Understanding the End of Financial Year (EOFY) in Australia: What Everyone Needs to Know

Every year, as June comes to an end, Australia enters one of the most important periods of its financial calendar the End of Financial Year (EOFY).
If you’re living, working, or studying in Australia, understanding EOFY can help you save money, stay compliant with tax laws, and even receive a tax refund. For international students, especially those working part-time, EOFY is something you shouldn’t ignore.
Let’s break down everything you need to know.

What is the Australian Financial Year?

Unlike many countries that follow the calendar year, Australia’s financial year runs from 1 July to 30 June each year.
For example:

Financial Year 2025-2026: 1 July 2025 – 30 June 2026
The new financial year begins on 1 July 2026
During this period, the Australian Government, businesses, employers, and individuals calculate income, expenses, taxes, and financial reporting.

Why is the End of Financial Year Important?

The End of Financial Year is when individuals and businesses finalise their finances for the year and meet their tax obligations. This is the time to:

Lodge your tax return
Report your annual income
Claim eligible deductions
Receive any tax refund you’re entitled to
Organise financial records for the new financial year

For many Australians, EOFY is also a great opportunity to review savings, investments, superannuation, and financial goals.

What Happens During EOFY?

As the financial year ends on 30 June, employers begin preparing employee income information and reporting it to the Australian Taxation Office (ATO).
From 1 July onwards, individuals can begin preparing their tax returns once their income statements have been marked as “Tax Ready.”
Many people choose to lodge their tax return as early as possible to receive their refund sooner.

What Do Employees Need to Do?

If you’re employed in Australia, you’ll generally need to:

Check your income statement through your MyGov account linked to the ATO.
Gather records of any additional income.
Collect receipts for work-related expenses you wish to claim.
Lodge your tax return before the required deadline (usually 31 October if lodging yourself).

If too much tax was withheld from your wages throughout the year, you may receive a tax refund

EOFY and International Students

Many international students work part-time while studying in Australia. Although you may only work limited hours under your visa conditions, you are still part of Australia’s tax system if you’re earning income.
That means EOFY is just as important for you.

Why Should Students Lodge a Tax Return?

Many students assume they don’t earn enough to worry about tax.
However, lodging a tax return can often work in your favour.
You may be eligible for:

A tax refund if your employer withheld more tax than necessary.
Correct reporting of your income.
Compliance with Australian tax requirements.
Peace of mind knowing your finances are in order.

Even if you worked casually at a café, supermarket, retail store, restaurant, or delivery service, lodging a tax return may benefit you.

Can Students Get a Tax Refund?

Yes.
Many international students receive tax refunds each year because:

They worked part-time.
Their employer withheld tax from each pay.
Their actual annual income resulted in less tax being payable.

The amount of your refund depends on your total income, tax withheld, and individual circumstances.

What Can Students Claim?

Depending on your job, some work-related expenses may be tax deductible.
These may include:

Uniforms required for work
Laundry expenses for eligible work clothing
Work-related tools or equipment
Professional memberships
Certain travel between workplaces (where eligible)

It’s important to keep receipts and records for anything you intend to claim.

Don't Forget About Superannuation

If you’ve worked in Australia, your employer may also have paid superannuation (super) into a nominated fund on your behalf.
Super is money saved for retirement.
For many temporary visa holders, including eligible international students, there may be an opportunity to claim these savings after permanently leaving Australia through the appropriate government process.

Common Mistakes Students Make

Many international students accidentally miss out on refunds by:

Not lodging a tax return.
Forgetting to keep receipts.
Assuming they earned too little to matter.
Ignoring emails from the ATO.
Waiting until the last minute.

A little preparation can make the EOFY process much easier.

Tips to Prepare for EOFY

Here are a few simple steps to stay organised:

Keep all your payslips.
Save receipts for work-related purchases.
Ensure your MyGov account is linked to the ATO.
Check your income statement is marked as “Tax Ready.”
Lodge your tax return on time.

How ONE100 Consultants Supports International Students

At ONE100 Consultants, we know that moving to Australia involves much more than obtaining a student visa.
Our support continues throughout your journey, from choosing the right university and course to helping you settle into life in Australia with practical guidance on working, living, and understanding important processes like the End of Financial Year.
With over 10 years of experience and offices in both Melbourne and Colombo, we’re committed to helping international students succeed every step of the way.

Final Thoughts

The End of Financial Year isn’t just about paying taxes, it’s about understanding your finances, claiming what you’re entitled to, and starting the new financial year with confidence.
Whether you’re a full-time employee, casual worker, or international student balancing studies and part-time work, EOFY is an important annual milestone.
Taking a little time to understand the process today could put money back in your pocket tomorrow.

ONE100 Consultants is here to support you throughout your entire journey from choosing the right course and securing your student visa to helping you navigate life in Australia with confidence.

WWW.ONE100.LK

Phone & WhatsApp:
+94 701 200 100 | +61 423 75 75 75

Disclaimer:

This blog is for general informational purposes only and should not be considered tax, financial, or legal advice. Tax rules and individual circumstances may vary. Please consult a qualified tax agent, accountant, or financial professional for advice specific to your situation.