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For MYOB AccountEdge subscribers, the 2017-2018 Compliance Update will be available in the last week of June.
When the Compliance Update is available, you’ll be able to download it via my.MYOB – we’ll let you know when it’s available.
You should aim to complete all of your end of payroll year tasks in your current software in order to be ready to install your new tax tables and do your first pay in the new year.
Note that, if you employ working holiday makers or if section 57A of the Fringe Benefits Tax Assessment Act 1986 applies to your business, you need to install the compliance update before preparing your payment summaries.
To help you with your end of year tasks, we’ve put together on-demand videos* to show you how to:
Also, if you pay working holiday makers, we’ve also prepared a specific video to show how you prepare payment summaries for them.
* Product demonstrations in this video are in AccountRight 2017, but the workflows are essentially the same for your product.
Why you should install the Compliance Update
The update enables you to comply with government tax changes to Payment Summaries and Tax Tables. Update your software to stay compliant.
The ATO has updated the electronic reporting specifications for payment summaries, and the changes affect the forms that employers need to print and the data that is sent to the ATO via the Business Portal.
More EOFY support
Visit our comprehensive EOFY support site for loads of handy information, including:
That’s all for now, hope you have a smooth EOFY!