EOFY and the tax time countdown

End of financial year calendar and the countdown to tax time — FY22

A lot of things need to happen between the end of financial year (EOFY) and tax time. Here are the dates and deadlines to keep in mind when getting tax ready.

Key dates in June

30 June is EOFY. All new transactions from 1 July go into your FY23 books. The next month of your EOFY calendar will focus on closing out Q4 obligations.

  • 14 June — pay Q4 super in Xero
  • 21 June — lodge monthly BAS
  • 30 June — EOFY close your books for the year.

Key dates in July

With your Q4 reports squared away in July, your EOFY calendar will now shift focus to annual reporting. That means getting things ready for your tax agent.

  • 14 July — Finalise STP report if you have 20+ employees
  • 21 July — lodge monthly BAS
  • 28 July — Q4 BAS due (you get an extra two weeks if you lodge online)
  • 28 July — Q4 Super and PAYG instalments due.

Key dates in August

Ensure your FY22 books show every transaction. Make copies of every receipt and invoice ready to give to your tax agent.

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  • 11 August — Q4 BAS final due date if you lodge online
  • 14 August — PAYG withholding payment summary annual report due
  • 21 August — lodge monthly BAS
  • 28 August — Taxable payments annual report (TPAR) due

Key dates in September

Schedule your tax agent to work on your return.

It’s a good idea to get your books and documentation tidy before involving a professional. Otherwise they’ll need to spend heaps of extra time on your accounts, and EOFY could end up being costly. You get extra time (and way less stress) if you use a tax agent.

  • 21 September — lodge monthly BAS

Key dates in October

Whether you have a tax agent or not, before working on your tax return make sure you check your books for mistakes and have run a profit-and-loss report and balance sheet.

There are multiple PAYG withholding annual reports due at this time.

  • 21 October — lodge monthly BAS and pay your annual PAYG
  • 28 October — Q1 BAS final due date
  • 28 October — pay super guarantee contributions for Q1 (July-September)

May 2023

  • 15 May 2023 is the deadline for your tax agent to lodge your return.

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Source: Xero