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End of Payroll Year 2016 - AU – FAQs

Community Manager Suja_P
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Community Manager
Suja_P
Community Manager

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Hi all,

 

With the end of Payroll and Financial Year in Australia fast approaching, we've included below some useful links to help you with this busy period. 

 

A comprehensive Tax Year Planner listing important dates and checklists can be found at our End of Financial Year site.

 

We've put together a list of some frequently asked questions during this time of year:

 

COMPLIANCE

 

How to make SuperStream compliant payments?

This will vary depending on the product and version of MYOB software that you are using.

 

AccountRight Live – Pay Superannuation
AccountRight Classic – Super Portal

AccountEdge – Super Portal

MYOB Essentials - Super Portal

 

If you are not already using Pay Superannuation we recommend that you upgrade to the latest version of AccountRight and register for Pay Super. I have included here a link with details of the range of AccountRight Live services that are included with an AccountRight subscription. - AccountRight Live Services.

 

If however you are unable to upgrade to AccountRight Live, due to using M-Powered Payments, negative inventory, multi-location inventory, multi-currency or don't want to upgrade during EOFY - we recommend registering your business to use the Super Portal.

 

Can I make payments to Self Managed Super Funds (SMSF) using AccountRight?

Yes, you can make payments to SMSFs using both Pay Super as well as the Super Portal.

 

How do I stay compliant?

You can stay compliant by updating your MYOB software to the latest version. Depending on the product you are currently using and if you have a current subscription with us you will either have been prompted to update within the software, or can download the latest version from your my.MYOB.com log in.

 

What's new in AccountRight 2016.2.1?

Find out everything about the AccountRight Live compliance release on the AccountRight Blog - AccountRight 2016.2.1 now available.

 

What if I don't have an active subscription?

If you do not have a current subscription with us, please contact us on 1300 555 151 so we can help you with this. There are various benefits to having an active subscription. Detailed information on the benefits of MYOB Cover can be found on our website - MYOB Cover.

 

Is there be a Compliance update for the classic versions of AccountRight?

Yes, MYOB is committed to supporting our customers who are yet to upgrade to the online version of AccountRight. We have therefore released a compliance update for AccountRight v19 for the 2016/2017 financial year.

 

How do I update Payroll Tax tables?

The latest Payroll Tax Tables will be included in the 2016 compliance update. Once you have installed the latest compliance update, you will need to go to Setup >> Load Tax Tables to load the latest tax tables.

 

END OF PAYROLL YEAR

 

What is involved at the end of a Payroll year?

Unlike financial year, payroll year has to be rolled over before the software will allow you to process pays in the new Payroll year. There are a few tasks that you need to complete before rolling over your Payroll year. These are detailed in our EOPY guide (attached below). Please ensure you take a backup of your company file before rolling over your file.

 

How do I prepare and print Payment Summaries?    

You can produce an ATO compliant Payment Summary using the Payment Summary Assistant. To get to the Payment Summary Assistant, go to Payroll Command centre >> and Print Payment Summaries.

 

How do I deal with Salary Sacrifice in Payment Summaries?

In order to ensure that the Salary Sacrificed amount is deducted from gross payments, you will need to include (tick) the Salary Sacrifice Payroll Category along with other relevant payroll categories like Base Hourly, Base Salary, Annual Leave, Sick Leave and so on against the Payment Summary field Gross Payments.

 

What should / should not be included as Reportable Employer Super?

Generally speaking Super contributions that are over and above the compulsory Super Guarantee rate would need to be included as reported as a Reportable Employer Super. More information on this can be found in our Help article – Payment Summaries – Reportable Employer Super.

 

Can I reprint a Payment Summary?

Before you submit the final copy of the EMPDUPE file to the ATO and the Payment Summaries to your employees, you can go through the Print Payment Summaries process as many times as you like to produce the Payment Summaries and the EMPDUPE file for the current period. You can also choose to save a PDF copy of the Payment Summaries for easy access in the future.

 

If you were looking for a copy of Payment Summaries from a previous payroll year, you would need to restore a pre payroll rollover copy of the file to produce these.

 

What if the pay period falls across two payroll years?

If you have a situation where your pay period falls across two payroll years (some days in June and some in July), you would process the pays in the payroll year that the Payment Date of the transaction falls in.

For example if your pay period is 24 June 2016 to 08 July 2016, and the pay was being processed with a Payment Date of 08 July 2016, then you would need to process the payroll transaction in the new, 2016 / 2017 Payroll year. This would mean that you would need to do all the end of Payroll year tasks like producing Payments Summaries and rolling over the 2015 / 2016 Payroll year, before processing this pay.

 

Where can I get more information?

 

End of Financial Year site

Free EOFY Webcast

Help Articles 

- EOPY Guide

 

I hope these help. Should you have any further queries regarding end of Financial year, please use the reply button on this post. We are always happy to assist further.

 

Kind regards,

Suja Pillai
Social Support Manager
MYOB Australia Pty Ltd