A quick guide to an easy EOFY in MYOB AccountRight
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're using the latest version of AccountRight or AccountEdge,
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 an earlier version of AccountRight or AccountEdge, or you don't have a current subscription, you can check for updates from the MYOB EOFY hub (available end 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 year, processed
payment summaries and closed the 2018 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 2018 financial year.
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.
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.