Accounting software company MYOB has announced a $10/month Single-Touch Payroll (STP) product for micro-businesses.
STP was introduced for businesses with over 20 employees in July 2018 and requires employers to send workers’ tax and super information to the ATO after every pay run.
Legislation to make STP compulsory for all employers passed Federal Parliament in February 2019.
MYOB has decided that businesses with between one and four employees will want a simple and cheap STP product, so it has adapted the STP code it developed for its product suite into a standalone offering.
The new product is also a direct response to the ATO’s call for “software developers to build low-cost STP solutions at or below $10 per month for micro employers”.
At the time of writing, MYOB didn't say when the product would be available, General Manager of Products David Weickhardt said the company wanted to be ready once the STP legislation was passed.
The company also planned to bundle the STP product with its Connected Ledger in a $30/month package it hoped accountants and bookkeepers would use on behalf of their small-and-micro-business clients.
[Story updated to reflect the passing of the STP legislation.]