Start of financial year in Oz?
Sep 26th 2006, 7:25 pm
#1
Thread Starter
Joined: Jun 2006
Location: Perth NOR
Posts: 2,101
Start of financial year in Oz?
Hi,
Could anyone please tell me when the financial year starts in Australia?
Is it the 1st April like in the UK?
Thank you!! x
Could anyone please tell me when the financial year starts in Australia?
Is it the 1st April like in the UK?
Thank you!! x
Sep 26th 2006, 7:30 pm
#2
Timelord
Joined: May 2006
Location: Lost in space...
Posts: 2,834
Re: Start of financial year in Oz?
Originally Posted by ws99
Hi,
Could anyone please tell me when the financial year starts in Australia?
Is it the 1st April like in the UK?
Thank you!! x
Could anyone please tell me when the financial year starts in Australia?
Is it the 1st April like in the UK?
Thank you!! x
Rod
Sep 26th 2006, 7:31 pm
#3
Lost in BE Cyberspace
Joined: Jun 2005
Location: Oz -> UK -> San Diego
Posts: 9,912
Re: Start of financial year in Oz?
Originally Posted by rodders39
I believe it's the 1st July...
Rod
Rod
correct, for personal tax. for business, you can negotiate the tax year.
Sep 26th 2006, 7:35 pm
#4
Thread Starter
Joined: Jun 2006
Location: Perth NOR
Posts: 2,101
Re: Start of financial year in Oz?
Thanks.
So do I understand correctly - that a companys tax year could start at anytime during the year? Do most companies use 1st July?
Thank you again x.
So do I understand correctly - that a companys tax year could start at anytime during the year? Do most companies use 1st July?
Thank you again x.
Sep 27th 2006, 3:54 am
#5
Forum Regular
Joined: Nov 2005
Posts: 50
Re: Start of financial year in Oz?
Originally Posted by ws99
Thanks.
So do I understand correctly - that a companys tax year could start at anytime during the year? Do most companies use 1st July?
Thank you again x.
So do I understand correctly - that a companys tax year could start at anytime during the year? Do most companies use 1st July?
Thank you again x.
Not sure if the different year end would apply to tax, or just for lodging accounts (e.g. with ASIC)
Sep 27th 2006, 5:52 am
#6
Lost in BE Cyberspace
Joined: Jun 2005
Location: Oz -> UK -> San Diego
Posts: 9,912
Re: Start of financial year in Oz?
Originally Posted by ws99
Thanks.
So do I understand correctly - that a companys tax year could start at anytime during the year? Do most companies use 1st July?
Thank you again x.
So do I understand correctly - that a companys tax year could start at anytime during the year? Do most companies use 1st July?
Thank you again x.
I've come across a few who have used a different date. Probably worth a google to start with.
Sep 27th 2006, 6:33 am
#7
Thread Starter
Joined: Jun 2006
Location: Perth NOR
Posts: 2,101
Re: Start of financial year in Oz?
Thanks everyone!
Sep 27th 2006, 9:47 pm
#8
BE Enthusiast
Joined: Aug 2005
Location: Melbourne
Posts: 355
Re: Start of financial year in Oz?
Originally Posted by Bermuda Girl
Most companies seem to use 1st July. I think if a company is a subsidiary of a foreign company which has a different year end, it can use that instead.
Not sure if the different year end would apply to tax, or just for lodging accounts (e.g. with ASIC)
Not sure if the different year end would apply to tax, or just for lodging accounts (e.g. with ASIC)
I worked for a wholey owned subsidiary of an Italian company and we were given permission to start 1 January.
Personal tax is all 1 July.
There are however other 'tax years' FBT is 1 April for example
ASIC are different the company accounts are lodged on 365 different days. It is to do with the anniversary of your registration.
Regards
Abby
