MYOB releases $10 payroll product to ensure Single Touch Payroll compliance for microbusinesses
MYOB launches low-cost payroll product for micro businesses, enabling Single Touch Payroll (STP) compliance in time for the ATO’s 1 July deadline.
MYOB Essentials Payroll and a payroll component for MYOB Connected Ledger have been released today, specifically for micro businesses with 1 to 4 employees, with each available for $10 per month.
Legislation was passed earlier this year with Single Touch Payroll soon to be compulsory for all businesses paying staff, after those with 20 and more employees transitioned to the new reporting model last year.
MYOB General Manager of Products, David Weickhardt, said the initial transition to STP had been smooth for larger businesses using MYOB and he anticipates the same for micro businesses, some of whom will be using cloud-based accounting software for the first time.
“Having a product tailored specifically for micro-businesses means in addition to being STP compliant some businesses will have the benefits of a complete cloud-based payroll solution for the first time,” he said.
“This includes timesheets, PAYG, leave calculations and the automation of a number of other payroll related tasks, all at a low cost.”
MYOB was the first to market with an STP solution and over 1.3 million transactions have been processed via the software giant so far, many of those from smaller businesses that adopted STP ahead of the compulsory deadline. Recent research conducted by MYOB found one in ten micro businesses are already reporting STP despite not being legally obliged to.[
“The introduction of STP is a good reason for businesses to look at where they’re at and how cloud-based software might help them and their business,” said Mr Weickhardt.
“Fifty-three percent of business owners go to their accountants or bookkeepers for trusted advice and information on their business, more than any other source, and this is a good time to start a conversation with them about some of the options available.”[
“It’s not just another reporting requirement; using STP enabled products means not having to provide payment summaries or spend hours reporting at the end of the financial year. It improves payroll processes, saving time and increasing accuracy.
“While there is a cost involved when signing up to a software subscription, the business owner’s time is so much more valuable than that fee and they get many benefits beyond STP reporting.”
MYOB’s STP enabled payroll solutions: key benefits and features
- Stay compliant: Single Touch Payroll, tax obligations and super payments are incorporated and automated, so they’re taken care of every time you pay your employees.
- Error-free payroll: Process payroll for staff electronically so second-guessing is a thing of the past. Store and share timesheets, manage PAYG and automatically calculate leave entitlements.
- Enable employees: Employees can enter their own hours and access their payslips via the MYOB YourPay app.
- Reporting tools: Run detailed reports on past pay runs, history of PAYG summaries, year-to-date activity and more in just a few clicks.
- Automatic updates: Payroll tax is updated each financial year making it easy to do the right thing by employees.
- Straightforward document storage: Lose the shoebox of receipts with expense receipts and employee documents attached in product.