28th May, 2024
At EOFY, sorting payroll is just one of the tasks on a seemingly endless list — and it’s not necessarily a simple one.
Finalising earnings, taxes, super payments and other withholdings can be complicated, with opportunities for error and a hard deadline of July 14 for most businesses.
With that date fast approaching, we asked MYOB Community Relations Manager, Partners Leanne Berry about how MYOB can make managing payroll simpler at EOFY and beyond.
“If you look at the Australian HR amd tax system, there is complexity around reporting, payroll and awards,” Leanne says.
“Having systems in place from the start of your journey as an employer is better than getting 12 months down the track and having to pay experts to sort out a potential mess. Fines and penalties can also be high for getting it wrong and wage theft is now a criminal matter.”
Here’s what you need to know:
The fewer manual tasks you need to do, the better. MYOB helps you avoid time-consuming calculations by automating many key payroll tasks — from wage calculations to PAYGW rates and super contributions.
“After finalising a pay run, MYOB auto-generates bank-ready files in minutes, simplifying your payment process,” Pay advices are emailed to employees in seconds ensuring you are compliant with legislative requirements Leanne explains.
Using MYOB PaySuper functionality helps you meet your obligations to pay super directly from MYOB software without the need for cumbersome duplication into other clearing houses or the ATO’s systems.
Automating these day-to-day processes pays off at the end of the financial year, because you know you’re working with accurate figures right from the start.
With MYOB’s reporting tools, you can run proactive checks on wages, Super contributions and PAYGW rates to ensure compliance before EOFY.
When it’s time to close the accounts, the centralised system gives you in-depth data and useful reporting tools so you can check that your payroll records reoncile and finalise your STP reporting efficiently by 14 July.
You’ll have a clear, accurate view of your financial situation at any point to be sure that you’re meeting your obligations.
When it comes to PAYGW, accuracy is non-negotiable. MYOB helps you manage changes in income tax, different thresholds and reporting, keeping your business in line with the ATO’s requirements. With rates and rules changing frequently, it’s crucial to have a system that can keep up.
“Income tax changes and the new minimum wage come in on July 1st. It’s important to understand those rules so you can stay compliant,” says Leanne.
MYOB makes it simple, automatically updating as tax rates or rules change. Even better, you can file your employee STP reporting directly with the ATO through the MYOB platform.
The result? Timely, accurate lodgements and a lower chance of errors and penalties.
When you onboard a new hire or promote an existing staff member, getting timely and accurate information from your employees is vital.
With this in mind, MYOB streamlines employee management with an digital onboarding system where you can easily add new staff members and send them an invitation to complete all their details including personal details, TFN and super fund, bank accounts and email addresses, update existing employee details, and manage leave and entitlements.
Instead of chasing down employee details at the last second, you use a single platform to collect and store key data, keeping things simple and accurate at all times.
Full-time or part-time, contractor or permanent, Australian-based or offshore – every business has its own mix of staff members and its unique employee management needs.
With MYOB, Leanne explains, you can customise your payroll software setup to suit your specific requirements, so it’s easy to set pay rates and tax awards for different types of employees.
Whether you’re a newbie or you’ve been wrangling payroll for years, you might need a bit of support sometimes.
With MYOB, you get access to extensive support and training resources so you can learn how to handle EOFY using your new software.
As a local Australian business, we also have expert support partners available to help if needed.
Tap into MYOB’s extensive network of advisors, like Leanne, for help with your EOFY planning or general accounting needs. Getting expert support can help you make the most of your platform.
“Identify your weaknesses and plug the gaps with people who have the expertise,” says Leanne.
As your business grows, payroll tends to become more complicated. Manual processes that worked with a handful of employees can become cumbersome with 40 or 50 – which is where MYOB comes in.
The platform is designed to scale with your business, with automated processing taking much of the grunt work off your hands, even as you hire more staff.
EOFY doesn’t have to be a time of dread for your payroll team.
With MYOB’s comprehensive suite of payroll features, you can efficiently and accurately manage your payroll responsibilities, stay compliant with tax laws, and ensure that all financial records are up to date and accurate so your EOFY filing goes smoothly.
While other companies have killed the payroll-only option, we’re ensuring it’s even better for the future. Where others have cut it down, we’ve singled it out.
Even better, saving time on payroll frees your team to focus on strategic tasks and business building without the looming stress of EOFY errors.
Want to close the financial year with confidence? Sign up for MYOB today.
Information provided in this article is of a general nature and does not consider your personal situation. It does not constitute legal, financial, or other professional advice and should not be relied upon as a statement of law, policy or advice. You should consider whether this information is appropriate to your needs and, if necessary, seek independent advice. This information is only accurate at the time of publication. Although every effort has been made to verify the accuracy of the information contained on this webpage, MYOB disclaims, to the extent permitted by law, all liability for the information contained on this webpage or any loss or damage suffered by any person directly or indirectly through relying on this information.
MYOB is not a registered entity pursuant to the Tax Agent Services Act 2009 (TASA) and therefore cannot provide taxation advice to clients. If you have a query concerning taxation including filing your BAS return or annual tax statements then you should consult with your accountant or other registered tax adviser.