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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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).

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.

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.

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.

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.

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.