FREE WEBINAR: Single Touch Payroll (STP)

FREE WEBINAR: Single Touch Payroll (STP)

Datapel FREE Webinar discussing the implementation of Single Touch Payroll (STP) and compliance upgrade considerations. The key points are listed below:

Single Touch Payroll is a real time way for employers to electronically report tax and super, and the biggest compliance change since GST. For MYOB AccountRight users, STP is only a minor and simple extra step when reporting tax and super. For MYOB Classic Premier 19 users an upgrade does take several hours, so it is recommended to be completed over the weekend or a Friday afternoon. This can be done manually or through MYOB who offer an installation service free of charge. However not all businesses can upgrade we note the exceptions…

ALL EMPLOYERS WITHOUT EXEMPTIONS MUST COMPLY BY THE BEGINNING OF NEXT FINANCIAL YEAR (JULY 2019)

 

WHAT AND WHY STP?

  • Wage information reported to ATO realtime
  • No change to the pay cycle
  • Reporting YTD figures each month
  • Removes need for employee PAYG summaries
  • Employees are able to view YTD on myGov
  • No EOFY PAYG summary lodgements
  • Pre-filled W1 on BAS from 2020 

THINGS TO CONSIDER WHEN UPGRADING FROM CLASSIC PREMIER

  • AccountRight 2019 is not an “upgrade”
  • Working environment – Cloud or Desktop
  • File size and transaction volumes impact viability and performance
  • Add-on solution availability
  • Broadband speed for Cloud and/or Remote access
  • General Server performance and age
  • Reports: Customisation may not survive upgrades 

MYOB Classic Premier 19 End Of Life

  • Announced by MYOB in light of STP
  • STP deferral available until October 2019 for MYOB Premier 19 Users

UPGRADING TO MYOB AccountRight 2019

Who can upgrade?

  • MYOB Premier 19 users or below
  • Multi-Currency NOT AVAILABLE when using AddOn like WMS (TBA)

Who cannot upgrade?

  • Enterprise using locations
  • Negative inventory On
  • Multi-Currency SUPPORT in application ONLY – no API support

FOR THOSE WHO CANNOT UPGRADE:

Compliance Option One

  1. Use a AccountRight 2019 file standalone for payroll only
  2. Continue using v19 file for AddOn compatibility
  3. Monthly/Periodic wage journals
  4. Upgrade once Multi-Currency and AddOn compatibility available

COST: Monthly MYOB subscription

Compliance Option Two

  1. Continue using v19 file with AddOn compatibility
  2. FGH Tables for tax table compliance
  3. Use a standalone or AddOn solution for STP compliance
  4. Upgrade once Multi-Currency and AddOn compatibility available

COST: Monthly STP AddOn subscription

Watch the Webinar Datapel Single Touch Payroll Webinar

For more information contact [email protected]