Are you ready for Single Touch Payroll? From 1 July 2018, all Australian companies with 20 or more employees will need to be compliant with Single Touch Payroll. It is optional for employers with 19 or fewer employees for the 2018/19 financial year but is required from 1 July 2019 for all employers. This change affects bothMYOB Exo Employer Services PayrollandMYOB Advanced Peoplecustomers. Read on to make sure you’ve got everything ready…
Single Touch Payroll (STP) is an ATO requirement for reporting payroll data, which allows you to report to the ATO directly from your payroll software at the same time as you pay your employees.
For customers who have transitioned to STP prior to 1 July 2018, there is no requirement to do EOFY reporting.
From 1 July 2018, employers with 20+ employees will need to be running the latest version of MYOB Exo Employer Services Payroll and MYOB Advanced People, and reporting to the ATO via STP. Note that customers transitioning to STP from 1 July 2018 and after must perform EOFY reporting.
Are you ready?
Make sure you’ve applied for your AUSkey(AUSkey is a secure login that identifies you when you use participating government online services on behalf of a business.See more information here). This will allow you to register your MYOB software ID with ATO online, which is a requirement when setting up STP.