Setting Up Your Expense Tracking for the New Financial Year
In short: Set up your expense tracking when the Australian financial year starts on 1 July. Review what broke down last year, use categories that match your tax return and BAS, scan every receipt the moment you get it, open a dedicated business bank account, and set reminders for BAS deadlines (if you're registered for GST) and for 31 October if you lodge your own return.
Read MoreEOFY Deadline: What Happens If You Lodge Your Tax Return Late in Australia
In short: Individuals who self-lodge their Australian tax return must lodge by 31 October. Lodge late and the ATO can impose a Failure to Lodge penalty of $364 for each 28-day period (or part thereof) the return is overdue, up to $1,820 for individuals and small businesses, plus the General Interest Charge on tax paid late. Lodging stops the penalty clock, so lodge as soon as possible.
Read MoreInstant Asset Write-Off: What Small Businesses Can Claim in 2026
In short: For the 2025-26 financial year, Australian small businesses with aggregated turnover under $10 million can immediately deduct the full cost of each new or second-hand asset costing less than $20,000. The threshold applies per asset, and the asset must be first used or installed ready for use by June 30. The 2026-27 Federal Budget announced the threshold would be made permanent, and that change is now law.
Read MoreEOFY Tax Checklist for Freelancers: Get Ready for June 30
In short: Before 30 June 2026, when the 2025-26 Australian financial year ends, freelancers should review last year's return, gather every income record, match receipts to bank statements and categorise each expense, check for missed deductions, make any voluntary super contributions and genuine business prepayments, and prepare a categorised expense report for their accountant. Self-lodgers then have until 31 October 2026 to lodge through myTax.
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