Australia's financial year runs from 1 July to 30 June of the following calendar year. This is different from the calendar year (1 January to 31 December) and different from the tax year used in many other countries. Understanding these dates is important for knowing when you need to lodge your tax return and which income falls into which year.
How financial years are named
Australian financial years are named using both years they span. The year running from 1 July 2024 to 30 June 2025 is called the 2024-25 financial year. The year from 1 July 2025 to 30 June 2026 is the 2025-26 financial year. When someone refers to the current tax year, they mean whichever financial year is currently in progress.
Why it matters for working holiday makers
If you arrive in Australia in, say, November 2024 and work through to May 2025, all of your income from that period falls within the 2024-25 financial year. You would lodge a tax return for that year after 30 June 2025, with a deadline of 31 October 2025.
If you arrived in May 2024 and left in August 2024, your income spans two financial years. The income earned before 30 June 2024 falls into the 2023-24 year and the income earned from 1 July 2024 onwards falls into the 2024-25 year. You would need to lodge a separate return for each year.
Key dates to remember
The financial year ends on 30 June each year. The tax return lodgment window opens on 1 July. The standard deadline to lodge is 31 October. If you use a registered tax agent, you may qualify for an extended deadline beyond 31 October.
Superannuation guarantee contributions for the current quarter must be paid by employers within 28 days of the end of each quarter, with the final quarter deadline being 28 July. This is relevant if you are checking that your employer has paid your superannuation correctly.
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