Financial Year Tracker: Australia, UK, and US (2025–26)

Knowing your financial year dates keeps you out of trouble. Miss a deadline and you pay penalties. Get confused between countries and you may file the wrong year. Below you will find the current financial year dates for Australia, the United Kingdom, and the United States — including tax deadlines, quarterly dates, and key milestones.

Select your country:

Australia financial year: FY2026

1 July 2025 — 30 June 2026

7

Weeks remaining

44

Weeks passed

52

Total weeks

FY2026

Financial year

Australia

What Is a Financial Year?

A financial year is a 12-month accounting period used for tax reporting, budgeting, and financial planning. It is also called a fiscal year or tax year, depending on the country.

The financial year does not always follow the calendar year. Most countries start their financial year on a date other than January 1. This creates confusion for people who work across borders, run international businesses, or simply move between countries.

Understanding when each country's year starts and ends is the first step to staying compliant.

Australia Financial Year 2025–26 (FY2025–26)

Start date: 1 July 2025  ·  End date: 30 June 2026

Australia's financial year runs from 1 July to 30 June each year. The current financial year is FY2025–26. It is officially referred to as "financial year 2026" because the year is named after the calendar year in which it ends.

The Australian Taxation Office (ATO) uses this period to assess income tax for individuals and businesses.

Why Does Australia's Financial Year Start in July?

The July to June structure dates back to Australia's colonial history. It was formalised with the Federation in 1901. Parliament typically sits during May and June, so a June year-end made it easier to pass budgets.

Key Dates for Australian Individuals (FY2025–26)

DateWhat Happens
1 July 2025Financial year begins
30 June 2026Financial year ends (EOFY)
31 October 2026Individual tax return deadline (self-lodged)
15 May 2027Extended deadline (via registered tax agent)

Key Dates for Australian Businesses — BAS Due Dates (FY2025–26)

QuarterPeriodBAS Due Date
Q11 July 2025 – 30 September 202528 October 2025
Q21 October 2025 – 31 December 202528 February 2026
Q31 January 2026 – 31 March 202628 April 2026
Q41 April 2026 – 30 June 202628 July 2026

Superannuation Deadlines (Australia)

Superannuation contributions must be paid by the 28th of the month following each quarter. Contributions paid by 30 June count toward a tax deduction in FY2025–26. The super guarantee rate for FY2025–26 is 11.5% of an employee's ordinary time earnings.

What Is EOFY?

EOFY stands for End of Financial Year. In Australia, EOFY falls on 30 June. It is one of the most significant dates on the business calendar. Common EOFY tasks include:

  • Reconciling all bank accounts
  • Finalising payroll and Single Touch Payroll (STP) submissions
  • Reviewing stock on hand and conducting a stocktake
  • Prepaying eligible expenses before 30 June to bring forward deductions
  • Making additional superannuation contributions

Late lodgement penalties for individuals start at $280 and increase depending on delay and entity size.

United Kingdom Financial Year 2025–26

Start date: 6 April 2025  ·  End date: 5 April 2026

The UK tax year runs from 6 April to 5 April the following year. The current tax year is 2025–26. The UK has separate cycles for individuals (personal tax year) and corporations (which follow their own accounting year-end with deadlines tied to that).

Why Does the UK Tax Year Start on 6 April?

This goes back to 1752. Before that year, Britain used the Julian calendar and the tax year began on 25 March (Lady Day). When Britain switched to the Gregorian calendar, 11 days were dropped. The Treasury refused to lose 11 days of tax revenue, so the start date shifted forward to 5 April. In 1800, a further change moved it to 6 April, where it has stayed ever since.

Key Dates for UK Self Assessment (2024–25 Tax Year)

DateDeadline
5 October 2025Register for Self Assessment
31 October 2025Paper tax return deadline
30 December 2025Online return deadline to collect tax via PAYE code
31 January 2026Online return deadline and tax payment due
31 July 2026Second payment on account

Key Dates for UK Self Assessment (2025–26 Tax Year)

DateDeadline
5 October 2026Register for Self Assessment
31 October 2026Paper tax return deadline
30 December 2026Online return to use PAYE code for collection
31 January 2027Online return deadline and tax payment due
31 July 2027Second payment on account

HMRC Penalties for Late Filing

Miss the 31 January online deadline and HMRC automatically charges a £100 penalty. This applies even if you owe no tax. After three months, daily penalties of £10 per day accumulate up to £900. After six months and twelve months, further charges of 5% of the tax due are added. Interest on unpaid tax begins from 1 February.

Who Must File a UK Self Assessment?

