A quick guide to an easy EOFY in MYOB Essentials

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FAQs

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.

On 1 January 2017, a new tax was introduced for working holiday makers who are in Australia on 417 and 462 visa. This is sometimes referred to as the “backpacker tax.”

This tax does not affect those who were only paid up until 31 December 2016. 

For employees with these visa and who were paid after the tax was introduced, you need to assign the Working holiday maker tax table in their employee profile and provide them with payment summaries marked with the letter H.  

For employees who were also paid prior to 1 January 2017, you’ll need to provide them with 2 payment summaries. See our Working holiday makers help topic for more information. 

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