As a wellness business owner, preparing for tax time can feel overwhelming, but it doesn’t have to be. With the right strategies and tools, you can navigate the process smoothly and ensure your business remains financially healthy. In this guide, we’ll walk you through the key steps to prepare for tax time, explain the PAYG instalment system, and highlight the importance of accounting software, financial reviews, and maintaining a buffer in your business accounts.

Understanding the PAYG Instalment System

The Pay As You Go (PAYG) instalment system is a method of paying your expected tax liability in instalments throughout the year. If your small business grows and your income increases, you might find yourself moving into the PAYG system. This system helps spread your tax payments over the year, making it easier to manage your cash flow and avoid a large tax bill at the end of the financial year.

How PAYG Works

1. Instalment Amounts: The Australian Taxation Office (ATO) will notify ...

Blog Updated 30/04/2020

As certified MYOB consultants, we have collated the latest information to create for you a simple step-by-step guide to reporting JobKeeper payments with MYOB AccountRight. The information has been copied from the MYOB help page. 

MYOB has made a few changes to STP reporting to make reporting JobKeeper payments easier.

Information and updates are coming through thick and fast, and our help content is being updated with the latest information all the time, so check back regularly.

If you've previously set up the JOBKEEPER-START-FNxx pay item, it is recommended that you complete task 'Notify the ATO that you're starting to pay JobKeeper'. This ensures you will meet the ATO's reporting guidelines for JobKeeper.

  _{Guides for other Software}

• MYOB Essentials 
• Xero

In this Guide

Before you start

Key dates.

Setting up JobKeeper payments in AccountRight 

Set up an income account to receive JobKeeper payments. 

Set up the JobKeeper wage (allowance) cat...

Blog Updated 30/04/2020

As certified MYOB consultants, we have collated the latest information to create for you a simple step-by-step guide to reporting JobKeeper payments with MYOB Essentials. The information has been copied from the MYOB help page. 

MYOB has made a few changes to STP reporting to make reporting JobKeeper payments easier.

Information and updates are coming through thick and fast, and our help content is being updated with the latest information all the time, so check back regularly.

If you've previously set up the JOBKEEPER-START-FNxx pay item, it is recommended that you complete task 'Notify the ATO that you're starting to pay JobKeeper'. This ensures you will meet the ATO's reporting guidelines for JobKeeper.

_{Guides for other Software}

• _{MYOB AccountRight}
  
• Xero

_{In this Guide:}

• Before you start: 
  • Key Dates.
• Setting up JobKeeper payment in MYOB Essentials. 
  • Set up an income account to receive JobKeeper payments. 
  • Set up the JobKeeper pay items. 
  ...

As certified Xero consultants, we have collated the latest information to create for you a simple step-by-step guide to reporting JobKeeper payments with Xero.

_{Guides for other Software}

• MYOB Essentials 
• MYOB AccountRight

Download a Printable PDF of this Guide

In this Guide:

Before you Start 

Set Up JobKeeper Start Dates

About Jobkeeper payments

Standing Down an Employee

Record an employee’s time on stand down

Examples

Other Information

Before you Start

• Set up Single Touch Payroll in Xero
• Review the eligibility criteria for employers(ATO website)
• Enrol employees for JobKeeper payment(ATO website)
• Set Jobkeeper Start Dates as per below

 Back to Top

Set Up JobKeeper Start Dates

Take care when setting the start date in the steps below. Once you click Save for reporting, the start date is locked and can't be undone.

1. In the Payroll menu, select Pay Employees.
2. In the Payroll support during COVID-19 message, click visit our Payroll support page.
3. Select th
...