STP Legislation and impact on micro business

[Suja_P]

Hi everyone,

We've got some BIG news for our Australian micro clients!

The Treasury Laws Amendment (2018 Measures No.4) Bill 2018 passed legislation on Tuesday, 12 February 2019. This includes extending Single Touch Payroll (STP) reporting to all employers, including those with 19 or fewer employees. This means Australian businesses that employ 19 people or less will be legally obliged to submit their payroll data to the ATO from 1 July 2019.

For businesses that want to start reporting, STP is now available on MYOB AccountRight and Essentials. AccountEdge will be ready for reporting very soon.

For micro-businesses that want low cost reporting solutions, MYOB will be offering two new Payroll products from April 2019:

• A fully-featured, simple payroll-only product for $10/month (limited to 4 employees)
• Connected Ledger plus Payroll for $30/month (limited to 4 employees)

The new MYOB micro-business payroll solution would allow businesses with one to four employees to be STP compliant in a simple way, while providing the added benefits of an automated cloud payroll system. Micro-businesses would make significant time savings by cutting out the need for individual payment summaries and reducing the margin for keying errors by auto populating payment and super information.

More information on the new solution can be found here: https://www.myob.com/au/about/news/2019/myob-prepares-to-launch-micro-business-stp-solution

We will keep you posted as we have more information.