---
title: Top 5 EOFY Tips
description: Prepare for EOFY with our top five tips to review performance, ensure compliance, set budgets, and plan for taxes. Finish the financial year strong.
---

[blog](https://hubspot.squarepenny.com.au/blog)

# [Top 5 EOFY Tips](https://hubspot.squarepenny.com.au/blog/top-5-eofy-tips)

 Written by [Georgina](https://hubspot.squarepenny.com.au/blog/author/georgina) | Jun 25, 2026, 10:39:33 PM

# Finish the Financial Year Strong

As the end of the financial year approaches, it's easy to get caught up in deadlines, paperwork and compliance requirements. But EOFY is also one of the best opportunities to step back, review your business and set yourself up for a stronger year ahead.

Here are our top five EOFY tips to help you finish the year with confidence.

## 1. Review Your Business Performance

Before jumping into the new financial year, take the time to review how your business has performed over the past 12 months.

Look beyond your revenue and consider:

- Profitability
- Cash flow
- Expenses
- Growth opportunities
- Areas that could be improved

Reviewing your financial statements can provide valuable insights into what's working well and where changes may improve your bottom line. These insights will help guide your strategic planning and decision making for the year ahead.

## 2. Check Your Payroll Records and Compliance

EOFY is the ideal time to make sure your payroll records are accurate and up to date.

Take the opportunity to:

- Review employment contracts
- Update workplace policies if required
- Confirm employee details are correct
- Ensure payroll records are complete
- Check that all superannuation contributions have been paid and recorded correctly

With Payday Super now commencing, maintaining accurate payroll processes has become even more important.

## 3. Set a Budget and Cash Flow Plan

A new financial year deserves a clear financial roadmap.

Rather than relying on last year's numbers, prepare a realistic budget based on your current business goals and expected costs. Pair this with a cash flow forecast so you understand when money is expected to come in and when major expenses are due.

Having a plan in place helps you make informed decisions and gives you greater confidence throughout the year.

## 4. Prepare for Your Tax Obligations

No one likes an unexpected tax bill.

Review your expected tax position early and ensure you have sufficient funds set aside to cover:

- Income tax
- GST obligations
- Superannuation contributions
- Any planned staff bonuses or additional payments

Planning ahead can reduce stress and help avoid cash flow surprises.

## 5. Speak With Your Tax Professionals

Don't wait until everyone is trying to book appointments in July.

Meeting with your accountant or finance team before EOFY allows time to:

- Discuss tax planning opportunities
- Review business performance
- Identify deductions
- Plan for growth
- Prepare for the new financial year with confidence

A proactive conversation today can often save time, money and headaches later.

## Finish the Financial Year With Confidence

EOFY doesn't have to feel overwhelming. With a little preparation and the right financial support, you can close out the year with clarity and begin the next one with confidence.

If you'd like help reviewing your finances, planning for the year ahead or understanding the latest compliance changes, we'd love to help.

Call the Square Penny team on **1300 472 412** to discuss how we can support your business.

[View full post](https://hubspot.squarepenny.com.au/blog/top-5-eofy-tips)

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