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?

 

Ask a payroll expert

We've got experts available to help you answer your tax questions.

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

FAQs

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?

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. 

 

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

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.

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.

EOFY Hub

This resource offers a range of information to help you through the end of financial year.

Learn more
Help centre

You can also find EOFY support resources, including videos and step-by-step instructions.

Learn more
Training

Want to learn more about EOFY and other ways MYOB can help your business? MYOB Academy is here!

Learn more