You must file a Self Assessment return if you:

  • Are self-employed with income over £1,000
  • Are a company director
  • Earned over £100,000 in the tax year
  • Received untaxed income over £2,500
  • Have rental income
  • Received foreign income
  • Had capital gains above £3,000
  • Receive Child Benefit and you or your partner earn over £60,000

Making Tax Digital (UK)

From 6 April 2026, sole traders and landlords with annual income over £50,000 must use HMRC's Making Tax Digital (MTD) for Income Tax. This requires quarterly digital reporting instead of a single annual return. The threshold drops to £30,000 income from April 2027 and to £20,000 from April 2028.

United States Financial Year 2025–26

Federal fiscal year: 1 October 2025 – 30 September 2026  ·  Individual tax year: 1 January 2025 – 31 December 2025

The US has two distinct financial year concepts. The federal government's fiscal year runs from October 1 to September 30. The current federal fiscal year is FY2026, which began on 1 October 2025.

However, most individuals and businesses file taxes based on the calendar year (January to December). So when Americans talk about their personal taxes, they almost always mean the calendar year.

Key IRS Deadlines (Tax Year 2025, Filing Year 2026)

DateWhat Happens
15 January 2026Fourth quarter estimated tax payment for 2025
26 January 2026IRS begins processing 2025 returns
31 January 2026Employers send W-2 forms to employees
15 April 2026Individual tax return deadline (Tax Day)
15 April 2026First estimated tax payment for 2026 due
15 June 2026Second estimated tax payment for 2026
15 October 2026Extended deadline for 2025 returns
15 January 2027Fourth quarter estimated tax payment for 2026

US Quarterly Estimated Taxes (2026)

QuarterIncome PeriodPayment Due
Q1 2026January – March15 April 2026
Q2 2026April – May15 June 2026
Q3 2026June – August15 September 2026
Q4 2026September – December15 January 2027

Business Tax Deadlines (US, Calendar Year)

  • Partnerships and S corporations: 15 March 2026 (or 15 September 2026 with extension)
  • C corporations: 15 April 2026 (or 15 October 2026 with extension)
  • Tax-exempt nonprofits (Form 990): 15 May 2026

The penalty for late filing is 5% of the amount owed per month, up to a maximum of 25%.

Can a US Business Use a Non-Calendar Fiscal Year?

Yes. US businesses can elect a fiscal year that does not follow the calendar year, subject to IRS approval. This is common in industries with seasonal revenue cycles. When a business uses a fiscal year, its return is due on the 15th day of the third or fourth month following the fiscal year end, depending on the entity type.

Side-by-Side Comparison: AU vs UK vs US

Feature🇦🇺 Australia🇬🇧 United Kingdom🇺🇸 United States
Year start1 July6 April1 Oct (govt) / 1 Jan (individuals)
Year end30 June5 April30 Sep (govt) / 31 Dec (individuals)
Current yearFY20262026/27FY2026
Individual return deadline31 October31 January (online)15 April
Quarterly reportingBAS (28th after quarter)Payments on account (Jan + Jul)Estimated taxes (Apr, Jun, Sep, Jan)
Late filing penaltyFrom $280From £1005% per month, max 25%

Common Mistakes to Avoid

Many people confuse the financial year with the calendar year. In Australia, if you earn income between July and December 2025, that income falls into the FY2025–26 return, even though part of it was earned in the calendar year 2025.

In the UK, many people miss the 31 January deadline because they confuse it with the end of the tax year on 5 April. The deadline to file is always 9 months and 26 days after the tax year ends.

In the US, people often confuse the federal fiscal year with the personal tax year. The government's year runs October to September. Your personal tax year almost certainly runs January to December.

Another common mistake is ignoring state-level deadlines in the US. Most states align with the federal April 15 deadline, but some have different dates. Always check your state's revenue department for confirmation.

Tips for Staying on Top of Financial Year Deadlines

Set calendar reminders at least 60 days before major deadlines. This gives you time to gather documents and correct errors before submitting.

Keep digital records throughout the year. In Australia, STP Phase 2 requires real-time payroll reporting. In the UK, Making Tax Digital is rolling out across all income brackets. In the US, good records protect you in an audit.

Use a tax agent or accountant if your situation is complex. In Australia, registered tax agents can extend your lodgement deadline to 15 May. In the UK, you can pay your Self Assessment bill in instalments through HMRC's Budget Payment Plan.

If you operate across multiple countries, keep a separate tracker for each jurisdiction. The dates do not align and filing late in any one country can trigger penalties that offset savings you worked hard for.

Frequently Asked Questions

What financial year are we in right now?

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It depends on the country. In Australia, the current financial year is FY2025–26 (1 July 2025 to 30 June 2026). In the UK, the current tax year is 2025–26 (6 April 2025 to 5 April 2026). In the US, the federal fiscal year is FY2026 (1 October 2025 to 30 September 2026), but individual tax year 2025 covers 1 January 2025 to 31 December 2025.

