End of financial year (EOFY)

End of financial year

Around this time of year in Australia, we start seeing advertisements with the acronym EOFY. I usually have to think about it when I see it. EOFY is an acronym for “End of Financial Year”. It’s also the end of the taxation year here in Australia.

end of financial year
Cloudy day at the Woden Wind Tunnel

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A lot of shops, especially stores which sell business products like to advertise an end of financial year sale. I expect if I was a business owner or an executive in a business such advertisements would interest me more. The major thing for me is to get my act together including my receipts so I can get an accountant to process my income taxation return.

We seem to be out of step with many like-minded countries. I understand Canada and the United Kingdom share a common financial year which is from 01 April to 30 March while in the United States of America, the fiscal year is from 01 October to 30 September, although it previously shared the dates Australia uses.

It seems the dates relate to how the top level of government in a country plans its budget process and when its parliament (or equivalent) sits. In Australia, the Treasurer will make a budget speech on a Tuesday evening (usually the second Tuesday) in May and release the Australian Government’s budget.

Financial year or fiscal year or taxation year or taxation season?

As far as I can tell these terms are synonymous. The differences vary between countries. The people of Australia and I assume former colonies of the British Empire prefer “financial” while the people of the USA seem to prefer “fiscal”.

In another twist, in Australia the taxation season is from 01 July to 31 October. That said, if you use the services of a registered taxation agent, i.e., an accountant, I think you have until the end of the financial year to lodge an income taxation return.

Financial years are designated by the calendar year of the second half of the period. For example, financial year 2017 is the 12-month period ending on 30 June 2017 and can be referred to as FY2016/17.

The Financial year is split into the following four quarters
Quarter 1 1 Jul – 30 Sep | Quarter 2 1 Oct – 31 Dec | Quarter 3 1 Jan – 31 Mar | Quarter 4 1 Apr – 30 Jun

Like seasons, one of my pet peeves when in meetings with international collaborators is the assumption that their season and financial year is the same as mine. I’m THAT person who in a meeting will say, “Oh, you mean my spring as opposed to your autumn (or worse is when someone says the word fall and it takes me a moment to work out WTF they mean)”. Why can’t people refer to months of the year rather than seasons?

What have I watched this week?

Master Chef Australia

The end of the competition is close. The top nine contestants include three from Queensland. My hope is that they will reach the final couple of episodes of the season and hopefully one of them will win. I have my doubts though. In a preview for Sunday night’s show it looks like one of my favourites, viz., Tessa, may be exiting the kitchen.

Stargate SG-1

Stargate SG-1 Season 1 Episode 17 “Enigma” Advanced humans don’t want to play with primitive Earth sapiens.
Jackson: They called us ‘very young’, which I guess is a hair politer than calling us ‘primitive’. But same idea.

Farscape

Farscape “They’ve got a secret”
Who knew Moya had secrets? It’s a big secret.
Aeryn: You know, I’m going to track down this cute droid and rip off both his antennae.
John: Happy place, Aeryn. Goooooo to your happy place.

Star Trek The Original Series

Star Trek: “The Conscience of the King”
Kirk falls for Lenore whose father may be Kodos the Executioner. This ties in with the Star Trek: Discovery book “Drastic Measures” which brings Philippa Georgiou and Gabriel Lorca into contact with James Kirk the boy.
Lenore: “And this ship. All this power. Surging and throbbing, yet under control. Are you like that, captain?”

Star Trek The Animated Series

The Infinite Vulcan
Plants with intelligence who transfer the essence of Spock to a cloned eugenic human on the planet Phylos.

Star Trek: Deep Space 9

Star Trek: Deep Space 9 “Rocks and Shoals”
Captain Sisko and his crew are still stranded in deep Dominion space without warp drive in a ‘stolen’ Jem’Hadar ship.

National Rugby League

Well last Sunday evening, game two of the 2019 State of Origin series was played in Perth. OMG, what an awful game. It’s been a week and I still feel sad about it. It’s like the Mighty XXXX Queensland Maroons didn’t get off the bus. Imposters were on the field. The truth is, the NSW Blues were the better team. NSW played more intelligent football and exploited the change in conditions with the heavy rain to their advantage.

I fear this season will be NSW’s.

I will remain sad

LAW & ORDER

Watching LAW & ORDER “Tombstone”
Green gets shot in the chest. I’m warming to ADA Borgia.

What have I listened to this week?

No Such Thing as a Fish

No Such Thing As A Squashed Microbe 2019-06-29

A question is asked about the toilet roll. I had a moment of pause when my favourite host, viz., Anna, seemed to indicate she preferred an ‘under’ roll rather than an ‘over’ roll. Her reasons seemed specious to me. It’s a worry.

The Medical Republic Podcast

The slippery slope of DIY doctoring 2019-06-24

This week’s podcast looked at the slippery slope of registered medical practitioners treating themselves and the potential problems this can pose. The problems aren’t just the ethical questions about self-prescribing but the far more important questions of self-bias and not knowing what we don’t know with the significant risk of not identifying a problem another medical practitioner may have detected and diagnosed.

What have I eaten and photographed this week?

This is a gallery of photographs. Click on one image and scroll through the rest of them.

I’ve started doing a voice over on the videos I’m recording each night as I photograph my meal. Let me know what you think.

Yummy Lummy this week

Surf and turf again. I’m at the end of financial year and searching for inspiration. I felt like a bit of splurge and bought some prawns, scallops, and a piece of steak.

Surf and turf. Prawns, scallops, and scotch fillet steak with garlic, spinach, tomatoes, and cream.

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Final thoughts

  • Do you prefer a voice over on my food videos or not?
  • Are you good at getting your income taxation return in on time?
  • Do you indulge in end of financial year sales?

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