This is part of our Payroll, Super and STP Phase 2 series (Chapter 5 of the MYOB tutorial hub):

• Lesson 1: Setting Up Payroll in MYOB
• Lesson 2: Adding Employees in MYOB with STP Phase 2 Categories
• Lesson 3: Setting Up Superannuation and Pay Super in MYOB
• Lesson 4: Moving to STP Phase 2 in MYOB
• Lesson 5: Running a Pay Run and Reporting STP in MYOB
• Lesson 6: Running a Test Pay Cycle in MYOB Before Going Live
• Lesson 7: End of Year Payroll Finalisation in MYOB

End of year finalisation is due by 14 July, and it confirms your employees’ income statements are ready for their own tax returns.

1. What finalisation actually confirms

It tells the ATO that the year’s reported pay data is final, not subject to further correction.

2. Review figures before finalising

Check total wages, tax withheld and super for the year look correct before submitting.

3. Submitting the finalisation

This is done from within MYOB’s payroll reporting, sent directly to the ATO.

4. If you spot an error afterward

An amendment can be lodged if something needs correcting after the fact, though catching it beforehand is always better.

MYOB Academy covers EOFY finalisation: watch the official MYOB tutorial. Our registered BAS agents can handle this deadline for you each year.