What are the Australian Financial Year Dates?

What are the Australian Financial Year Dates?

Mark your calendar. The Australian Financial Year Runs from 1 July to 30 June.

The Australian financial year dates can easily be confused with the Australian tax season dates. The financial year always ends on 30 June.

It’s good to keep in mind that during the Australian tax season, you’ll report the income you earned throughout the financial year.

Still confused? Unsure of the dates? We’re here to help.

Financial Year & Tax Season Dates

Here’s what you’ll need to know…

2013-2014 Financial Year: 1 July, 2013 – 30 June, 2014

2014-2015 Financial Year: 1 July, 2014 – 30 June, 2015

2015-2016 Financial Year: 1 July, 2015 – 30 June, 2016

2016-2017 Financial Year: 1 July, 2016 – 30 June, 2017

Each year, tax season starts on 1 July and ends on 1 October. During that tax season you’ll report income earned during the financial year.

2014 Tax Season: 1 July, 2014 – 31 October, 2014

2015 Tax Season: 1 July, 2015 – 31 October, 2015

2016 Tax Season: 1 July, 2016 – 31 October, 2016

2017 Tax Season: 1 July, 2017 – 31 October, 2018

 

What Financial Year are We Currently In?

It’s currently the 2016-2017 financial year. In other words, the income you’re currently earning will be reported next tax season on your 2017 tax return.

When Does Tax Season End?

The tax season ends 31 October. That means, you have until 31 October 2016 to lodge a 2015-2016 tax return on time.

Earliest Date To Report Income Earned in 2016-2017 Financial Year? 2015-2016?

The 2015-2016 financial year has come to a close. It’s time to get your 2016 tax return lodged. If you want to be on the ATO’s good side, lodge before 31 October 2016!

Planning ahead? The 2016-2017 financial year ends 30 June 2017 and you’ll be able to lodge your 2017 tax return the following day on 1 July, 2017.

With E-Lodge you’ll be able to get a head start and begin preparing your tax return earlier in June. Remember to check back here to see when our tax gates will officially open for the season!

If you’re eager to lodge a 2017 tax return early, you’ll be able to do so if you fall within either of the following groups;

1) You are a foreign resident for tax purposes (an Australian nonresident) and you

  • are leaving Australia permanently, and
  • will no longer derive Australian-sourced income other than interest, dividends, and royalties

2) You are an Australian resident for tax purposes and you

  • are leaving Australia
  • will cease to be an Australian resident for tax purposes, and
  • will no longer derive Australian-sourced income other than interest, dividends, and royalties.

Get your 2016-2017 Tax Return out of the Way Soon!

Still need to lodge that 2017 tax return? No worries; you still have time! With E-Lodge you can complete your return in as little as 10 minutes! Need to get caught up on late tax returns? You can also lodge a previous year tax return for financial years 2006-2016 with E-Lodge!

WATER SPORT

 

Updated 04 October 2016.

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30 Responses to “What are the Australian Financial Year Dates?”

  1. Kapil gondi says:

    Hi my name is kapil ,I left australia on 23rd December permanentaley ,so I just need a link or help to apply my early tax return ,because m ruining out of money reply me asap

  2. Tax Advisor says:

    Hi Kapil,

    I understand that you are in a rush. In order to lodge your tax return prior to mid-June, you will need to lodge directly with the ATO. If you would like to lodge your taxes online this year, just hang in there until June and lodge with E-Lodge!

  3. Sathish says:

    Hi, I reached Australia by Apr 13 and paying tax from there. Now how much refund I will get?

    my total incom from Apr 13 to Jun 30 is : 12500 and 7500 AUD tax deducted. please advise. thank you

    Cheers
    Sathish

  4. Tax Advisor says:

    Hi Sathish,

    Although you have provided your income amount and tax deducted for the time you were in Australia, your refund amount is based on a few other key factors. Please take a look at our tax calculator to see how much you will be issued back this year. It is free to use and you will be provided with a calculation in under 5 minutes!

  5. Krish says:

    Hi, I am Krishna and I permanently left Australia on 26-Feb-2012 and I have taken the SuperAnnuation amount recently.
    How can I lodge my tax return on the super annuation amount. Is it possible?.

    Thanks

  6. Tax Advisor says:

    Hi Krishna,

    When you create your account with E-Lodge, there is a specific section under the income tab where you can report your superannuation amount. Once under the income tab, you will need to check the box labeled, “Retirement Income Streams”. Once in the retirement section, click the orange box labeled, “Add New Record” under the heading, “Superannuation Income Stream, Annuity or Pension”. If you have any questions along the way, feel free to reach out to our tax experts directly via phone, email or live chat.

  7. geoffrey c lamey says:

    can i lodge share losses on e-lodge

  8. Tax Advisor says:

    Hi Geoffrey,

    You can report your losses on E-Lodge. To do so, you would choose the Income tab within your account and tick the box labeled “Capital Gains and Distributions from Managed Funds”. You can report the loss within this tab. If you have any issues with this or are still unsure, you can contact our customer support team via telephone or email.

  9. Vicki says:

    Potentially our last pay period ends on 1st July and will be paid on 3rd July 2017 – or should this be our first pay period for the next financial year?

  10. Tax Advisor says:

    You must report the income that is earned within that financial year, if you have worked in July 1st and have earned income for that day, you must report this calculation separate from the rest of your income that you have earned throughout the last pay period. Whichever financial year date range your income has fallen on, is where you must report this income.

