<P> In some jurisdictions, particularly those that permit tax consolidation, companies that are part of a group of businesses must use nearly the same fiscal year (differences of up to three months are permitted in some jurisdictions, such as the U.S. and Japan), with consolidating entries to adjust for transactions between units with different fiscal years, so the same resources will not be counted more than once or not at all . </P> <P> In Afghanistan, the fiscal year was recently changed from 1 Hamal--29 Hoot (21 March--20 March) to 1 Jadi--30 Qaus (21 December--20 December). The fiscal year runs with the Afghan calendar, thus resulting in difference of the Gregorian dates once in a four - year span . </P> <P> In Australia, a fiscal year is commonly called a "financial year" (FY) and starts on 1 July and ends on the next 30 June . 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 . It is used for official purposes, by individual taxpayers and by the overwhelming majority of business enterprises . Business enterprises may opt to use a financial year that ends at the end of a week (e.g., 52 or 53 weeks in length, and therefore is not exactly one calendar year in length), or opt for its financial year to end on a date that matches the reporting cycle of its foreign parent . All entities within the one group must use the same financial year . </P> <P> 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 . The reason given for the change was for convenience, as Parliament typically sits during May and June, while it was difficult for it to meet in November and December to pass a budget . </P>

What financial year are we in in australia
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