We wrote last week all about what Single Touch Payroll (STP) Reporting is about, and what the ATO tells us.
MYOB is one of the top selling accounting software for small business, and they are getting ready for STP –
Single Touch Payroll (STP) is an ATO initiative to streamline payroll reporting. You’ll be able to report payroll and super information directly to the ATO when you process a pay run in AccountRight (from either online or desktop company files).
As a result of this change, for the 2018-2019 tax year, you may no longer need to complete payment summaries at the end of the financial year as your employees’ payroll information will be available to them through the government’s online service, myGov. NOTE – All businesses still prepare the usual Payment Summaries for Year 2017-2018.
MYOB AccountRight 2018 has been updated to help you get ready for STP reporting. We’re working closely with the ATO to ensure you’ll be able to report your payroll data to them from 1 July 2018. There are 2 main steps –
- Check employee and Company information;
- Connect to the ATO.
For more see here.
MYOB Essentials is preparing to get ready also. Before reporting payroll and super information to the ATO, you need to:
- Check that your company information and employee details meet ATO requirements. To do this, you can check your details in MYOB Essentials and view a list of errors that need fixing. Go Here for instructions;
- The final step to set up Single Touch Payroll is to connect to the ATO. MYOB are working closely with the ATO to get this bit up and running as soon as we can. MYOB will be in touch when it’s ready.
MYOB AccountRight v19. You can implement Single Touch Payroll by 1 July 2018 by upgrading to the new AccountRight (an AccountRight subscription entitles you to an upgrade). Once you’ve upgraded, take a glimpse at how the new AccountRight will help you set up Single Touch Payroll reporting.
Note: The following features aren’t available yet in the new AccountRight, so if you use any of these in AccountRight v19 you might not be able to upgrade just yet:
- M-Powered Payments
- Negative inventory
- Multi-location stock tracking
If you can’t upgrade, we’ve worked with the ATO and you have been granted a deferral from STP reporting until 31/5/2019. More details about this deferral will be provided soon.
DOWNLOAD a Free “Bookkeeping Quarter Checklist” to get organised! CLICK HERE
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