Single Touch Payroll
MYOB is building a simple way to meet your obligations, no matter which product you use
MYOB will ensure you remain compliant
Single Touch Payroll is coming in 2018, bringing with it reporting changes and opportunities to gain efficiencies, especially around the end of financial year time crunch. MYOB is working closely with the ATO to ensure our products keep all of our clients compliant.
What is Single Touch Payroll?
Single Touch Payroll is an electronic method for reporting your employees' payroll information to the ATO at the same time you pay your employees.
As a result, businesses will no longer be required to complete payment summaries at the end of the financial year as it will have already been done and available to employees through myGov. You will report your employees’ payroll information (including salaries, wages, PAYG withholding and super information) directly to the ATO from your payroll solution.
What do I need to do?
Single Touch Payroll will be mandatory from 1 July 2018 for
businesses with 20 or more employees. If you’re not using a MYOB
product and need to be STP compliant, make sure to ask your vendor
what steps they are taking to update your product.
Single Touch Payroll functionality will be delivered into MYOB products throughout the first half of 2018. Your first mandatory step is to conduct a headcount of your employees on 1st April 2018. If you have 20 or more employees on this date, STP will be mandatory for your organisation. If not, then you can volunteer for this more streamlined reporting process.
Click below to find out what your business needs to do to prepare:
Organisations who use MYOB PayGlobal will find that STP does change their payroll process significantly. We’ve built a readiness assessment package which will include review of current processes and advice on how to adapt them to STP compliant steps. Contact us here email@example.com to find out more.
For business owners who are using one of MYOB small business
solutions (e.g. MYOB Essentials or MYOB AccountRight) who have 20 or
more employees and are impacted by STP you will start to see some
changes delivered in-product over the coming months that will assist
in getting you ready for STP….. so stay tuned.
For those employers that have less than 19 or less employees on
1st April 2018 there is no mandatory requirement to use an
STP enabled solution. However, solutions will be designed to allow
employers who have 19 or less employees to take up an STP solution on
a voluntary basis.
As a Certified Consultant, MYOB Bookkeeper or MYOB Accounting partner
you may have clients who will be impacted by the STP changes. All
MYOB partners are encouraged to familiarise yourself with STP,
identify any impacted clients, work with your clients on a transition
plan and then update software as it becomes available throughout
How do I get ready?
To be ready for 1 July 2018, you will also need to update your current payroll solution to a version that is Single Touch Payroll-enabled. If you do not currently use a payroll solution from MYOB you will need to choose one that is enabled for Single Touch Payroll reporting.