Starting a New Payroll Year with MYOB

by Veechi Curtis

Starting a new payroll year is similar to starting a new financial year - you tell MYOB software that you've finished recording transactions for the old year and you're ready to start afresh. There's one big difference with end of financial years, you can continue recording transactions for the new year before you've completed the old, but with end of payroll years, you can't.The main reason for this is that tax tables often change on July 1 and it would be impractical to have two sets of tax tables running at once. In addition, it makes sense to get your payroll year closed off and balanced as soon as possible. After all, the deadlines for providing employees with payment summaries is July 14. In this eBook, Veechi explains how to balance PAYG tax for the year, how to reconcile wages, how to set up your payment summaries and how to start a new payroll year. You'll also find out about the latest regulations concerning superannuation on payment summaries, and what kinds of super you have to report. You also get an end-of-year payroll checklist that you can work through step-by-step to ensure that you've covered everything.

44 pages, Kindle Edition

First published November 6, 2011