A quick guide to an easy EOFY in MYOB AccountRight & AccountEdge

The update will be available at the end of June. It’s included as part of an AccountRight subscription or with MYOB Cover if you use AccountEdge.

If you've using the latest version of AccountRight and you have a current subscription, you'll see a pop-up message in your software when the compliance update is available. You can update your software from this message. 

If you’re using AccountEdge, you can access the compliance update via my.MYOB. You will also be notified via email about availability, and how to access your update.

If you're using AccountRight v19 and haven't seen an update message, open your company file, go to Help > Updates and select Check for Updates.  If you are using an earlier version of AccountRight or AccountEdge, or you don’t have a current subscription, you can check for updates from the MYOB website (avaliable end of June).

You can install the update any time after it's released. But if you use the payroll features, we recommend waiting to install it until after you’ve recorded all your pays for the 2018/19 year, processed payment summaries and closed the 2018/19 payroll year. 

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 2019/20 financial year.

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.

Oi Yee is often described as a fast-paced pocket rocket who would rather run than walk. She enjoys good food, great company and loves lending a hand to anyone who wants it. With a love for all outdoor activities, her goal is to hike through as many national parks as she can with her small family.