What is the difference between a financial year and a fiscal year?

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They mean the same thing. Both terms describe a 12-month accounting period used for tax and financial reporting. Australia uses "financial year." The US uses "fiscal year." The UK uses both, depending on context.

Why does Australia's financial year end in June?

+
Australia chose the July to June cycle when the Federation was established in 1901. Parliament typically sits in May and June, making that period a natural time to pass budgets. Ending the year in June also meant accounts could be closed before winter.

Why does the UK tax year start on 6 April?

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The 6 April start date dates back to Britain's switch from the Julian to the Gregorian calendar in 1752. Eleven days were dropped from the calendar. To avoid losing tax revenue, the Treasury moved the start date forward. After a further adjustment in 1800, the date settled on 6 April.

Can I change my Australian financial year?

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Most individuals and businesses must use the standard July to June financial year. However, businesses can apply to the ATO to use a substituted accounting period if they have a commercial reason, such as aligning with a foreign parent company. ATO approval is required.

What happens if I miss the Australian tax return deadline?

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If you lodge your own tax return and miss the 31 October deadline, the ATO will impose a failure to lodge penalty. It starts at one penalty unit (currently $280) per 28 days the return is overdue. Large businesses face higher penalties. Registering with a tax agent before the deadline may give you access to an extended due date.

What is the deadline to register for UK Self Assessment?

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You must register for Self Assessment by 5 October following the end of the tax year in which you need to file. For the 2025–26 tax year (which ended 5 April 2026), the registration deadline is 5 October 2026. Missing this may result in a late registration penalty.

What is Tax Day in the US?

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Tax Day is 15 April. This is the deadline for most individuals to file their federal income tax return and pay any tax owed for the previous calendar year. For 2025 income, Tax Day is 15 April 2026. If that date falls on a weekend or public holiday, the deadline shifts to the next business day.

Can I get an extension for my US tax return?

+
Yes. You can file IRS Form 4868 to request an automatic six-month extension. This moves your filing deadline from 15 April to 15 October. However, an extension to file is not an extension to pay. If you owe tax, you must still estimate and pay it by 15 April to avoid interest and penalties.

Does the US fiscal year affect individual taxpayers?

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No. The US federal fiscal year (October to September) is used for government budgeting and does not affect how individuals file their taxes. Individual taxpayers almost always use the calendar year (January to December).

What is the difference between a tax year and an accounting year for UK businesses?

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A tax year in the UK runs from 6 April to 5 April. A company's accounting year (its financial year) can end on any date. However, corporation tax returns are due 12 months after the end of the accounting period. Since April 2024, self-employed individuals must now report profits on a tax year basis rather than their accounting year basis, due to basis period reform.

What is Single Touch Payroll (STP) in Australia?

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Single Touch Payroll (STP) is an ATO system that requires employers to report wages, tax withholding, and superannuation information to the ATO each time they run payroll. STP Phase 2 expanded the data required. Employers must finalise their STP data by 30 June each year so employees can lodge their returns from 1 July.

Do freelancers in the UK need to pay tax twice a year?

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Yes. HMRC uses a system called payments on account. If your Self Assessment tax bill is £1,000 or more and less than 80% of your tax was collected at source, you must make advance payments. The first is due 31 January and the second is due 31 July. Each payment equals 50% of your previous year's tax bill.

What is the ATO's instant asset write-off for FY2025–26?

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The Australian government extended the $20,000 instant asset write-off to 30 June 2026. Eligible small businesses can immediately deduct the full cost of assets costing less than $20,000 that are first used or installed and ready for use before the end of FY2025–26. Businesses with an aggregated turnover under $10 million qualify as small businesses for this measure.

What is Making Tax Digital and does it affect me?

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Making Tax Digital (MTD) is HMRC's programme to move tax reporting online. MTD for Income Tax (MTD ITSA) applies to sole traders and landlords. From April 2026, those with combined income over £50,000 must report quarterly using approved software. The threshold drops over the following two years. If your income is below the current thresholds, MTD does not yet apply.

What if I live in Australia but earn income from the US?

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Australia taxes residents on their worldwide income. If you are an Australian tax resident earning US-sourced income, you must declare that income in your Australian tax return. You may be able to claim a foreign income tax offset for US taxes already paid, to prevent double taxation. The Australia-US tax treaty provides specific guidance. A tax adviser familiar with both systems is recommended.

Is the US government fiscal year the same as the budget year?

+
Yes. The US federal fiscal year and the federal budget year are the same. It runs from October 1 to September 30. Congress is supposed to pass a budget before the start of each new fiscal year. When it does not, the government operates on continuing resolutions until a budget is agreed.

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