14th March, 2018
Single Touch Payroll is being rolled out by the government from 1 July this year in what has been hailed as the biggest change to payroll reporting since Super Stream.
This new technology is now available 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 that already have Single Touch Payroll enabled, such as MYOB Greentree, MYOB’s Enterprise business software, which ran its first successful STP enabled pay run in February this year.
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 is a 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,” said Birch.
“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’ that validates 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 ahead of the reporting deadline.
“One in every four Australians has their pay calculated by MYOB products,” said Birch.
“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.