EOFY Hub for

MYOB Advanced Business + Payroll

2022 EOFY Hub for MYOB Advanced Payroll

In this EOFY Hub, you’ll find the key resources you’ll need to complete your EOFY processes in MYOB Advanced. For all the details, refer to the MYOB EOFY Guide.

Disclaimer: The following information is a general guide only. Not to be relied on as legal, accounting, financial or taxation advice. Must be read subject to all documentation provided by MYOB (including release notes, whitepapers and guides). 

Key payroll changes for 2022: 

For further detail, refer to the MYOB EOFY Guide.

 

EOFY Timeline

June 2022:  Transition to STP Phase 2 Reporting to reduce the EOFY rush.  You need to enable STP Phase 2 reporting on the Payroll Preferences screen – the transition is not automatic as further configuration is required. See our STP 2 Hub  for more information. 

1 July 2022:  SG Super changes occur automatically via the Dynamic Calculation Engine (DCE) unless you have ticked ‘override legislated rate’ on your employer super pay item 

14 July 2022:  Finalisation Event due.  Pay information will be Tax Ready for employees via myGov when the Finalisation Event is submitted successfully.  PAYG payment summaries are no longer available – they were superseded by Single Touch Payroll. 

EOFY Guide Release:

The 2022 EOFY Guide for MYOB Advanced Payroll is available here>

Watch our MYOB Advanced Payroll EOFY Webinar

This is a recording of our client webinar held on 2 June 2022.  It has not been updated for any changes occurring after that date. Please refer to the MYOB End of Financial Year Guide 2023 (when it is released) for the most current and detailed information available at the time of your upgrade. 

MYOB Advanced EOFY Payroll FAQs

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When do I need to transition to STP Phase 2 Reporting?

MYOB has secured a deferral for MYOB Advanced Payroll users to commence STP Phase 2 reporting by August 2022To avoid the EOFY rush, we recommend that you make the transition to STP 2 early by enabling STP Phase 2 on the Payroll Preferences screen and using the tools provided in the latest release to bulk update your data.  Refer to our STP 2 Hub for all the details and to book in an STP 2 Transition Session with BusinessHub. 

What are the best payroll reports to run at EOFY?

Use the Pay Activity Summary Data Report for a report on pay run data, by employee and by pay category.  

  • Run the Pay Activity Summary Data Report and save it as a pivot table so you can summarise the data and export it to Microsoft Excel for further analysis. 
  • The available pay categories include: Gross income, pre-tax deductions, gross taxable, income tax payable, tax free income, net pay, employer super, employee super  
  • You’ll need a full user licence and admin access to create the pivot table based on this pay activity summary data.    
  • Usually, a pivot is created with the pay items as values in the columns and the employee names listed down the rows.   
  • See our EOFY video above for a demo of how to do this. 

    Use the Pay Activity Detail Data Report for a report on pay run data, by employee and by pay item.  

    • Run the Pay Activity Detail Data Report and save it as a pivot table so you can summarise the data and export it to Microsoft Excel for further analysis.  
    • Note that you can only filter the data in this report by date range and not pay run, so make sure your date range spans the date immediately before and after the pay runs you wish to analyse.  
    • You’ll need a full user licence and admin access to create the pivot table based on this pay activity summary data.    
    • Usually, a pivot is created with the pay items as values in the columns and the employee names listed down the rows.   
    • See our EOFY video above for a demo of how to do this. 

      Create a super batch for the financial year to review super payments and any super batch errors 

      • On the Create Superannuation Batch screen, create a super batch for a custom period beginning 1 July 2021 and ending 30 June 2022.  Do not process the batch (obviously), but refer to the ‘Exceptions’ tab to identify any missing super information.   

      Run an STP Update event to review STP Reported data for your active employees 

      • Run an STP Update and the STP-reported data for active employees to the Pay Activity Summary data for active employees.  Note that an STP Update event can only be run for active employees, so you can only run this comparison for active (not previously terminated) employees.  
      Do I need to run an STP Finalisation Event for inactive employees

      A Finalisation Event is usually run as part of terminating an employee using the termination wizard, however there is no harm in resubmitting a finalisation event for terminated employees as part of the Finalisation Event you report for all other employees on or before 14 July. 

      However, if the data reported has changed since the employee was terminated and they have submitted their tax return prior, they will receive a notice of amendment from the ATO. 

      Why can’t I save the Pay Activity Summary Data as a Pivot Table?

      You will need a Full User licence with the Admin role assigned to create shared filters and pivot tables. 

      How do I enter Reportable Fringe Benefits

      See above for further detail on how to process your fringe benefits amounts as part of your EOFY payroll processes. Refer to MYOB’s End of Financial Year Guides for more detailed instructions, and for more FBT resources, refer to The ATO’s FBT Guide for Employers 

      Is a compliance upgrade required?

      No, an upgrade to MYOB Advanced is not required for the 2023 tax tables as these changes are rolled out via the Dynamic Calculation Engine (DCE).

      Do I need to submit a Finalisation Declaration even if I report to the ATO via STP every pay?

      YES. All sites that started STP reporting must send a Finalisation Event to the ATO for each employee, even if they auto-submit every Pay Event update, in order to mark their information as tax ready in the myGov portal 

      Do I need to provide my employees with a payment summary?

      The Finalisation Declaration replaces the Payment Summary Annual Report (PSAR or EMPDUPE) file that used to be sent to the ATO before STP reporting commenced.  To advise your employees about STP, you can refer them to this ATO STP Fact Sheet for Employees.  

      How do I amend after submitting a finalisation event?

      If you identify the need to amend details after making a finalisation declaration you should re-submit these as soon as possible – within 14 days of detection or your next regular pay event. Amendments to finalised STP data can be made via MYOB Advanced Payroll. The ATO recommends you tell your employees when you make an adjustment that will be reflected in their income statement. If they have already lodged their tax return they may need to lodge an amendment. The ATO says that lodging an amendment to finalised STP data may impact your employees in the following ways: 

      • Amendments to STP data before the employee has lodged their tax return will result in an updated Tax ready income statement which will be available in ATO online and myTax pre-fill. 
      • Amendments to STP data after the employee has lodged their tax return which results in a refund will result in the ATO amending the return and issuing an amended assessment and refund. 
      • Amendments to STP data after the employee has lodged their tax return which results in additional tax payable may require the employee to take action. 
      • The ATO will contact the employee to let them know what they need to do. 

      For further information, refer to: 

      If the amendment relates to a PSAR that was submitted before you commenced STP reporting, click here for ATO guidance on how to lodge amendments to your Payment Summary Annual Report. 

      Watch our MYOB Advanced Business EOFY videos

      Opening a new Financial Year

      Checking for unreleased documents

      Reconciling subledgers to the trial balance

      Close off financial period and run financial statements

      Troubleshooting to find inconsistencies

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