-end tasks.

What If I Invoice On 30 June But Get Paid Later?

Revenue recognition depends on your accounting method and the actual date of the transaction. For many small businesses, the invoice date is the indicator, but speak with your accountant about your specific method and cut-off rules.

Do I Need To Change Contracts At EOFY?

You don’t have to, but it’s a logical time to align your contracts to current practice, roll out updated pricing or terms for new engagements, and refresh your Privacy Policy if your data practices have changed.

Is EOFY The Same As My ASIC Annual Review?

No. Your ASIC annual review is tied to your company’s review date (often your registration anniversary). Nonetheless, reviewing corporate records and planning for your next solvency resolution at EOFY is a smart habit.

How To Plan A Smooth EOFY (And A Strong New Year)

EOFY doesn’t need to be a mad dash. With a simple plan, you can close out confidently and hit 1 July with a clean slate.

Step 1: Create A Year-End Timeline

Work backwards from 30 June and list the deadlines for payroll finalisation, superannuation payments, stocktake, and management accounts. Note any due dates that shift to the next business day because of weekends or public holidays.

Step 2: Assign Responsibilities

Nominate a team member or advisor for each task - finance reconciliation, contract updates, website policy review, and staff documentation checks. Keep the list short, clear and visible.

Step 3: Update Key Legal Documents

• Customer Terms or Service Agreements to reflect current scope and pricing.
• Privacy Policy and website terms if your tech stack or data uses have changed.
• Employment Contract templates and workplace policies for role changes or award updates.
• Shareholders Agreement and cap table for any changes in ownership or vesting.

Step 4: Do A Quick Legal Risk Review

Scan for out-of-date indemnities, missing IP ownership clauses in supplier agreements, or lapsed PPSR registrations. Make a short action list for July so you start the new year reducing risk, not carrying it forward.

Key Takeaways

• Australia’s financial year runs from 1 July to 30 June - the last day of the financial year is 30 June every year.
• Some regulator deadlines shift to the next business day if they fall on a weekend or public holiday, but the financial year end date itself doesn’t move.
• Use EOFY to close your books, finalise payroll and super, complete stocktakes, and lock down your record keeping in line with Australian data retention laws.
• Schedule legal housekeeping: update customer terms, refresh your Privacy Policy, check Employment Contract templates, maintain your Company Constitution and ensure your Shareholders Agreement matches your current ownership and decision-making.
• If you supply on credit or lease equipment, protect your interests by reviewing registrations on the PPSR before they expire.
• Company obligations like ASIC’s annual review and passing a solvency resolution often occur around your review date, not EOFY - but EOFY is an ideal checkpoint to prepare.

If you’d like a consultation on planning your EOFY legal and contract tasks for your small business, you can reach us at 1800 730 617 or team@sprintlaw.com.au for a free, no-obligations chat.