MYOB completes successful beta launch of Single Touch Payroll confirming readiness for 1 July deadline
14 Mar 2018
In what is being touted as the biggest change to payroll reporting since Super Stream, Single Touch Payroll is being rolled out by the government from 1 July this year. The new technology is now live for small and medium sized enterprise (SME) clients and partners participating in MYOB’s beta trial for AccountRight.
The beta trial joins other MYOB products already enabled with Single Touch Payroll such as MYOB Greentree, MYOB’s Enterprise business software, that ran its first successful STP enabled pay run in February 2018.
Ahead of target with beta in place this week
As of 1 July 2018, employers with 20 or more employees will be required to report payments such as salaries and wages, pay as you go (PAYG) withholding and superannuation information to the ATO directly from their payroll solution at the same time they pay their employees.
MYOB has worked closely with the ATO to ensure its customers are prepared for the first reporting deadline on 1 April 2018, where they are required to nominate their employee numbers.
Last week, as part of the beta trial, a pay information was successfully submitted to the ATO in line with the new requirements for Single Touch Payroll compliance changes using MYOB AccountRight.
MYOB COO Andrew Birch said the first report marks a critical milestone for businesses in Australia.
“We know this is a big change for our customers and we have worked hard to ensure the transition is as smooth as possible,” Mr. Birch said.
“An important part of that is making sure our customers have plenty of time to test out the new technology before the reporting deadlines.”
MYOB also launched a ‘readiness check’ which validates that the information being sent to the ATO will be picked up correctly. This check informs the user if any details are missing or incorrect so they can fix them in advance of the reporting deadline.
MYOB a leader in payroll solutions
“One in every four Australians has their pay calculated by MYOB products,” Mr. Birch said.
“MYOB has worked very closely with the ATO and we have a knowledgeable team on hand to help our customers through this significant transition.”
More information on Single Touch Payroll can be found on the ATO website.
For further comment or other information please contact:
Selina Ife, Media Relations consultant, MYOB M: 61 488 044 237/ E: email@example.com
MYOB Group Ltd (ASX: MYO) is a leading provider of online business management solutions. MYOB makes business life easier for approximately 1.2 million businesses across Australia and New Zealand by simplifying accounting, payroll, tax, practice management, CRM, job costing, inventory and more. MYOB operates across three core segments – Clients and Partners (business solutions to SMEs and Advisers); Enterprise Solutions (larger businesses) and Payment Solutions. It provides ongoing support via many client service channels including a network of over 40,000 accountants, bookkeepers and other consultants. It is committed to ongoing innovation, particularly through its Connected Practice Strategy and through the development of the MYOB Platform. For more information, visit http://investors.myob.com.au/Investors or follow @MYOB on Twitter.