A financial year is the Commonwealth-English term for fiscal year, used by Australian, United Kingdom, and other Commonwealth jurisdictions for accounting and tax reporting. The start and end dates differ by country.
Australian usage
The Australian financial year runs from 1 July to 30 June. The Australian Taxation Office uses this period for personal income tax, company tax, and Business Activity Statement cycles. FY2025-26 covers 1 July 2025 to 30 June 2026.
United Kingdom usage
The UK operates 2 distinct financial years:
- Individuals — 6 April to 5 April, a historical artefact of the 1752 calendar reform.
- Corporates — 1 April to 31 March, used for corporation tax and government accounts.
His Majesty's Revenue and Customs administers both. A British company filing accounts and an individual filing self-assessment use different year boundaries despite sharing the same tax authority.
Why the term matters
Financial year usage signals jurisdiction. An Australian payroll document referring to "FY26" means 1 July 2025 to 30 June 2026. A UK document referring to "FY26" can mean either 6 April 2025 to 5 April 2026 or 1 April 2025 to 31 March 2026 depending on context. United States documents use fiscal year and abbreviate the same way, but the federal year ends 30 September.