Whether you’re a business owner, part of a company or a sole trader, the end of financial year (EOFY) is an important time to mark in the calendar. 

‍

Whilst EOFY represents a time for taxation and financial planning, it can also be a time for celebration for many businesses. EOFY parties and gifting have become increasingly more common in Australia as a way for companies to spend surplus funds for tax deduction purposes as well as celebrate their employees’ hard work over the past financial year.

‍

Read our EOFY guide for businesses to gain a better grasp on what end of financial year is, when it is, what a company’s EOFY celebrations involve, and what else you can expect during the fiscal year.

‍

‍

What is EOFY?

‍

You might be familiar with EOFY, especially for the fantastic EOFY sales, but unless you work in accounting or finance, you might not fully understand what the end of the financial year involves.

‍

The good news is that you don’t need a finance degree to wrap your head around what EOFY is and what you as a business or individual need to do during the end of fiscal year.

‍

‍

What does EOFY mean in simple terms?

‍

The financial year, also known as the ‘fiscal year’ describes a 12 month period used for taxation purposes. During this period, businesses and individuals report on their annual income and tax deductions from the previous year. 

‍

In Australia, businesses and individuals submit their tax and financial reporting details to the ATO (Australian Taxation Office) which can be lodged online through the ATO’s website, by paper, or via a registered tax agent. All Australians are legally obliged to submit their financial information during the fiscal year.

‍

When is end of financial year?

‍

The end of financial year period differs depending on what country you live in, however, in Australia the financial year starts on the 1st of July and commences on the 30th of June. 

‍

This period was established as law in Australia back in 1851 to help simplify taxation and financial reporting. Although EOFY is on the 30th of June in the following year, most people will need to lodge their tax return between 1st of July and 31st of October of the same year.

‍

Are End of Financial Year employee gifts a good idea?

‍

Whether your company is planning a ‘EOFY party or not, employee EOFY appreciation gifts are always a winning idea. 

‍

EOFY gifts are an ideal way to show employee appreciation over the end of the financial year period because they are more inclusive than a standard EOFY party or event. A key example of this is that many company employees work remotely, often in different cities than the primary company office. Unless you are gifting your team a gift card that can be used for transport, travelling for an EOFY party may cause inconveniences for remote employees as well as those with families or other commitments.

‍

It's for this reason that EOFY gifts are your best option when it comes to celebrating your business’ people during the end of the financial year. 

‍

Popular employee EOFY gift ideas

‍

It can be tricky to know what types of employee appreciation gifts will resonate with everyone who works at your company.  A Prezzee Smart eGift card grants employees the choice of more than 100s of retail and food brands to enjoy whenever suits them. 

‍

‍

Why do companies throw EOFY parties?

‍

EOFY isn’t just about getting your business’ accountant to get all the financial paperwork and company budgeting in order, it’s a time for businesses to reflect on the year that was.

‍

EOFY parties have become a popular trend in the business world as they serve as a way for companies to thank their employees for the year that was. How a company chooses to celebrate their EOFY party is individual to each business, and can be as formal as a presentation followed by drinks to something as social as a company-funded dinner. 

‍

Popular EOFY party ideas for Australian businesses

‍

End of financial year parties are becoming increasingly popular as they help a business show gratitude for their employees hard work, which in turn can aid in staff retention. There’s no one right way of celebrating EOFY, however, there are some popular options that you as a business owner or HR lead may want to consider. 

‍

Small to medium budget EOFY party ideas

‍

A company-funded team bonding activity like bowling, mini-golf, paint & sip or Organising a social get-together in a popular bar with complimentary drinks and snacks – hiring a venue allows for presentations and speeches if that’s a priority.

‍

A company-approved day off to allow employees to enjoy the day as they wish.

‍

A company-funded dinner at a popular restaurant that is in proximity of the business’ offices for employee convenience.

‍

Show your employees you care this EOFY

‍

End of the financial year can be a stressful time for both business owners and employees alike. But end of the financial year, is also a good time to reward the people who make up a company for this year’s hard work.

‍

Whether it’s a catered dinner with a view, or a thankful gesture in the form of a gift card, showing your company that you care this EOFY will make all the difference in the long-term. 

‍

Browse our Prezzee business catalogue and see a wide range of popular EOFY eGift cards. 

‍