Don't miss a thing this
end of financial year

Get good busy this tax time with all the key dates
and information you need to be prepared.

Essential information this EOFY

End of financial year doesn't have to be stressful. Get ahead with our EOFY hub which has everything you need to help make your EOFY good busy. Here you’ll find out about what’s changing on 1 July, key dates, handy links to help with EOFY tasks, helpful training and more. 

Important tasks:

Tasks you must complete each EOFY include, but are not limited to:

  • Record-keeping and administration
  • Identifying the tax deductions and concessions you can claim
  • Making sure you're up-to-date with tax and compliance changes
  • Reviewing your finances
  • Checking your insurances
  • Backing up and securing your files

For more information, take a look at the business.gov.au EOFY resources.

Compliance changes in the 2022-23 Financial Year:

  • Removal of the $450 monthly earnings threshold for employees to be eligible to receive super.
  • Increase of the superannuation guarantee rate (the minimum super amount an employer needs to pay to all eligible employees) from 10% to 10.5%.
  • Tax tables are automatically updated for the new payroll year.

For more information about superannuation rates and thresholds, visit this ATO page.

These changes will be ready in your MYOB software from 1 July 2022 to help make payroll compliance changes easier to manage.

Preparing for end of financial year in your MYOB software

To keep EOFY simple, it's a good idea to take a few moments to make sure your accounts are in order, and that everything's ready for your accountant at tax time.

We’ve collated a list of EOFY tasks with handy links to show you how to complete them in your MYOB software. 

For additional assistance, speak with your accountant or bookkeeper

Note: some of these tasks may not apply to your business.

MYOB Business dashboard

Frequently asked questions

Do I need to update my software at the end of financial year? Toggle Section

MYOB Business is automatically updated at the end of financial year, so all your tax rates are always up to date and accurate. 

How do I change the superannuation guarantee rate? Toggle Section

The minimum super guarantee rate will increase to 10.5% from 1 July 2022. We’ve created a new setting in your superannuation pay item that updates the rate automatically in line with the legislation.  
 
Any super guarantee pay items set to 10-10.5% of Gross Wages have been automatically updated for you to the new setting after your first pay run with a payment date on or after 1 July 2022. Super guarantee pay items with any other settings have not been changed and may need to be manually updated  Understand your next steps.

How do I remove the $450 super guarantee threshold? Toggle Section

Due to a super guarantee legislation change, the $450 threshold will be removed from 1 July 2022. There's nothing you need to do in MYOB Business, the $450 super earnings threshold is automatically removed from super calculations for pays dated 1 July onwards.  Learn more

What do I need to do for Single Touch Payroll (STP) reporting? Toggle Section

Each end of financial year you need to finalise your payroll information with the ATO by 31 July via the Single Touch Payroll finalisation process. Read more about End of year finalisation with Single Touch Payroll reporting.

What super rate do I use for pays that span payroll years? Toggle Section

If you're processing a pay that includes dates in June and July, the applicable super guarantee rate is based on the date of payment.

For example:

  • If the payment date is June 30 or earlier, the super guarantee rate for that pay should be 10%.
  • If the payment date is July 1 or later, the super guarantee rate for that pay should be 10.5%.

Learn more

When can I transition to Single Touch Payroll (STP) Phase 2?​ Toggle Section

MYOB Business is ready for STP Phase 2 reporting. Start planning when and how your business will transition now. We’ve obtained a deferral from the ATO, so you have until 1 January 2023 to start reporting via STP Phase 2. Learn more

MYOB Essentials dashboard

Frequently asked questions

Do I need to update my software at the end of financial year? Toggle Section

MYOB Essentials is automatically updated at the end of financial year, so all your tax rates are always up to date and accurate. 

How do I change the superannuation guarantee rate? Toggle Section

On 1 July 2022, the superannuation guarantee contribution rate will increase from 10% to 10.5%. This is the minimum super amount you must pay all eligible employees from 1 July 2022. If an employee's superannuation guarantee rate is set to 10% as of 30 June 2022, it'll automatically update to 10.5% from 1 July onwards. If their rate is not set to 10% as of June 30, you'll need to manually update it.

Before processing any pay for the new payroll year, we recommend checking each employee's superannuation guarantee rate to make sure it's set correctly. Find out how to check or change your super guarantee rate.

What do I need to do for Single Touch Payroll (STP) reporting? Toggle Section

Each end of financial year you need to finalise your payroll information with the ATO by 31 July via the Single Touch Payroll finalisation process. Read more about End of year finalisation with Single Touch Payroll reporting.

What super rate do I use for pays that span payroll years? Toggle Section

If you're processing a pay that includes dates in June and July, the applicable super guarantee rate is based on the date of payment.

For example:

  • If the payment date is June 30 or earlier, the super guarantee rate for that pay should be 10%.
  • If the payment date is July 1 or later, the super guarantee rate for that pay should be 10.5%.

