The legislation is yet to pass, but the cloud accounting company wants to get ahead.
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 is expected to pass Federal Parliament later in 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”.
While MYOB can’t say when the product will be available, General Manager of Products David Weickhardt said the company wants to be ready once the STP legislation is passed.
The company will also bundle the STP product with its Connected Ledger in a $30/month package it hopes accountants and bookkeepers will use on behalf of their small-and-micro-business clients.