Like leaves falling in autumn signals the coming winter, the Federal Budget signals that this financial year will soon come to an end. While this might be a bit “meh” for many, it’s at this time of year that the team at MYOB busily hammer away to prepare updates for your software so that you always meet your obligations.
So, when will it be available and where will I find it?
If you’re using MYOB Essentials–our browser-based solution–your software will be updated automatically on 1 July. A noticeboard announcement will tell you what’s changed and what you need to do.
If you’re using MYOB AccountRight or MYOB AccountEdge, a compliance update will be ready for you to install at the end of June. You’ll see a popup on your computer that lets you know that your update is ready. Or you can keep an eye on our EOFY hub which we’ll keep up-to-date with everything you need to know.
When should I install it?
The update includes new tax tables that help you withhold the right amount of tax from your employees’ pay. You’ll need to install it before recording your first pay for the 2016 financial year.
You can install it anytime after it is released, but we recommend waiting to install it until after you’ve recorded all your pays for the 2015 year, processed payment summaries and closed the 2015 payroll year.
A handy tip. We often get asked about when to report pays that span two financial years. The simple rule is that pays are reported in the year when the payment is made. For example, if a monthly pay covers the period from 15 June to 14 July, and is paid on 30 June 2015, it should be included in payment summaries for the 2015 year.