MYOB Advanced Single Touch Payroll

What is Single Touch Payroll?

 It is THE MOST significant change in a decade

At the end of each pay an employer must report ALL payment information to the ATO.

Employers are NO longer required to provide EOFY payment summaries to individuals or payment summary annual report to the ATO.

 

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What will employers be required to report through Single Touch Payroll?

Employers will report YTD payments such as employee:

  • Salaries or wages
  • PAYG withholding
  • Superannuation (SG & SS) payments

 

How often do employers need to report?

An employer will need to send information for each completed pay to the ATO

“Pay Event”

 

What happens if I need to make a correction after I send my STP file to the ATO?

The Single Touch Payroll reporting process deals in sending YTD values to the ATO.

  • IF a correction needs to be undertaken the next pay will always have the “latest” YTD amounts
  • Additionally, systems will be available that allow for the current employee year-to-date amounts to be provided to the ATO (“update” event)

 

How do employers ready themselves?

Appoint an “STP” champion

A centralised team member who becomes the subject matter expert with Single Touch Payroll

  • Champion should be able to help take the business on a broader business improvement journey
  • This will usually be the payroll manager

 

When do employers need to be ready?

  • Employers need to count the employees on their payroll on 1 April
  • If they have 20 or more employees, Single Touch Payroll compliance is required from 1 July 2018
  • If they have 19 or less, Single Touch Payroll starts from 1 July 2019, although they can adopt anytime from 1 July 2018

The ATO website explains who to include in the headcount

https://www.ato.gov.au/business/single-touch-payroll/get-ready-for-single-touch-payroll/

Employers should have an AusKey in place

An AUSkey is a secure login that identifies the employer when using government online services

You will need to ensure an employer has in place:

  • AUSKey
  • Access to the ATO Access Manager

This access is used in the implementation process to nominate MYOB as their hosted SBR software service provider so STP reporting to the ATO happens

 

Start to ensure employee information is up-to-date

Single Touch Payroll requires employee information.

Clean up these fields:

  • Last Name
  • Birth date
  • Address
  • Suburb
  • Post Code
  • State
  • Telephone

 

What are some benefits to Single Touch Payroll reporting?

 STP benefits: Employer

Regular reporting will ease the end of financial year time crunch

Information reported through Single Touch Payroll will be pre-filled into business activity statements:

  • W1 values
  • W2 values

Employers who report an employee’s details through Single Touch Payroll will not have to provide:

  • employees with a payment summary at the end of financial year.
  • The ATO with a payment summary annual report for their employees
  • New STP finalisation process will start EOFY prefill at ATO

TFN declaration & Terminations (ETPs) will be conducted through the STP ‘pay event’

 

STP benefits for the Employee

Employees will be easily able to:

  1. See their year-to-date & EOFY information online through myGov
  2. Check if the super has been paid

 

have more information will be pre-filled into myTax

 

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 What do I need to do now? Get ready!

1. Get familiar with Single Touch Payroll

2. Your software will be updated

3. Start submitting withSingle Touch Payroll

4. DO NOT BE AFRAID

 

 

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