***Important Update Apr 19***
MYOB, Xero and QuickBooks have announced $10/mth alternatives. MYOB and Xero are offering a standalone payroll for up to four staff. QuickBooks Online are offering their full software for $10/mth. These are all a good options and if you might be considering rolling into full version MYOB Essentials or Xero at a future point it is worth looking at.
Single Touch Payroll Update
Single Touch Payroll (STP) was introduced on 1st July 2018 for all businesses with 20 or more staff. It is expanding to smaller organisations with less than 20 employees starting 1 July 2019. We are contacting you because we believe that you will need to review your payroll system to be compliant.
What do you need to know?
STP will require lodgement of your payroll transaction data to the Australian Taxation Office (ATO) each time your employees are paid. This will require you to use a software solution that will transmit the data to and from the ATO on your behalf. Please note that this extends to directors' salaries and fees.
The ATO will then prefill your Activity Statement with the amount of PAYG withheld to pay each cycle and provide you with your superannuation obligations each quarter.
If your system is not already STP compliant or your process is still manual it is time to discuss and review your processes. The STP regime is mandatory for employers and you will need to take action to avoid fines from the ATO .
Please see our comparison table below detailing current pricing for our recommended software products options, with links provided below the table. Note that Xero and MYOB are complete solutions offering full Reporting and GST lodgement support while KeyPay is solely for processing Payroll and does not offer additional features. Other software providers are available, however our internal comparisons show the listed options as the best value for money while balancing ease of use.
|
|
$ Price per month based on Number of Employees |
||||
|
|
1 |
2 |
5 |
10 |
20 |
| MYOB Essentials (Cloud Based) |
27-45 |
55 |
55 |
55 |
55 |
| MYOB AccountRight Live (Desktop Based) |
100 |
100 |
100 |
100 |
100 |
| Xero |
25 |
50 |
65 |
75 |
90 |
Pricing and Product Comparisons
Software Guides
Hartmann-Cox does not receive any incentives or any other form of remuneration for our recommendation list. If you are unsure which option is best for you, please don't hesitate to contact the office. The STP regime can be voluntarily entered earlier than the due date of 1 July 2019. Should you already have software detailed above, we have identified there is a shortcoming in your reporting and ask that you contact our office for more details.
