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Last Updated 27/06/2025

Remove the stress from End of Financial Year

End of financial year (EOFY) doesn’t have to be a scramble. For many small business owners, the end of the financial year  brings a mix of stress, last-minute administration, and a quiet vow that next year will be different.

It is not that you are doing anything wrong. Most small businesses aren’t scrambling because of poor planning—they are scrambling because they have never had the right HR systems, support, or guidance in place to make EOFY feel calm, clear, and under control.

Sound familiar?

You’re not alone. You’re also in the right place to change how EOFY feels for you and your team—starting now.

In our blog, we cover how small businesses owners can take control of HR year-end tasks.

Before we jump into how, let’s understand a little more about why EOFY can feel so overwhelming.

It’s not uncommon for EOFY to feel like a rescue mission:

  • You’re pulling reports at the last minute.
  • You’re unsure what’s required or if you’ve missed an important update.
  • You find out too late that changes to awards or superannuation have come into effect.
  • You can’t confidently say if your team’s contracts, policies or training records are current.

EOFY puts a spotlight on the backend of your business—the things you often don’t have time to focus on day-to-day but are critical to staying compliant and managing your people (employee and contractors) well.

When you are juggling operations, customers, a workforce, and 100 other moving parts, it makes sense that these HR and compliance tasks often take a backseat. But here’s what I want you to know:

EOFY doesn’t have to be this way.

The small businesses I see thrive aren’t perfect, but they’ve taken proactive and small steps to shifting EOFY from a stressful sprint to a powerful reflection point. They are keeping their records in order throughout the year, checking in regularly on compliance, and using accurate information to make better people decisions—well before June 30 rolls around.

So how do they do it?

They have systems. They know their obligations. And most importantly—they’re supported. They’re not doing it alone.

Let’s look at how you can do the same.

Your Small Business EOFY HR Checklist

Here’s a practical HR checklist to help you finalise the financial year and build better systems going forward:

1. Finalise Payroll

Start by wrapping up your end-of-year payroll. Ensure all required EOFY reporting is submitted accurately through your payroll software (STP), and that payment summaries (if applicable) are issued to employees. Make sure any bonus or final payments are processed and taxed correctly all before 14 July.  

This includes reviewing all payroll records, process final pays, reconciling superannuation payments and ensure correct STP (Single Touch Payroll) reporting and lodge STP Finalisation.

2. Audit Employee Records

Take this opportunity to review employee records. Are contact details current? Have there been role or salary changes that aren’t reflected in their contracts or systems? Are emergency contacts up to date? Are there any changes to tax declarations or superannuation details? Is anyone on a visa/work rights which you need to review on VEVO (Visa Entitlement Verification Online) If it’s been more than a year since you checked, now’s the time.

3. Check Award Classification and Wage Compliance

This one’s crucial. Each year, the Fair Work Commission reviews and makes amendments to rates and awards; from 1 July, changes often take effect. The changes can include minimum and annual wage rates, allowances, leave entitlements and superannuation rate increases. 

For visit our website for more legislation updates

4. Update Policies, System Configuration and Templates

Legislation changes frequently, and so too can the way your business manages its workforce—especially as your HR strategy evolves. Whether it’s updates to employment law, modern awards, Fair Work requirements, or internal shifts like changes to leave entitlements, flexible work policies or performance processes, it’s important to ensure that your documentation and systems keep pace.

Take time to review and update your workforce handbook and/or policies, system configurations (such as HRIS or payroll platforms with new pay rates and superannuation rate), and any relevant templates—including contracts, onboarding forms, or performance review tools. This ensures your documents remain compliant, practical, and aligned with how your business actually operates.

Where necessary for changes to workforce handbooks and or policies ensure that they are communicated and available in a central location. A proactive approach here sends a clear message: your business is committed to doing things the right way.

5. Review Learning and Certification Requirements

We never stop learning. Use this time to review the learning and development requirements of your team for now and into the further and develop a 6 month calendar including:

  • Compliance modules
  • System and role specific training 
  • Licences, certifications and accreditations
  • Leadership and management training
  • Professional Development – AI, Time Management etc

It is also important to keep on top of any role specific licences, certifications and accreditations that are required and ensure that records are up to date and you have a copy of file.

6. Check Your HR Strategy and Budget

EOFY is more than compliance—it’s also about planning. Now is a good time to check in on your HR strategy to ensure you are on track with your plans or can realign delivery dates. Ensure that you also review your HR to ensure it is a true reflection of what you need to achieve in the next 6–12 months. This includes leave entitlements, wage increases and bonuses, system subscriptions, equipment upgrades or office expansions. 

With these six tasks ticked off your EOFY checklist you will be better prepared for the next financial year and future EOFY processes.

The Payoff of Getting Ahead

When EOFY is treated as an opportunity, not an obstacle, your whole business benefits. You stop playing catch-up. You make decisions based on real data. Your team feels supported because the fundamentals—like pay, policies and development—are being done right.

Most importantly, you step into the new financial year with clarity and confidence.

And no, this doesn’t mean you have to do it all yourself.

You do need support that helps you stay informed, take action, and feel in control.

That might look like:

  • Partnering with a HR consultant who knows small business (and your industry)
  • Setting up simple HR systems that scale as you grow
  • Creating a regular HR rhythm—monthly check-ins, quarterly audits, EOFY planning

Because when HR is planned, proactive, and people-first, EOFY becomes just another part of the calendar—not something that derails you.

For more tips and to discuss your business needs, chat to us at Small Business Society.

The information provided in this document is for your guidance only and is general in nature. It does not constitute as legal advice. It is the responsibility of the individual to seek legal advice where required.


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About Kate Tongue

Kate Tongue is the Founder of Small Business Society.

She is a qualified and experienced Human Resources professional with more than 20 years of experience across the private and public sectors.

Her particular interest and experience is in managing the employee life cycle, delivering process improvements, and supporting business to have a proactive approach with a Human Resource strategy.



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