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What happens at the end of the financial year?

Every year, EOFY is the national deadline for many different activities. From 30 June onwards, businesses and individuals need to gather their full financial year records for the purpose of reporting on expenses, income, profits and losses – all for the purpose of determining whether the fair and correct amount of tax has been paid. These details are reported to the Australian Tax Office (ATO) by certain key dates, then tax is either owed, or tax refunds are issued.

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