Preparing payment summaries in MYOB Essentials
Already using STP? Check out our free eLearning on finalising your STP information in MYOB instead. Get started
SINGLE TOUCH PAYROLL
Single Touch Payroll (STP) is the simplest way to report payroll information to the ATO.
No more payment summaries: your payroll software does it all. And it’s already included in the price. Why not get started today?
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Check the schedule to see when they're online (AEST).
|EOFY 2019 live chat dates||AM||PM|
|Monday 24/06/2019||10:00 - 12:00|
|Wednesday, 26/06/2019||02:00 - 04:00|
|Thursday, 27/06/2019||10:00 - 12:00||02:00 - 04:00|
|Friday, 28/06/2019||10:00 - 12:00||02:00 - 04:00|
|Monday, 01/07/2019||10:00 - 12:00||02:00 - 04:00|
|Tuesday, 02/07/2019||10:00 - 12:00||02:00 - 04:00|
|Thursday, 04/07/2019||10:00 - 12:00|
|Friday, 05/07/2019||02:00 - 04:00|
In MYOB Essentials, there's not much you need to do at EOFY. That said, it's a good opportunity to take a few moments to make sure your accounts are in order, and everything's ready for your accountant to take care of tax time. Get started by completing your usual month-end tasks. Once they're done, here's a handy list of some of the things you might need to do at EOFY.
MYOB Essentials is automatically updated at the end of financial year, so all your tax rates are always up to date and accurate.
Single Touch Payroll became mandatory 1st July 2018 for businesses with 20 or more employees, and will now be required for all other businesses (with 19 or fewer employees) from the 1st July 2019.
If your business needs to be STP compliant and you aren’t yet using an MYOB product, speak with your vendor about what options they have for your product.
For more information on using STP in your MYOB product, see our Single Touch Payroll guide.
If you've been using Single Touch Payroll reporting, your end-of-year is now a lot easier and in many cases you won't need to prepare payment summaries. Instead, you 'finalise' your Single Touch Payroll information directly from your software.
When you finalise, the status of the employee's income statement in myGov will change to Tax ready. This means they'll be able to pre-fill and lodge their tax return. Check with the ATO website on the due date for making this finalisation declaration.
To learn how to finalise your STP information in your MYOB product, head over to MYOB Academy.
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This resource offers a range of information to help you through the end of financial year.Learn more
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