EOFY Meaning: End of Financial Year for Sellers

What is EOFY (End of Financial Year)?

EOFY means the end of the financial year, 30 June in Australia. For sellers it is the cut-off for the year's income and expenses, which feed the annual tax return, and a common sales period.

EOFY stands for end of financial year. The Australian financial year runs from 1 July to 30 June, so EOFY is the cut-off for the year's income and expenses before you report them in your annual return. General information, not tax advice; confirm with the ATO or a registered tax agent.

What deadlines follow EOFY?

Sole traders, partnerships and trusts must lodge a tax return by 31 October unless they lodge through a registered tax agent; companies generally lodge by 28 February. The page does not give the tax agent extension dates. A return must be lodged each year even if the business makes a loss, and a sole trader lodges an individual return with a business schedule.

Late lodgement or payment can attract penalties. Your quarterly or monthly BAS obligations carry on separately through the year.

What should an online seller do before 30 June?

Download your Amazon sales, fee, return and payment reports for the whole year, and store them outside Seller Central.
Reconcile payments to your bank. Amazon payments can take up to five business days to reach your account after Amazon initiates them.
Count stock on hand and note its cost; ask your registered tax agent how it affects your return.
Check your GST turnover against the A$75,000 threshold, and register within 21 days if you are about to pass it.
Gather import paperwork. Importers or brokers must keep import documents for five years.
Confirm your ABN details are current; changes must be updated within 28 days of becoming aware.

How long do you keep the records?

Most business records must be kept for five years from when obtained or the transaction completed, whichever is later, and company and some employee records for seven years. Required records include income and sales, expenses, stock and asset expenses, bank records and GST records. Scanned copies are acceptable if true and clear.

EOFY as a sales period

"EOFY sale" is also a retail promotion term. Amazon has not announced a dated EOFY sale for sellers; what you can do in June is covered in Amazon EOFY sale in Australia. Amazon does not publish seller deadlines for deals in a public page, so check Seller Central. For the tax side, income tax for sellers is covered in income tax for Amazon sellers in Australia.

Next step

Blooprint can help plan the promotional side through Amazon Ads management for Australia; your tax agent handles the return.

Frequently asked questions

When is EOFY in Australia?

30 June. The financial year runs 1 July to 30 June. The business.gov.au pages used for this guide do not state those dates, so confirm them with the ATO.

When is my tax return due?

Sole traders, partnerships and trusts lodge by 31 October unless they use a registered tax agent. Companies generally lodge by 28 February.

Do I lodge a return if my business made a loss?

Yes. A tax return must be lodged each year even if the business makes a loss.

How long do I keep my records?

Most business records must be kept for five years from when obtained or the transaction completed, whichever is later. Company records and some employee records are kept for seven years.