Starting with your original problem:
$$\pi\circ\tau\circ\sigma = (234)\circ(13)\circ(245)$$
Note that the first two cycles (on the left) share only one element: 3. By looking at the action that cycles of this sort have on the set $\\{1,2,3,4,5\\}$, you can prove the first composition (on the left) can be reduced to:
$$(234)\circ(13) = (423)\circ(31) = (4231) = (1423)$$
Substituting this back:
$$\pi\circ\tau\circ\sigma = (1423)\circ(245)$$
By examining the action of the cycles on the set, you can show that the inverse of this is just the reverse operation:
$$(1423) = (3142) = (314)\circ(42)$$
and
$$(245) = (24)\circ(45)$$
Substituting:
$$\pi\circ\tau\circ\sigma = (314)\circ(42)\circ(24)\circ(45)$$
Cycles of length 2 are self-adjoint, so $(42)\circ(24) = ()$. Substituting:
$$\pi\circ\tau\circ\sigma = (314)\circ(45)$$
These are two cycles that share a single element (4), so they can be combined:
$$(314)\circ(45) = (3145) = (1453)$$
Substituting this back:
$$\pi\circ\tau\circ\sigma = (1453)$$
which is your result.