Essential information this EOFY
End of financial year doesn't have to be stressful. Get ahead with our EOFY hub which has everything you need to help make your EOFY good busy. Here you’ll find out about what’s changing on 1 July, key dates, handy links to help with EOFY tasks, helpful training and more.
Important tasks:
Tasks you must complete each EOFY include, but are not limited to:
- Record-keeping and administration
- Identifying the tax deductions and concessions you can claim
- Making sure you're up-to-date with tax and compliance changes
- Reviewing your finances
- Checking your insurances
For more information, take a look at the business.gov.au EOFY resources.
Compliance changes in the 2022-23 Financial Year:
- Removal of the $450 monthly earnings threshold for employees to be eligible to receive super.
- Increase of the superannuation guarantee rate (the minimum super amount an employer needs to pay to all eligible employees) from 10% to 10.5%.
- Tax tables are automatically updated for the new payroll year.
For more information about superannuation rates and thresholds, visit this ATO page.
These changes will be ready in your MYOB software from 1 July 2022 to help make payroll compliance changes easier to manage.
Preparing for end of financial year in your MYOB software
To keep EOFY simple, it's a good idea to take a few moments to make sure your accounts are in order, and that everything's ready for your accountant at tax time.
We’ve collated a list of EOFY tasks with handy links to show you how to complete them in your MYOB software.
For additional assistance, speak with your accountant or bookkeeper.
Note: some of these tasks may not apply to your business.
Frequently asked questions
Help articles
End of period tasks
End of financial year tasks
Preparation for FY 2022-23
Important tax time dates and deadlines
31October
Nothing scarier than overdue paperwork!
Boo! Today is Halloween, a day celebrated in many different ways but best known for ghost costumes and copious amounts of sugar. It's also the tax return lodgement deadline!
Checklist
- Final date to lodge tax return.
- Lodge Annual GST return.
This list is a guide only. For more information, visit the ATO website.
Looking for advice on tax payment and lodging? Speak to an accountant or bookkeeper.
Be ready to take on tax time with our EOFY training
Get good busy with EOFY payroll reconciliation
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