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honesty's avatar
honesty
Experienced Cover User
2 months ago

ENDING SUBSCRIPTION

Can anyone advise on the following:

I am looking at cancelling the subscription and closing down a business.

I would like to clarify how do you notify MYOB that you would like to cease the direct debit subscription at the end of this financial year (considering closing business).

What happens with access to the business finances once the subscription is cancelled. 

Eg: The end of financial year taxes will still need to be completed and the tax return so we will still need access to the figures and reports to complete the company taxes (unlikely to be done immediately - it may take a month or two).

If anyone can advise on how to go about cancelling your MYOB SUBSCRIPTION but still be able to have access to figures and reports to meet the tax office obligations and reporting etc.  

 

BAS ?

END OF FIN YEAR TAXES ?

7 YEARS RECORDS KEPT FOR THE ATO ?

 

Feeling a bit stressed and tried to get help on the phone with MYOB but after an hour it became obvious the customer service had no clue - considering closing business at the end of this fin year.

 

 

 

3 Replies

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  • diana658h's avatar
    diana658h
    User
    2 months ago

    Hello, honesty floridablue

     

    I understand that cancelling your MYOB subscription and ensuring continued access to your financial records is crucial, especially for end-of-year taxes and compliance with the ATO’s record-keeping requirements. Here’s a concise guide on how to proceed:

    Cancel MYOB Subscription:
    Log into My Account at myaccount.myob.com
    Click ‘Manage my product’.
    If required, click ‘Go to product’ for the product you want to cancel.
    Click ‘Cancel subscription’ and follow the prompts.
    Note that you need to give 10 calendar days’ notice before your next billing date to process your cancellation.

     

    Access to Financial Records:
    Before cancelling, download copies of any documents you have and save the data you need by exporting data or producing reports.

    You can resubscribe within 60 days of cancelling your subscription if you need further access to your MYOB business file

     

    ATO Requirements:
    Keep records for 7 years as required by the ATO.
    If using payroll, finalise your Single Touch Payroll information to notify the ATO that you’ll no longer be submitting payroll information from MYO.

     

     

    I hope this information is helpful to you.

     

    Best Regard,
    diana658h

  • honesty's avatar
    honesty
    Experienced Cover User
    2 months ago

    Thank you greatly appreciated.

    Everything i have read indicates that the backup will be in a zip unreadable form unless you have an MYOB active subscription ?

    Will exporting be enough for the ato?

     

    • Genreve_S's avatar
      Genreve_S
      MYOB Moderator
      2 months ago

      Hi honesty, 

       

      I get that you need more info on handling your file backup. If you have a backup file, you can restore it offline without a subscription and get the report you need. Then, you can manually lodge it to the ATO. Check out this article, "Restore Your Company File," for a step-by-step guide.

       

      If you need anything else, feel free to start a new thread.

       

      Thanks,
      Genreve