  11. Priyanka says:

    Hi,
    I am an international student recently working on a casual basis. While joining in the job, I mistakenly wrote in my form that I am not an Australian resident for a tax purpose although I provided them with the TFN number. Certain amounts have been cut from my salary until I noticed it and amended the form. However, I didn’t receive the money that has been deducted from my salary and they have asked me to lodge a tax return so that I can have that back. Being very naive in this matter, can you help me out providing some suggestions about what to do? Thanks.

  12. Tax Advisor says:

    By preparing an amended tax return, you will be able to correct your residency information and also potentially get a higher refund provided that your withholdings are higher than your tax owed.

  13. shannen says:

    Hi there,

    I am looking to claim my tax back. I have only been working in Australia for 3 months and have been told I can claim all my tax back. How do I do this?

    Thank you!

  14. Tax Advisor says:

    Hello Shannen,

    You will be able to create an account with us to determine if you can claim your tax back when the 2017 application becomes available. You will then be able to lodge a 2017 tax return when the 2017 tax season begins in July.

  15. Trevs says:

    Hey,

    I left Australia at the end of October last year (2016). I was working up until that point on visa subclass 462. Before I left I was considered a resident for tax purposes. Did my residency status change after I left Australia permanently? Just curious as I would like to know if I’ll be owing tax.

    Thanks!

  16. Tax Advisor says:

    If you are have left Australia permanent, you are no longer considered an Australian resident. Your income that you earned after you were no longer considered an Australian resident but considered as a foreign resident, would be subjected to Australian taxes. However, if you are no longer earning income from Australia, you are not subjected to any of their taxes.

  17. Bala says:

    Gday
    Weekly salary for period June 27- July 2nd 2017 paid on July 4th 2017, will this be taxed during 2016-2017 or 2017- 2018?

    Thanks
    Bala

  18. Tax Advisor says:

    Your PAYG should specify which fiscal year your income was earned. I advise you reference this document to determine which tax year you should report the income. If you received self-employment income, you may want to allocate this income to the correct tax year. Income earned before June 30th should be reported in the 2016-2017 tax year, and income earned after July 1st should be reported in the 2017-2018 tax year.

  19. James says:

    Hi,

    I’ve been advise by my payroll that my June salary won’t be paid until July 14th and as its not “paid” in June its therefore going into the next years Group Certificate which means I cannot claim it in this year 2017. I’ve only been in Australia 1 month so I wanted in it 2017 to get marginal tax relief and I always assumed this was Income Earned for 2016 as I worked in 2016 irrespective of when the cash made it to my hand a week after month end.

    Thanks
    James

  20. Matt says:

    Hi there,

    Just expanding on Bala’s question, if your earnings are not by self employed means (you work for a normal company) and your pay period is from Sunday 25th of June 2017 to Sunday 9th of July 2017, you are still liable to pay tax on all earnings up to the 30th of June 2017 for the 2016-2017 tax year?

    Is that correct? even if your pay period straddles the 1st of July?

  21. Tax Advisor says:

    Your employer should have this separated for you on your statements that you receive from them for lodging. The income reported will be until June 30th, with the remainder of the income that you earn for the rest of the week to be subject to taxes for the next financial year. The income that you earn on July 1st will be taxed in the next financial year.

  22. Tax Advisor says:

    The income statement that you receive from your employers should still reflect the days that you are being paid for. This income should still fall under the 2016-2017 tax year (2016 tax season). You should speak to your employers for further information on this matter, even if your payment will not be paid out to you until July 14th.

  23. Gaurav says:

    Hello there,

    I am in Australia since April 2017 but due to some system technical issues my salary is not paid untill June 2017. Now, this will be paid in July along with Arrears(Income from FY – 16/17).

    In this case how the Tax calculation will be done for FY 2017/18? Whether my FY 16-17 income will be clubbed in FY 17-18 and I have to Pay more tax?

    When I can take the Tax refund for income from FY16-17?

    Please advise, thank you

  24. Tax Advisor says:

    Hello Gaurav,

    The 2016-2017 financial year ends 30 June 2017 and you’ll be able to lodge your 2017 tax return the following day on 1 July 2017. You can lodge your 2016 return when you get the chance to. The 2017 tax season is between 1 July 2017 – 31 October 2018.

  25. Thazza says:

    Hey guys!

    So I had a casual job last year. This year I started doing contract work and had to get an ABN – I believe I’m a sole trader.. Using the same TFN and bank account for both.. For tax purposes do I need to submit multiple tax returns? What if someone ever runs a business and has a job at the same time – what do you do then? What do people running multiple businesses do?

    Thanks for all your help! 🙂 Really appreciate what you’re doing!

    Best Wishes,
    Thazza

  26. Ben says:

    I am a contractor and I get paid on Thursday for the work I did in the previous week.
    So, for the week 26-Jun to 2-July, I got paid on 6-July (Thu). Should this payment be under FY2016/17 for tax purpose? or should it be under FY2017/18?
    Thanks a lot

  27. MARICA SIGANOS says:

    I HAVE RECEIVED MY FY 2017 PAYMENT SUMMARY AND IT APPEARS TO HAVE REPORTED 53 WEEKS IN THE YEAR IS THIS CORRECT

  28. Tax Advisor says:

    Hello Marcia,

    That is correct.

  29. Tax Advisor says:

    You will need to report your income accordingly to the income that you earned up to the end of the FY 2016/17 and split that from the income you began earning from the beginning of the FY 2017/18.

  30. Tax Advisor says:

    You will be able to file accordingly, all the income that you have earned in your business and your side job on your individual tax return. Taxpayer’s who have multiple businesses can file accordingly in this way as well.

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