A financial (or fiscal) year typically ends on December 31 (calendar year) or March 31, June 30, or September 30, depending on the entity. The U.S. federal government ends its fiscal year on September 30, while many businesses and nonprofits use December 31, June 30, or other quarter-ending dates.
What date is the end of the financial year 2024/25? Australia's end of the financial year (EOFY) for 2024/25 is on 30 June 2025. Also called “tax day,” the EOFY is when tax returns, financial statements, and superannuation reporting are due.
In the United States, the fiscal year of the federal government begins 1 October and ends 30 September the following year. The current fiscal year is the fiscal year 2026 and is abbreviated FY26 or FY2025-26. It began 1 October 2025 and will end on 30 September 2026.
A1: The tax year 2024-25 starts on April 6, 2024, and ends on April 5, 2025.
The vast majority of companies choose December 31 as the fiscal year end and if you want to use a different date, be sure to check with tax and accounting advisors.
The Year-End Close, also known as the annual closing or fiscal year-end closing, refers to the comprehensive accounting process that a business undertakes at the end of its fiscal year to finalize its financial records and prepare financial statements.
This means that the current financial year (FY) 2025 began on July 1, 2024, and will end on June 30, 2025. If you're new to taxation in Australia, the commencement and end dates for the financial year might seem odd compared to the regular calendar.
To compensate for the lost 11 days, the government extended the tax year to the 5th of April from the 25th of March. In 1800 another calendar correction led to a further adjustment, setting the tax year end on the 6th of April, where it remains today for personal taxation purposes.
A new deduction for qualifying overtime pay is now available, effective in the 2025 tax year. You can deduct up to $12,500 if you're a single filer or up to $25,000 if you're married filing jointly. The deduction begins to phase out once your MAGI hits $150,000 for single filers or $300,000 for joint filers.
The IRS $600 rule refers to a change in reporting requirements for third-party payment apps (like Venmo, PayPal) for taxable income from goods and services, where platforms must send a Form 1099-K if you receive over $600 in a year, intended to capture gig economy/side hustle income, though delays and phased implementation have adjusted the timeline, with current rules for 2024 using a higher threshold ($5,000) before fully phasing to $600 for future years, but remember all taxable income, regardless of form, must always be reported.
If you don't file your tax return by the October 15 extension deadline, the IRS charges a failure-to-file penalty of 5% per month (up to 25%) on unpaid taxes, plus a failure-to-pay penalty (0.5% per month), and interest on the total amount due, potentially leading to significant costs, though you can request penalty abatement for reasonable cause, and if you're owed a refund, you generally won't face penalties but risk losing your refund if you wait too long (usually over 3 years).
For example, the 2025/26 tax year will end on 5 April 2026, and the 2026/27 tax year begins on 6 April 2026.
That means your take home pay will be $55,383 per year, or $4,615.25 per month. Your average tax rate is 20.88% and your marginal tax rate is 32.5%.
Each year, the Office of Management and Budget (OMB) prepares the President's proposed Federal Government budget for the upcoming Federal fiscal year, which runs from October 1 through September 30 of the following year. Order your copies of the President's FY 2025 below.
Fiscal year-end is the last day of a 12-month accounting period, which is used for financial planning and tax reporting purposes. If a company has a fiscal year-end that is the same as the calendar year-end, it means that its fiscal year ends on Dec. 31.
The deadline was moved to April 15 from March 15 in 1955 to give taxpayers and the IRS more time to prepare and process increasingly complex returns.
Choose FYE Carefully
You can choose any date as your company's Financial Year End (FYE). Common choices include 31 March, 30 June, 30 September, or 31 December. Deciding on the FYE is crucial as it determines when your corporate filings and taxes are due each year.
With tax code 1257L: The first £12,570 is tax free, meaning you don't pay any income tax on it. The remaining £17,430 is taxed at 20%. So you'd pay about £3,486 in income tax for the year.
The end of financial year on 30 June 2025 is fast approaching so here's a quick checklist to help you prepare in advance and maximise your tax time benefits.
Although we expect investment to remain relatively strong in the next few years, the growth rate is expected to moderate from 4.4% in 2025 to 4% in 2026. Similarly, real consumer spending is expected to be stronger in the near term, thanks to AI-driven gains in equity prices.
Government proposes to increase the value-added tax (VAT) rate by 0.5 percentage points in 2025/26 and by 0.5 percentage points in 2026/27.
Annual accounts
Your first accounts usually cover more than 12 months. This is because they: start on the day your company was set up ('incorporated') end on the 'accounting reference date' that Companies House sets for the end of your company's financial year - this is the last day of the month your company was set up.
Taxes are pay-as-you-go. This means that you need to pay most of your tax during the year, as you receive income, rather than paying at the end of the year. There are two ways to pay tax: Withholding from your pay, your pension or certain government payments, such as Social Security.
The 2025-26 tax year runs from the 6th of April 2025 to the 5th ofApril 2026. Each tax or financial year has a series of important deadlines that are crucial for businesses, investors, and trustees to follow.