What Is My Financial Year End?
Wondering what your financial year end is? Whether you’re an individual lodging a tax return, a company, an incorporated association or a charity, your financial year determines when you prepare financial statements, lodge tax returns and meet your reporting obligations—but it’s not always 30 June.
A Simple Guide for Individuals, Businesses and Not-for-Profits
As 30 June approaches each year, one of the most common questions I receive is:
“When is my financial year end?”
The answer isn’t always 30 June.
Your financial year depends on the type of entity you operate and, in many cases, what your governing documents or the law require. Here’s a simple guide.
What is a financial year?
A financial year (also called a reporting period or accounting period) is the 12-month period used to prepare your financial statements, tax returns and other regulatory reports.
At the end of the financial year you generally:
Prepare financial statements
Lodge tax returns (if required)
Complete audits or reviews (if required)
Hold an Annual General Meeting (for many organisations)
Plan budgets for the next year
Think of it as taking an annual “snapshot” of your finances.
Individuals
For most Australians, the financial year is straightforward.
Financial year:1 July to 30 June
Every individual tax return is based on income earned during this period.
For example:
Salary
Investment income
Rental income
Capital gains
If you earned the income between 1 July 2025 and 30 June 2026, it is generally included in your 2026 tax return.
Australian companies
Most Australian companies also use:
1 July to 30 June
This aligns with Australia’s taxation system and is the default adopted by many businesses.
However, this is not compulsory in every case.
Foreign-owned companies
Many people are surprised to learn that an Australian company can sometimes have a different financial year.
Where an Australian company is owned by an overseas parent, the Australian Taxation Office may allow the Australian subsidiary to adopt the same financial year as its parent company. This avoids preparing two separate sets of financial statements each year and allows the Australian subsidiary to report with the rest of the global group.
Incorporated associations
For Queensland incorporated associations, the financial year is usually determined by the association’s constitution (rules). The Office of Fair Trading’s model rules specifically allow the financial year to be specified as part of an association’s constitution.
The most common year ends are:
30 June
31 December
However, an association may adopt a different year-end if permitted by its constitution.
Remember that the Annual General Meeting is generally required to be held within the prescribed period after the end of the association’s financial year, making the year-end an important governance decision.
Companies Limited by Guarantee
Many charities and not-for-profit organisations operate as Companies Limited by Guarantee.
Unlike incorporated associations, these companies are governed by their constitution and the requirements of the Corporations Act 2001.
Common financial year ends include:
30 June
31 December
31 March
30 September
Large national charities often select a reporting period that aligns with their operations or international parent organisation.
Can you change your financial year?
Sometimes.
Depending on the entity type, changing a financial year may require:
approval from members,
amendments to the constitution,
approval from the Australian Taxation Office,
or compliance with corporate legislation.
It is usually much easier to choose the right reporting date when the organisation is first established.
Why does the financial year matter?
Your financial year determines when you must:
prepare financial statements;
complete an audit or independent review (if required);
lodge tax returns;
lodge regulatory reports;
hold your AGM; and
measure your financial performance.
Choosing an appropriate year end can make administration much easier, particularly where grants, seasonal income or overseas reporting obligations are involved.
Need help determining your reporting period?
If you’re unsure what your financial year should be, start by asking three simple questions:
What type of entity am I?
What does my constitution or governing document say?
Are there any taxation or regulatory requirements that specify a reporting period?
Understanding your financial year is the first step towards meeting your reporting obligations and avoiding unnecessary compliance issues.
Jason O’Connor CA provides independent financial statement reviews and audits for charities, incorporated associations, sporting clubs, churches and other not-for-profit organisations throughout Australia.