A quick guide to an easy EOFY in MYOB AccountRight

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Live chat times - June
Friday 9th June  10:00am - 12:00pm
Wednesday 14th June
02:00pm - 04:00pm
Wednesday 21st June
02:00pm - 04:00pm
Wednesday 28th June
10:00am - 12:00pm
02:00pm - 04:00pm
Friday 30th June
10:00am - 12:00pm
02:00pm - 04:00pm
Live chat times - July
Monday 3rd July
10:00am - 12:00pm
02:00pm - 04:00pm 
Tuesday 4th July
10:00am - 12:00pm
02:00pm - 04:00pm
Friday 7th July 10:00am - 12:00pm

FAQs

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 2017 year, processed payment summaries and closed the 2017 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 2017 financial year.

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.  

If you paid working holiday makers in 2017 then watch the Working Holiday Makers video to see what you need to do before preparing their payment summaries. 

We’ve put together a printable PDF guide that explains how to get ready for a new financial year. Download it here.

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