Every year as June 30 rolls around, you might hear people start talking about "EOFY" like it's a major event. But what actually is EOFY, and why does it matter — especially if you're a student? In this blog, we’ll break down the meaning of EOFY, why it matters for students and young people, and how it can be a valuable opportunity to build your financial literacy.
What Does EOFY Mean?
EOFY stands for End of Financial Year. In Australia, the financial year runs from July 1 to June 30. It's the annual cut-off point for everything related to your finances — including personal income, business revenue, superannuation, and taxes. Once June 30 passes, the government uses that 12-month snapshot to assess how much tax you owe or are owed.
Why Is EOFY Important in Australia?
EOFY is a big deal in Australia because it marks the end of the accounting period for individuals and businesses. During this time:
Employers and businesses finalise their financial statements and report income and expenses to the ATO (Australian Taxation Office)
Individuals prepare to lodge their tax returns and assess whether they’re entitled to a tax refund or owe additional tax
Retailers offer major EOFY sales to clear out stock before the new financial year begins
For young people, especially students with casual or part-time jobs, EOFY is an ideal time to:
Learn about how the Australian tax system works
Understand what a Tax File Number (TFN) is and how tax is withheld
Review superannuation contributions
Lodge a tax return for the first time
What Happens After June 30?
Once the financial year ends, the ATO begins processing income data from employers, banks, and government agencies. From July 1, individuals can begin lodging their tax returns for the past financial year.
If you’ve had tax withheld from your pay (even from a casual or part-time job), you may be eligible for a tax refund. This is common for students whose income falls below the tax-free threshold but who still had some tax deducted by their employer.
It’s also a great time to:
Review all your sources of income (job, freelance work, tutoring, scholarships, etc.)
Organise any receipts for study or work-related expenses
Check your superannuation to make sure your employer made the correct contributions
Set new financial goals for the year ahead (like saving or budgeting)
Key EOFY Terms Students Should Know
Tax Return: The form you lodge to declare income and claim deductions
Tax File Number (TFN): Your personal reference number in the tax system
Superannuation: Retirement savings paid by your employer
Deductions: Legitimate expenses that reduce your taxable income
PAYG (Pay As You Go): Tax withheld by your employer from your wage
Income Statement: A document showing how much you earned and tax withheld (replaces the old group certificate)
Why Students Should Pay Attention to EOFY
EOFY isn’t just for accountants or people with full-time jobs. Understanding how tax works helps you feel more in control of your money — and reduces the risk of nasty surprises later in life.
Learning these systems early also makes you more financially independent. You’ll know how to read payslips, where your money is going, and how to use tools like MyGov to access tax and super information.
Bonus: EOFY Sales and Spending Smart
EOFY isn’t just about tax. Many retailers launch EOFY sales in June — particularly on tech, furniture, and work-related expenses. While you should always be mindful of your spending, it’s a good time to plan for purchases you genuinely need.
If you're a student considering items that help with your study or work (like a laptop or desk), EOFY sales might offer value — especially if you’re planning ahead for future deductions.
Financial Disclaimer: This article is for general information only and does not constitute financial advice. Always do your own research or seek help from a registered tax or financial professional before making any decisions.