EOFY stands for end of financial year. In Australia, the financial year runs from 1 July to 30 June. EOFY is 30 June, the date when your income and expenses for the tax year are locked in. Everything you earn and spend on your rental property between 1 July and 30 June determines your tax position for that financial year.
For property investors, EOFY is the deadline for ensuring all deductible expenses are recorded and any prepayments or purchases that could affect your tax position have been made.
Why EOFY Matters for Property Investors
The weeks leading up to 30 June are when many landlords take stock of their financial position. Common EOFY activities include:
- Reviewing expenses: making sure all deductible costs have been recorded and receipts are saved
- Prepaying expenses: some landlords prepay insurance, interest, or other costs before 30 June to bring the deduction into the current financial year
- Arranging repairs: getting maintenance done before EOFY means you can claim the deduction this year rather than next
- Checking depreciation: confirming your depreciation schedule is up to date and any new assets purchased during the year are included
- Requesting statements: getting final statements from property managers, lenders, and councils
For a complete checklist of what to prepare, see our EOFY landlord checklist.
The Tax Return Timeline
After 30 June, you (or your tax agent) lodge your tax return with the ATO. If you use a registered tax agent, the lodgement deadline is typically later, often the following March or May, depending on your circumstances. But your deductions are still based on what happened between 1 July and 30 June. For a step-by-step guide, see how to prepare your rental property tax return.
Why It Matters for Landlords
Being organised before EOFY means fewer surprises at tax time and no missed deductions. Scrambling to find receipts and statements months after the fact is stressful and often means money gets left on the table. Tracking expenses throughout the year is far easier than trying to reconstruct them later.
propkt keeps a running tally of your income, expenses, and depreciation throughout the year so that when EOFY arrives, your records are already in order. Generate a complete tax package for your accountant in one click.