Are You Aware of EOFY Tax Obligations for Your Business?

Posted by Madeline White on May 8th, 2025

As the financial year has come to a close, business owners face a crucial period filled with responsibilities and obligations. The End of Financial Year (EOFY) is not just a date on the calendar; it’s a pivotal moment that can significantly impact your business’s financial health. Understanding your EOFY tax obligations is essential for ensuring compliance and optimising your financial outcomes. This article shared by reputed accountants near Greenbank will guide you through the key requirements that every business must consider as the EOFY approaches.

What is EOFY?

The EOFY marks the end of the financial year on June 30th, signalling a time for businesses to wrap up their financial activities. This period involves:

• Preparing financial statements
• Filing tax returns
• Reviewing financial strategies

It’s also an excellent opportunity for businesses to assess their financial position and make necessary adjustments for the upcoming year with the help of accountants near Park Ridge.

Tax Return Lodgment Requirements

Different business structures have specific tax return obligations. Here’s a breakdown:

Sole Traders

• Must submit a tax return, regardless of income level.
• Report business income after deducting eligible expenses.
• Lodge by 31 October if using myTax; timelines may vary with a registered tax agent.

Partnerships

• File a partnership tax return reporting net income.
• Individual partners must report their share of income on personal tax returns.
• Due by 31 October if filed independently.

Companies

• Required to file a company tax return.
• Must report taxable income, tax offsets, and credits.
• Generally due by 28 February for small companies, or 31 October if prior returns are outstanding.

Trusts

• Trustees must file a trust tax return.
• Beneficiaries file individual tax returns based on trust distributions.
• Due by 31 October if filed independently.

As EOFY approaches, it’s vital for businesses to prepare all necessary documents and records with the help of professional accountants near Greenbank to ensure timely tax return submissions. Failing to meet these obligations can lead to penalties and financial setbacks. Consider seeking professional assistance to navigate the complexities of EOFY and ensure a smooth transition into the new financial year.

Author Bio:

The author is one of the most reputable accountants near Greenbank, Park Ridge and shares daily articles about the benefits of professional accountants.