Beyond the tax return: Using EOFY to build a stronger business

For many business owners, the end of financial year is synonymous with tax returns, deductions and compliance deadlines.

But according to Jason Croston, Managing Director of SRJ Walker Wayland, businesses that focus solely on tax risk overlooking one of the year’s biggest opportunities.

“EOFY should be viewed as a strategic reset point, not just a compliance deadline,” Croston says.

For healthcare leaders navigating rising operating costs, workforce shortages and increasing regulation, it’s a chance to step back and ask a more important question: is the business as healthy as the balance sheet suggests?

Look beyond compliance

While tax planning remains important, Croston says many organisations overlook the bigger picture.

Businesses often become focused on short-term tax outcomes without stepping back to assess profitability, cash flow, pricing, systems and overall business performance heading into the new financial year.”

For healthcare organisations, reviewing these fundamentals can uncover opportunities to improve efficiency, strengthen profitability and identify where pricing, margins or business systems may be limiting future growth.

Better decisions start with better information

Sound decisions rely on sound financial information.

Businesses can only make good decisions when they have accurate and timely data,” Croston says.

Whether expanding a practice, investing in technology or recruiting staff, strong financial reporting and cash flow visibility allow leaders to make informed decisions and respond quickly as conditions change.

Prepare now for what’s ahead

The end of financial year is also an ideal time to prepare for regulatory changes before they become immediate priorities.

Croston says privately owned businesses should already be reviewing trust structures and governance in response to increased Australian Taxation Office scrutiny.

He also encourages organisations to prepare for Payday Super, scheduled to commence from 1 July 2026.

“Businesses should already be reviewing payroll systems, processes and cash flow management.”

Croston also points to expanding Anti-Money Laundering and Counter-Terrorism Financing obligations, which will increase compliance expectations across professional services.

Reviewing these areas now allows businesses to adapt gradually rather than responding under pressure.

What separates successful businesses?

Across the businesses SRJ Walker Wayland advises throughout South East Queensland, Croston sees one characteristic shared by high-performing organisations.

“The strongest businesses are proactive rather than reactive. They understand their numbers, monitor cash flow closely and make decisions based on timely information rather than instinct alone. They also tend to invest early in systems, leadership and strategic planning before problems emerge.”

Four questions to ask before 30 June

Croston recommends using EOFY to step back and ask four strategic questions.

• What worked well this year?
• Where did profitability leak?
• Are pricing and margins still sustainable?
• Do we have the right systems and structure for the next stage of growth?

Looking ahead

Business leaders are entering another financial year shaped by rising costs, increasing compliance obligations and ongoing economic uncertainty.

Croston believes businesses that embrace technology, improve the quality of their financial information and remain adaptable will be best placed to succeed.

“Business owners are operating in an environment of increasing compliance, rising costs and constant change, so having the right advice and support around them is more important than ever.”

For business leaders, EOFY is more than a compliance milestone. Used well, it becomes an opportunity to reset, refocus and build a stronger, more resilient business for the year ahead.