As 30 June approaches, its the perfect time for Australian companies to ensure their Human Resources and payroll processes are compliant, accurate, and up to date.
Accurate HR processes and payroll data are the minimum standard required to build and maintain trust with your workforce.
Here is an End of Financial Year summary of key actions you need on your checklist, from payment deadlines through to performance reviews.
1. Payroll Reconciliation & Finalisation
- Reconcile payroll transactions: Cross check wages, allowances, bonuses, deductions, tax withholdings and superannuation contributions for the full year. Identify and rectify discrepancies now, not later (Billzy, 2024; Pay Cat, 2025).
- Finalise Single Touch Payroll (STP) : Lodge the STP finalisation declaration with the ATO by 14 July (or the relevant deadline for your lodgement category) (Pay Cat, 2025).
- Generate payment summaries (if required) : For employees not reported via STP (such as terminated staff), issue appropriate payment summaries by 14 July (Pay Cat, 2025).
2. Superannuation Obligations
- Super guarantee compliance: Ensure all super contributions for the financial year are paid and reported. Payments must be made by 28 June to count for the year (Billzy, 2024).
- Update superannuation rates: The super guarantee (SG) rate will increase to 12% on 1 July 2025. The 12% rate will need to be applied for all salary and wages paid to eligible workers on and after 1 July. This is even if some or all of the pay period it relates to is before 1 July. This is the final scheduled increase. (ATO, 2025)
3. Awards, Minimum Wage & Classification Updates
- Apply award rate updates: Review Fair Work Commission determinations for your industry , incorporate any award and classification changes or minimum wage increases effective from 1 July (Employment Hero, 2025; HRM Online, 2024).
- Update HR systems: Ensure salary histories, award conditions, pay rates and processes are current before the new financial year (Employment Hero, 2025; Pay Cat, 2025).
4. Employee Data & Records Management
- Verify employee records: Confirm all staff details—names, addresses, Tax File Numbers, super fund ABNs/USIs, visa status are accurate in HR/payroll systems (Pay Cat, 2025; Liquid HR, 2024).
- Assess leave and other entitlements: Reconcile annual leave, long service leave, bonuses, FBTed benefits, salary sacrifice and other accruals (Employment Hero, 2025).
- Close employee records: Finalise details for staff who departed during the year, ensuring proper treatment under STP & TFN legislation (Employment Hero, 2025).
5. HR Policy, Compliance & Documentation
- Review HR policies: Audit and update workplace policies and procedures (e.g. workplace safety, expense policies, leave, discipline, termination) to reflect legislative changes (HRM Online, 2024; Liquid HR, 2024).
- Renew agreements and contracts: Issue revised policies, agreements or contracts for the new year, and have them acknowledged or signed off digitally, if possible. (Employment Hero, 2025).
- Enterprise Agreements : Start planning for Enterprise Agreement bargaining including notifying employees if an Enterprise Bargaining agreement is coming due for renewal.
- Performance reviews & planning: Finalise annual performance assessments, set development goals and calibrate for FY26 (Liquid HR, 2024; Employment Hero, 2025).
6. Reporting & Strategic Planning
- ATO reporting: Lodge PAYG withholding and taxable payments annual reports where applicable, plus complete STP finalisation (Pay Cat, 2025; Billzy, 2024).
- WGEA snapshot: Prepare employee data for the Workplace Gender Equality Agency (WGEA) report, including workforce composition, classifications, remuneration and leave (Employment Hero, 2025).
- Workforce planning: Analyse hiring trends, staffing needs and organisational structure for the upcoming year (Employment Hero, 2025; Liquid HR, 2024).
Your End-of-Year Action Plan
| Focus | Action | Deadline |
|---|---|---|
| Payroll reconciliation | Cross check all payroll elements | 30 June |
| STP finalisation | Lodge year end STP declaration | 14 July |
| Payment summaries | Issue where STP not applicable | 14 July |
| Super guarantee | Pay and report super | 28 June |
| Award/minimum wage | Apply updates effective 1 July | Before 1 July |
| Employee records | Verify TFNs, visas, leave balances | 30 June |
| HR policies & docs | Review and distribute updates | Before 1 July |
| Performance reviews | Complete and set goals | 30 June |
| WGEA & ATO reporting | Prepare lodgements/reports | ATO/WGEA due |
| Workforce planning | Plan hires & budget for FY26 | Pre‑July |
Why These Steps Matter
These tasks are more than deadlines as they support:
- Compliance & risk management: Avoid penalties with accurate STP, super and tax lodgements.
- Employee trust & transparency: Timely summaries, leave balances, and clear policies foster positive culture.
- Strategic agility: Performance reviews, workforce planning and award updates position you ahead of FY26.
- Organisational readiness: Clean data ensures smooth audits, loans, insurances and financial decision making.
Final Tips for a Smooth EOFY
- Start early: Begin reconciliations and policy reviews across April–June (Employment Hero, 2025).
- Use checklists/tools: Build your own tailored end of year checklist so no important deadlines or activities are missed.
- Engage specialists: Collaborate with payroll or HR consultants, or tax agents, to verify compliance (Billzy, 2024).
EOFY is more than finalising finances, it’s about powering your HR operations into the next year. By reconciling payroll, updating classifications, refreshing policies, reporting accurately, and planning strategically, your business will enter FY26 ready and resilient.
📩 Contact Linq HR today to explore tailored support for your employee relations and workplace management.
🌐 Visit: www.linqhr.com
📞 Call: 1300234566
References
Aurion. 2025. EOFY Payroll 2025 Checklist. Available at: https://aurion.com/eofy-checklist](https://aurion.com/eofy-checklist)
Australian Tax Office. Available at: https://www.ato.gov.au/businesses-and-organisations/small-business-newsroom/the-final-sg-rate-increase-is-coming-on-1-july
Billzy. 2024. End of Financial Year Payroll Guide for Businesses in Australia 2024. Available at: https://www.billize.ai/learn/end-of-financial-year-payroll-guide-australia-2024
Employment Hero. 2025. HR Platform: End of Financial Year (EOFY) Tasks. Available at: https://help.employmenthero.com/hc/en-au/articles/12658026755599-HR-Platform-End-of-Financial-Year-EOFY-Tasks
HRM Online. 2024. HR’s Guide to Preparing for the EOFY. ] Available at: https://www.hrmonline.com.au/section/featured/hrs-guide-to-preparing-for-the-eofy/
Liquid HR. 2024. HR Considerations for End of Financial Year. Available at: https://liquidhr.com.au/hr-considerations-for-end-of-financial-year/
Pay Cat. 2025. End of Financial Year Tips and Tricks for More Efficient Payroll. Available at: https://www.paycat.com.au/blog/end-of-financial-year-tips
Payroller. 2023. EOFY Checklist: Key End of Financial Year Tasks for SMBs. Available at: https://payroller.com.au/end-of-financial-year/eofy-checklist/
