Stay on top of your EOFY

Need help with something in your MYOB software or just have a question? Whether it's payroll-related or just day-to-day, we've got the experts and answers to help.

Chat to an EOFY expert

Speak to one of our EOFY experts ready to answer your questions at selected times over the EOFY period on Live Chat. Check the schedule to see when they'll be online.

EOFY 2020 live chat dates AM PM
Monday 29/06/2020 10am–12pm 2pm–4pm
Tuesday 30/06/2020 10am–12pm 2pm–4pm
Wednesday 01/07/2020 10am–12pm 2pm–4pm
Thursday 02/07/2020 10am–12pm 2pm–4pm

End of year online learning

Check out our online learning modules to walk you through the steps of what you need to do at the end of financial year.

 

Frequently Asked Questions

Our most common questions on EOFY, answered.

When is the compliance update available? Toggle Section

This year there’s no need to install a compliance update or load new tax tables – you just need to update to the latest AccountRight version (2020.2). Moving forward, the right tax tables will be used based on the pay date. If you process a pay on June 30, the 2019-20 tax tables will be used. Process a pay on July 1 and the 2020-21 tax tables will apply.

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

AccountRight 2020.2 is our latest version and compliance update for the 2020/2021 payroll year. If you still need to update to the latest version and your file’s online, make sure the file is checked in and you can then install version 2020.2. If you’re not sure what version you’re using, check out Getting the latest version.

Do I still need to prepare payment summaries? Toggle Section

If you’ve reported your pays in AccountRight with Single Touch Payroll (STP) Reporting, you don’t need to produce payment summaries. Instead you’ll complete the STP finalisation process. Read more about End of year finalisation with Single Touch Payroll reporting.

In AccountRight 2020.2, if you’re reporting your pays via STP, the 'Prepare Payment Summaries' button won’t be available within the 'Payroll' command centre.

Do I need to close my payroll year? Toggle Section

In AccountRight 2020.2, 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.

I’m receiving JobKeeper payments. What do I need to do? Toggle Section

In addition to finalising your payroll year through Single Touch Payroll, you also need to provide monthly declarations to the ATO about your current and next month’s turnover under the JobKeeper scheme. Learn more about this monthly declaration.

What if I'm using an older version of AccountRight Classic (v19 or earlier)? Toggle Section

You'll need to update to the latest AccountRight version (2020.2) to receive the newest tax tables and finalise your payroll year through Single Touch Payroll Reporting. Learn more about Upgrading to the latest version.

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.

Do I still need to prepare payment summaries? Toggle Section

If you have reported pays in MYOB Essentials with Single Touch Payroll Reporting, you don’t need to produce payment summaries. Instead you’ll complete the STP finalisation process. For all the details see End of year finalisation with Single Touch Payroll reporting

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

Each end of financial year you are required to finalise your payroll information with the ATO by 31 July via the Single Touch Payroll finalisation process. For all the details see End of year finalisation with Single Touch Payroll reporting.

I’m receiving JobKeeper payments. What do I need to do? Toggle Section

In addition to finalising your payroll year through Single Touch Payroll, you are also required to provide monthly declarations to the ATO about your current and next month’s turnover under the JobKeeper scheme. Learn more about this monthly declaration.

What tasks do I need to do at end of financial year? Toggle Section

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.

When is the compliance update available? Toggle Section

The compliance update which includes tax tables for the 2020/21 payroll year, will be available at the end of June. It’s included with MYOB Cover if you use AccountEdge.

How do I get the update? Toggle Section

You can access the compliance update via my.MYOB. When it’s available, you’ll be notified via email with more details about how to access it.

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

Single Touch Payroll (STP) replaces the need to do payment summaries within your software. Read more about End of year finalisation with Single Touch Payroll reporting.

I currently receive JobKeeper payments. Do I need to do anything? Toggle Section

In addition to finalising your payroll year through Single Touch Payroll, you are also required to provide monthly declarations to the ATO about your current and next month’s turnover under the JobKeeper scheme. Learn more about this monthly declaration.

EOFY Hub

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