MYOB says it has low-cost Single Touch Payroll (STP) solution ready, should legislation which would extend STP to smaller employers pass the Parliament.
Legislation which would require small employers (19 or fewer employees) to use STP almost passed the Parliament last year, and could pass as soon as this week. Though a draft schedule for the House of Representatives for this week does not include the STP Bill.
The ATO has been seeking a low-cost STP solution for small businesses with only a few employees to meet this potential new compliance requirement. One of the ATO’s criteria is that it costs $10 or less a month; MYOB’s solution appears to be priced at $10 a month.
MYOB says its “micro business payroll solution” would allow businesses with up to four employees to be STP compliant in a simple way, “while providing the added benefits of an automated cloud payroll system”.
“This low-cost solution for accountants and bookkeepers will allow them to provide a terrific end-to-end payroll service for microbusinesses,” said MYOB General Manager of Products David Weickhardt.
“We’ve designed our solution to be as straightforward as possible that anyone can pick it up and use it.”
“The MYOB Essentials software is designed to make the STP compliance process as easy as possible for businesses. The owner sets up a pay run, declares, pushes a button – and that’s it.”
“Smaller businesses aren’t waiting for STP to be made compulsory. Our research tells us 13% of businesses with 19 employees or less have started using STP. This shows there’s already appetite for this shift.”
“STP comes with many benefits, for both the business owner – less admin time, less risk of error – and employees – quick access to information about super and simpler tax returns. Combined with a fully fleshed out payroll system, we expect time savings for SMEs of up to 25%.”
Though a MYOB survey found that only 38% of businesses with one to four employees thought using STP would save them time doing payroll.