When can I transition to Single Touch Payroll (STP) Phase 2?​ Toggle Section

Your MYOB Essentials will be upgraded to a new platform in 2022, where you can begin your transition to STP Phase 2. MYOB has obtained a deferral to 1 January 2023 allowing you time to make the move. We’ll keep you informed on the status of your upgrade, but in the meantime you can find out more about these changes

How do I remove the $450 super guarantee threshold? Toggle Section

Due to a super guarantee legislation change, the $450 threshold will be removed from 1 July 2022. There's nothing you need to do in MYOB Essentials, the $450 super earnings threshold is automatically removed from super calculations for pays dated 1 July onwards. Learn more. 

MYOB AccountRight dashboard

Frequently asked questions

When is the compliance update available? Toggle Section

As long as you’re on the latest version of MYOB AccountRight, your tax tables will be updated automatically. The right tax tables will be used based on the pay date. If you process a pay on June 30, the 2021-22 tax tables will be used. Process a pay on July 1 and the 2022-23 tax tables will apply. 

How do I change the superannuation guarantee rate? Toggle Section

The minimum super guarantee rate will increase to 10.5% from 1 July 2022. We’ve created a new setting in your superannuation pay item that updates the rate automatically in line with the legislation.  
 
Any super guarantee pay items set to 10-10.5% of Gross Wages have been automatically updated for you to the new setting after your first pay run with a payment date on or after 1 July 2022. Super guarantee pay items with any other settings have not been changed and may need to be manually updated. Understand your next steps.

How to I remove the $450 super guarantee threshold? Toggle Section

Due to a super guarantee legislation change, the $450 threshold will be removed from 1 July 2022. There's nothing you need to do in AccountRight, the $450 super earnings threshold is automatically removed from super calculations for pays dated 1 July onwards. Learn more

How do I update my software to the latest version? Toggle Section

If your file is online and using the latest version, AccountRight will update automatically. To see how to install the latest version, check out Getting the latest version

Do I need to close my payroll year? Toggle Section

In AccountRight, there’s no need to close (roll over) the payroll year. This also means you can make adjustments in the previous payroll year. 

What do I need to do for Single Touch Payroll (STP) reporting? Toggle Section

Each end of financial year you need to finalise your payroll information with the ATO by 31 July via the Single Touch Payroll finalisation process. Read more about End of year finalisation with Single Touch Payroll reporting. 

What super rate do I use for pays that span payroll years? Toggle Section

If you're processing a pay that includes dates in June and July, the applicable super guarantee rate is based on the date of payment.

For example:

  • If the payment date is June 30 or earlier, the super guarantee rate for that pay should be 10%.
  • If the payment date is July 1 or later, the super guarantee rate for that pay should be 10.5%.

Learn more

When can I transition to Single Touch Payroll (STP) Phase 2?​ Toggle Section

MYOB Business is ready for STP Phase 2 reporting. Start planning when and how your business will transition now. We’ve obtained a deferral from the ATO, so you have until 1 January 2023 to start reporting via STP Phase 2. Learn more

Important tax time dates and deadlines

15 May

Acing it!

On this day in 1987, tennis champion Andy Murray was born in Glasgow, Scotland. Andy has won three Grand Slam singles titles, two at Wimbledon (2013 and 2016) and one at the US Open (2012). Think like Andy and make sure you keep your eye on the ball this tax time!

Checklist
  • Lodge 2021 tax returns for all entities that did not have to lodge earlier (including all remaining consolidated groups), and are not eligible for the 5 June concession.
  • Due date for companies and super funds to pay if required.
Note: Individuals and trusts in this category pay as advised on their notice of assessment.

 

21 May

Aussie Aussie Aussie!

It’s Federal Election Day! After you tick off your tax tasks, make sure you take a sec to have your say in who will become the next leader of our great country, home of Vegemite, fairy bread and budgie smugglers.

Checklist
  • Lodge and pay April 2022 monthly Business Activity Statement (BAS).
  • Lodge and pay 2021-22 Fringe Benefits Tax (FBT) annual return if lodging by paper.

 

28 May

Make that a double

Did you know that the United States has a National Burger Day? Did you also know that it’s today? Never has there been a better excuse to grab yourself one as a reward for getting your tax tasks done! Triple cheese, anyone?

Checklist
  • Lodge and pay quarter 3, 2021–22 Superannuation guarantee charge statement if you did not pay enough contributions on time.
Note: The super guarantee charge is not tax-deductible.

05 June

Get curious

If you were born today, that makes you a Gemini. Geminis are known for being curious and adaptable, but also for being inconsistent and indecisive. Now is a good time to get curious: make sure you have had all your tax-related questions answered, and avoid being indecisive!

Checklist
  • Lodge 2021-22 tax returns with a lodgement due date of 15 May 2022 if the tax return is not required earlier and meets criteria.
Note: This includes companies and super funds but excludes large/medium taxpayers and head companies of consolidated groups.
 
