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Here we go again… another financial year coming to an end soon. As you prepare to trudge through the minefield of payroll and financial year end obligations, here’s a list of the important end of financial year (EOFY) deadlines for your business.

During May

Your accountant should have a look at your financial data to help with any tax planning strategies for year end.  If you are using MYOB AccountRight Live or LiveAccounts, your accountant can log in, and look at your data while your file is in the MYOB cloud with no disruption to your operations.  If you are using Classic MYOB (version 19 or earlier), then you need to do a backup and send your files to your accountant. With our latest Client Accounting Module, accountants using Accountants Enterprise (AE) or Accountants Office (AO) can access their clients’ files in AccountRight Live directly from AE and AO.

The last two weeks of June

Use your MYOB superannuation reports and look at the balance in your super liability account to determine how much should be paid.  According to the ATO website, $25,000 is the maximum allowable concessional super contribution in 2012-2013, including salary sacrifice and employer contributions. You should check your MYOB Payroll Activity reports to see if any employee is likely to exceed the $25,000 cap for the year, and take appropriate steps.

The last week of June

If you carry stock, you should perform a stock take.  Use your MYOB Count Stock feature to enter the stock take – variances should be coded to a Cost of Sales account.   Before carrying out your stock take, run your MYOB Inventory Reconciliation report and check that it is balanced.  Run the same report after the stock take.  File these reports.

Friday 28^th June

Do a backup of your files at close of business day.  This is often useful if your business has an accounting audit later in the year.

By Monday 15^th July

By this date, your employees should be provided with their Payment Summaries.  After following the MYOB End of Payroll Year Guide, use the MYOB Print Payment Summary tool to prepare the payment summaries and the EMPDUPE file for electronic submission to the Australian Taxation Office (ATO).  Don’t submit the EMPDUPE file yet.  Employees have a month to come back to query their Payment Summaries with you.

By Monday 22nd July

Businesses on monthly IAS or BAS reporting must submit and pay their final IAS and/or BAS report for the year. Use the MYOB BASLink tool to help prepare your return.

By Monday 29th July

Businesses on quarterly BAS reporting must submit and pay their PAYG and GST obligations for the final quarter of 2013.  Use the MYOB BASLink tool to help prepare your return.  Extensions to this date are allowed if:

• You have rung the ATO and been allowed an extension for extenuating circumstances
• You submit your return via the ATO portal – this gives a 2 week extension
• You have your BAS submitted by a BAS agent via their ATO portals – this gives a 4 week extension

Monday 29^th July is also the final payment date for businesses that haven’t previously paid their final superannuation liability for 2013.

Wednesday 14th August

This is the final date to submit your PAYG withholding payment summary annual report or upload your EMPDUPE files.

Follow the MYOB End of Payroll Year Guide to finish off your 2013 Financial Year.

For users of MYOB Cloud Accounting Software – AccountRight Live and LiveAccounts – the end of year process will be easier, as external accountants will be able to “self serve” by logging into the live data, checking the end of year process and extracting the information they need and entering end of year adjustments. For users still on MYOB’s desktop software, the process will still require saving backups and sending a copy to their accountants. Remember to lock the file so that your accountant is working on consistent data that is still in the file for that period.

This table lists all the deadlines you have to watch out for:

Table 1: Important dates for EOFY 2012/13

It’s important to meet all your tax and compliance obligations this EOFY. Check out MYOB’s Tax Changes Information section, meant to help startups and small businesses stay on top of their game with tax changes.

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Pam originally published this article on the MYOB Blog.