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End of financial year doesn't need to be stressful. In MYOB Essentials, there's not much you need to do, we'll close off the financial year and update your software, so you don't have to. 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 End of period tasks. Once they're done, watch this video to some of the things you might want to do (and a couple that you need to do) for the end of the financial year:
Invite your accountant
If you haven't already, invite your accountant to your MYOB Essentials business.
This will let them log in and work directly with your data, so they can do your tax and make any adjustments that are needed.
Lodge payment summaries
If you've paid any employees this year, you'll need to provide them with PAYG payment summaries (previously called group certificates) before 14 July. You'll also need to send this information to the ATO before 14 August. You can use MYOB Essentials to create and electronically lodge your payment summaries.
Report payments to contractors
If you work in the building and construction industry, you need to lodge a Taxable Payments Annual Report (TPAR), detailing the payments you've made to suppliers.
Your Profit & Loss and your Balance Sheet let you know how your business has performed throughout the year (which you've probably been checking regularly). You might like to print a copy for yourself.
- Profit and Loss tells you how much profit your business has made in the last year, divided into income, expenses and net profit.
- Balance Sheet tells you your business's net worth up to the end of the financial year. It's divided into assets, liabilities and equity.
See Business reports to learn how to produce these reports.