  • Lodge 2021-22 tax returns due for individuals and trusts with a lodgement due date of 15 May 2022 provided they also pay any liability due by this date.

21 June

Brrrrrr

Feel that? The chill of winter is here, and so is the winter solstice, which falls between 21 and 23 June. This is the day that has the least daylight hours of any other day of the year. Make the most of it: pack it in early (provided that you’ve done your BAS), grab yourself a tea and snuggle up. 

Checklist
  • Lodge and pay May 2022 monthly Business Activity Statement (BAS).

30 June

It’s actually the end of the financial year!

So you’ve heard all of the ads about EOFY for weeks now, but finally, it really is the end. Pat yourself on the back: you’ve probably gotten all the hard stuff done (if you followed our trusty advice). It’s time to forget about tax and relax to the max. 

Checklist
  • Super guarantee contributions must be received by your employees' fund by this date to qualify for a tax deduction in the 2021–22 financial year
  • Complete a stocktake if you have inventory.

01 July

Happy New (Financial) Year!

The countdown begins for tax returns. The deadline for most returns is October 21, however your tax accountant may be able to organise a later filing date depending on your business needs.

Checklist
  • You can lodge your individual tax return from today until 31 October if you're preparing it yourself.
  • Compliance changes of tax tables, superannuation guarantee increase to 10.5% and removeable of $450 threshold.

14 July

Vive la France!

Today is Bastille Day, the national day of France. What better time to have a croissant and make sure your employees have their payment summaries?

Checklist
  • End of year finalisation with Single Touch Payroll reporting. Send employee income statements to myGov.

21 July

The Eagle has landed!

Today marks 52 years since Neil Armstrong set foot on the moon. What firsts will you check off today?

Checklist
  • Lodge and pay Payroll Tax.

28 July

Back from the dead...

On this day in 1932, the first feature-length zombie film, 'White Zombie', was released in New York City. Think of all the zombie films and TV shows released since then! If you're feeling like a zombie after EOFY, now's a great time to take a break!

Checklist
  • Make super guarantee contributions for Quarter 4 (Apr-Jun) of the 2021–22 financial year.

28 August

A delicious pivot

Did you know Worcestershire Sauce was invented by a pair of pharmacists? John Lea and William Perrins cooked up the condiment in their lab on this day in 1837, which indirectly led to the establishment of a research lab at Oxford University and the creation of the Bloody Mary cocktail.

Checklist
  • Lodge Taxable Payments Annual Report (TPAR).

31 October

Nothing scarier than overdue paperwork!

Boo! Today is Halloween, a day celebrated in many different ways but best known for ghost costumes and copious amounts of sugar. It's also the tax return lodgement deadline!

Checklist
  • Final date to lodge tax return.
  • Lodge Annual GST return.

Want to get key tax dates sent to you?
Make sense of confusing tax terminology

 

This list is a guide only. For more information, visit the ATO website.

Looking for advice on tax payment and lodging? Speak to an accountant or bookkeeper.

Be ready to take on tax time with our EOFY training

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Get good busy with EOFY payroll reconciliation

Live Webinar

Take a guided tour of all the steps you need to complete your payroll reconciliation this end of financial year in your software.

Register now
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Get EOFY ready: Reconciling accounts

Live Webinar

Business owners: let’s get EOFY-ready with a check box approach to reconciling your accounts using your software.

Register now
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Get online EOFY training

Online course

Learn about EOFY tasks in your software, or take a deep dive into reconciliation with our free guided courses.

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Tax essentials for small business

Email course

Sign up to this five-part email course to master your tax preparation step-by-step this EOFY.

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Make the Switch to STP Phase 2

Live Webinar

Join the MYOB team in this live webinar, as we show you how to prepare your MYOB Payroll software for the new ATO requirements.

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Get ready with STP Phase 2

Online Course

Complete a guided course in your own time that walks you through how to prepare your payroll information for STP 2.

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Stay across the latest tax guidance with our blog articles

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Tips for looking after your mental health in the workplace

Smiling Mind logo and MYOB logo

MYOB is Smiling Mind’s official Small Business Partner and collaborator on the Small Business Program, designed to support the mental, emotional and physical wellbeing of business owners. 

To support you and your team in the lead-up to the end of the financial year, Smiling Mind are sharing some of their top blog posts on workplace mental health.

How to master your workday in 2022
How to master your workday in 2022

We all spend a significant amount of our lives working. For many of us, these hours increase in the lead-up to the end of the financial year. It is important to ensure that you use your time away from work to recharge.

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The stories of 3 mindful business owners
The stories of 3 mindful business owners

Discover insights from three small business owners who use mindfulness and meditation techniques to look after their own mental health and support the success of their businesses.

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Beating burnout
Beating burnout

During times of high stress, like EOFY, people can become more susceptible to burnout. It can be difficult to spot the signs of burnout but knowing what to look out for can help you and your team members support each other.

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