MYOB has announced the live launch of Single Touch Payroll (STP) on one of its products after a successful beta trial period, prompting its user base to upgrade to the latest version of its software.
MYOB’s announces STP launch as industry struggles ahead of deadline
The accounting software provider has announced that its AccountRight product is now STP-enabled and available to use for all customers, following a beta trial period earlier this year.
MYOB customers currently using AccountRight v19 will have to upgrade to access the STP-enabled software.
MYOB clients who are not using an STP-enabled version of AccountRight, because they are using multi-currency, negative inventory, M-Powered Payment or multi-location stock trading have been granted an STP reporting deferral until 31 May 2019.
STP will roll out for employers with 20 or more employees on 1 July 2018, while employers with 19 or less employees will have to start reporting on 1 July 2019.
Speaking to Accountants Daily, MYOB chief operating officer Andrew Birch said the company is satisfied with its progress with STP, and has not noticed any particular sticking points in its trial.
“We think we're first in market with [AccountRight] and our MYOB Essentials product in the small business market will be STP-enabled within the next few days so we're in a pretty good position there,” said Mr Birch.
“It's been quite a bit of work and a little bit of process to get it in place but we're happy with our progress because we've definitely made the deadline and in the marketplace we think other providers are having a bit of trouble on their front.
“We could see that there would be quite a bit of work so we started well ahead of time and for us that was a success factor that gave us a lot of time to get our prototypes beta tested and in place and if you don't allow that time then maybe you'll get caught out.”
Similarly, software provider Sage announced in late April that it had successfully completed the whitelisting process for its MicrOpay and WageEasy solutions, as part of the ATO’s requirements to ensure products are compliant with its requirements.
In March this year, the ATO said there would be no blanket extensions for the industry, despite only five of an approximate 140 developers that had registered interest with the ATO about providing STP products indicating they were ready to go.
As it stands, 22 software providers supply payroll products to around 80 per cent of Australian employers with 20 or more employees.
“The vast majority of these 22 payroll software providers are currently indicating they will have [an] STP product ready by 1 July 2018, although there is flexibility available for those that may need more time,” an ATO spokesperson told Accountants Daily earlier this year.
Comments powered by CComment