All information in this article, which pertains to the ATO’s Single Touch Payroll obligation, was sourced from the Australian Taxation Office and payroll software providers. Deloitte Private has published this information in its Help Centre to assist you with STP and have not verified or tested its accuracy.
What is Single Touch Payroll (STP)?
Single Touch Payroll is the ATO’s next step in streamlining your payroll reporting. It is a new reporting obligation that changes the way you report your employees’ payroll information to the ATO.
From 1 July 2018, employers with 20 or more employees (as of 1 April 2018) will be required to report payments such as salaries and wages, pay as you go (PAYG) withholding and super information to the ATO when paying their employees. This means the ATO will have real-time access to Australian payroll data linking PAYG to Business Activity Statements (BAS) and Superannuation Ordinary Times Earnings Calculations.
When will STP come into effect?
Which MYOB products will be STP enabled by 1 July 2018?
MYOB have been working with the ATO to ensure the solutions you use are STP enabled by 1 July 2018. See all the details below:
You will be automatically upgraded.
MYOB AccountRight Live
Clients should update their software as soon as possible (to version 2018.1.0).
MYOB AccountRight v19 clients
A deferral is available to AccountRight v19 clients using the following features:
- M-Powered Payments
- Negative Inventory
- Some add-ons
If you use these specific features, you have been granted a deferral until 31 May 2019 using the deferral number 43 164 997.
Additionally, MYOB understands that EOFY can be a busy and stressful time of year. That’s why MYOB have been working closely with the ATO to secure an additional deferral for those AccountRight v19 clients who may not be using the above features. That way, you can upgrade once your EOFY commitments are out of the way. Please contact Deloitte if you require assistance to convert to an STP enabled solution.
You have a deferral until 31 May 2019. The deferral number is 43 164 997.
Note: if you do satisfy the deferral criteria for either MYOB AccountRight v19 or use MYOB AccountEdge, you don’t need to do anything with the deferral code. That is, you are not required to submit a deferral request of your own. You only require the code if the ATO requests it upon assessment of you not reporting for STP between 1 July 2018 and 31 May 2019.
How to report through MYOB
Employee TFNs validated when entered: When you enter an employee’s TFN in the employee card, you will get a warning if the TFN is invalid.
New STP Category field: There is a new STP Category field in payroll categories. This field is NOT mandatory.
Payroll Reporting button in Payroll command centre: Use this to check that your employee and company details meet ATO requirements. Complete the STP Readiness Check to help ensure you are ready to commence reporting from 1 July 2018.
What do you need to do now?
Please refer to the checklist to ensure you are ready for Single Touch Payroll by 1 July 2018.
Want to know more?