The bill extending single touch payroll to businesses of all sizes received royal assent last Friday, with the Tax Office responding by publishing a detailed register of products, their pricing, and availability ahead of the 1 July 2019 deadline.
The list is an expansion of its previous list, which merely showed a number of software providers and suppliers who had expressed interest in offering a product.
There are six products that are currently available, namely by Cashflow Manager, ePayroll, Single Touch Pty Ltd, CloudPayroll Pty Ltd, AccXite Pty Ltd, and Free Accounting Software Pty Ltd.
All of the products have been priced at $10 or less per month, with AccXite offering its product for free until 31 December 2019 before charging $10 a month. As its name suggests, Free Accounting Software’s product will be free.
Some of the major software players, such as MYOB, Xero, Intuit and Reckon have all since announced that they will be providing an option at $10 or less per month, with their products slated to be available between April and June.
A total of 16 products are currently in development and will be released to market over the next six months.
Acknowledging the short period of implementation before the 1 July 2019 start date, ATO commissioner Chris Jordan has since announced a three-month buffer period, with businesses allowed to start reporting any time between 1 July 2019 and 30 September 2019.
While the official start date will not change, the 30 September deadline has been chosen to give employers more time to make the transition to real-time digital reporting.
You can view the full register here.
The not-to-be-missed Accountants Daily Strategy Day will travel through Melbourne and Sydney in August to equip accounting professionals with the latest industry updates and tips for modern practice management as well as the latest cutting-edge technology, processes, strategies and trends shaping the future of accounting. Visit the website for more information: www.accountantsdaily.com.au/strategy-day
Jotham Lian is the editor of Accountants Daily, the leading source of breaking news, analysis and insight for Australian accounting professionals.
Before joining the team in 2017, Jotham wrote for a range of national mastheads including the Sydney Morning Herald, and Channel NewsAsia.