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For MYOB Essentials subscribers, your 2019-2020 compliance update will be delivered straight to your software in the last week in June. You don't need to do a thing! Look out for a message on your MYOB Essentials business dashboard.
To help you with your end of year tasks, we've put together an on-demand video that is sure to be essential viewing at tax time.
What's in the compliance update?
The update enables you to comply with government tax changes to payment summaries and tax tables.
- Tax rates and income thresholds changes
There have been no changes to tax rates or income thresholds for the 2020 payroll year. - HELP/SSL/TSL changes
The HELP/SSL/TSL tax tables will be renamed 'Study and training support loads tax tables' and will cover HELP. VSL, SFSS, SSL, ABSTUDY SSL and TSL. There will no longer be separate SFSS tax tables.
What else is new?
A new EOFY report
Compliance can be a headache, especially with a lot of employees. To take some of the pain out of this tax season, we’ve created a new report to help you verify the details you’ve recorded with the ATO.
The Year-to-date verification report is a summary which shows you the totals for each ATO reporting category for all employees in a financial year. Before this report, the only way to get these figures was to download the Summary of payments report for each employee and manually calculate the totals.
To download the report, go to the EOFY Finalisation tab in the Payroll reporting centre and click YTD Verification report.
Totals at a glance
Now you can see the totals for Gross payments and PAYG withholding at a glance from the Payroll reporting centre. Also, scroll down to see totals for Gross payments, PAYG withholding, RFBA and Section 57A RFBA in the new totals row.
A new page for editing your ATO information
If you've changed your business details or entered the wrong details, don't worry, now you can check and update them anytime, without having to call MYOB or the ATO.
To edit your info, go to the Payroll reporting centre and click the ATO settings tab.
More EOFY support
Visit our comprehensive EOFY support site for loads of handy information, including:
- Tax time planner for small businesses
- Information on handling EOFY in Essentials
- This year's tax changes and how they affect your business
- Live chat with an MYOB expert at specific times
That's all for now, hope you have a smooth EOFY!
