This article needs additional citations for verification. It is also used for financial reporting by business and other organizations. Some statutory due dates chart fy 2016 17 pdf—such as Cisco Systems—end their fiscal year on the same day of the week each year, e. Under such a system, some fiscal years will have 52 weeks and others 53 weeks.
United States and for a majority of large corporations in the UK and elsewhere, with notable exceptions being in Australia, New Zealand and Japan. In the northern hemisphere this is July to the next June. In the southern hemisphere this is calendar year, January to December. The fiscal year for individuals and entities to report and pay income taxes is often known as the taxpayer’s tax year or taxable year. Taxpayers in many jurisdictions may choose their tax year. Most countries require all individuals to pay income tax based on the calendar year.
Australia: individuals pay income tax based on the financial year of 1 July until 30 June. United Kingdom: individuals pay tax on a year ending 5 April. This is due to Britain historically having a calendar year starting on 25 March in the Julian calendar, which translates to 6 April in the Gregorian calendar. Many jurisdictions require that the tax year conform to the taxpayer’s fiscal year for financial reporting.
The United States is a notable exception: taxpayers may choose any tax year, but must keep books and records for such year. The fiscal year runs with the Afghan calendar, thus resulting in difference of the Gregorian dates once in a four-year span. 1 July and ends on the next 30 June. Financial years are designated by the calendar year of the second half of the period. It is used for official purposes, by individual taxpayers and by the overwhelming majority of business enterprises. For government accounting and budget purposes, pre-Federation colonies changed the financial year from the calendar year to a year ending 30 June on the following dates: Victoria changed in 1870, South Australia in 1874, Queensland in 1875, Western Australia in 1892, New South Wales in 1895 and Tasmania in 1904.
The Commonwealth adopted the near-ubiquitous financial year standard since its inception in 1901. In Austria the fiscal year is the calendar year, 1 January to 31 December. In Bangladesh, the fiscal year is 1 July to the next 30 June. In Belarus, the fiscal year is the calendar year, 1 January to 31 December. In Brazil, the fiscal year is the calendar year, 1 January to 31 December. In Bulgaria, the fiscal year is the calendar year, 1 January to 31 December, both for personal income tax and for corporate taxes.