A quick guide to an easy EOFY in MYOB Essentials

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What tasks do I need to do at the end of a financial year?

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.


Do I need to update MYOB Essentials at the end of the financial year?

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


What do I need to do for Single Touch Payroll?

This new reporting method will be mandatory from 1st July 2018 for businesses with 20 or more employees. If your business needs to be STP compliant and you aren’t yet using an MYOB product, ask your vendor what steps they are taking to update your product.

You would have needed to conduct a headcount of your employees back on 1st April 2018. If you had 20 or more employees on this date, STP will be mandatory for your organisation come 1st July 2018. It will be voluntary for employers with 19 or less employees to adopt an STP solution at this time. If you wish to report STP, MYOB products will be enabled for you as well.

For more information see our Single Touch Payroll guide.


Do I still need to produce payment summaries this year if I’ve started Single Touch Payroll (STP) reporting?

Yes, it’s business as usual for this 2017/2018 payroll year end. Even though you’ve already started STP reporting, you’ll still need to provide payment summaries to your employees and lodge the payment summary annual report (EMPDUPE) to the ATO.


Who is Oi Yee?

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.