In the United States, most states retained a 30 June fiscal year-end date when the federal government switched to 30 September in 1976.. In Australia, a fiscal year is commonly called a “financial year” (FY) and starts on 1 July and ends on the next 30 June. Financial years are designated by the calendar year of the second half of the period.. What is the financial year? A financial year is similar to a normal year of 12 months. However, the start and end dates of a financial year are different than usual. This is done for tax purposes. A financial year in Australia begins on 1 July and ends on 30 June. For example, 1 July 2022 – 30 June 2023 is a financial year in Australia.
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The Australian financial year is an annual period used for tax, budgeting, and financial reporting purposes. It begins on 1 July and ends on 30 June each calendar year. This period was established by law in Australia back in 1851 to simplify taxation and financial reporting. Even though it differs from the calendar year (which runs from 1.. July 1-June 30: Financial year. The Australian financial year (also known as a tax year or a fiscal year) runs from July 1-June 30 each year. A financial year essentially refers to a 12-month accounting period. Individuals and companies generally use this 12-month annual report for bookkeeping and tax purposes.
