As we approach the end of the financial year, it’s time for HR teams to shift into high gear. While EOFY traditionally focuses on getting books in order, it’s also a strategic opportunity to set your organisation up for success in the year ahead.
More Than Just Numbers
This year’s EOFY comes with additional considerations beyond the usual payroll and compliance tasks. HR practitioners need to navigate wage increases and regulatory updates that will impact operations moving forward. It’s also a good time to evaluate not just where the finances stand, but how your workforce and HR processes are performing.
Key Areas to Focus On
Payroll and Record-Keeping Ensure all employee records, contracts, and payroll processes are current and compliant. With recent wage increases in effect, double-check that all adjustments have been properly implemented and documented.
Operational Review Take this opportunity to assess your current workforce needs and business goals. What’s working well in your HR operations? Where are the gaps that need addressing? This evaluation will help ensure a smooth transition into the new financial year.
Compliance Check With regulatory updates taking effect, now is the time to review your policies and procedures to ensure they align with current employment law requirements.
Tax Considerations for HR
Don’t overlook potential tax deductions your organisation can claim. Professional development, training programs, and HR system investments may qualify for deductions that can benefit your bottom line.
Looking Ahead
The EOFY period isn’t just about closing out the current year—it’s about positioning your organisation for future success. Consider this the ideal time to identify improvement opportunities and strategic initiatives for the year ahead.
Professional Development Opportunities
While you’re planning for the new financial year, consider investing in your HR team’s capabilities. Professional development and training programs can often be claimed as tax deductions while strengthening your team’s skills and knowledge base.
EOFY Legal and Statutory Checklist
Use this checklist to ensure you’ve covered all essential compliance requirements:
▢ Superannuation Guarantee – Verify all contributions are current and meet required rates
▢ Payroll Tax – Complete calculations and payments for all applicable jurisdictions
▢ Workers’ Compensation – Confirm premiums are paid and coverage is adequate
▢ Single Touch Payroll (STP) – Finalise all STP reporting and year-to-date figures
▢ Fringe Benefits Tax – Complete FBT returns for any taxable benefits provided
▢ Annual Leave Liability – Calculate and review leave balances and provisions
▢ Long Service Leave – Update entitlements and accruals for eligible employees
▢ Award Compliance – Verify wage rates and conditions align with current awards
▢ Enterprise Agreement Requirements – Check all agreement obligations are met
▢ Employee Records – Ensure contracts, variations, and documentation are current
▢ Work Health and Safety – Review compliance documentation and incident records
▢ Employment Law Updates – Confirm policies reflect recent regulatory changes
Critical Implementation Deadlines
Immediate Compliance Requirements: Criminalisation of Wage Underpayments – Intentional wage underpayments became criminal offences from January 2025, requiring immediate compliance review and systems enhancement
Approaching Deadlines: Right to Disconnect Obligations – Small business implementation commences August 2025, requiring policy development and communication strategies
Future Legislative Developments: Non-Compete Clause Restrictions – Proposed prohibition for employees earning below high income threshold from 2027, subject to comprehensive industry consultation processes
Bereavement Leave Entitlements – Committed amendments to Fair Work Act 2009 establishing employer-paid parental leave for stillbirth and early infant death circumstances, with implementation timeline pending government scheduling
