Today MYOB announced their latest update for their software. It is essential to upgrade your software to ensure you can keep up to date with most recent changes taking place.

One of the most significant changes will be Single Touch Payroll.  STP is one of the most significant changes for business since cloud accounting was introduced. If you think big brother might be watching you are probably right STP means ATO can count the tax dollars as they come in and make sure business meets their obligations.

From 1 July 2018, employers will need to reporting  their employees’ tax and super information to the ATO through payroll software that is STP ready.MYOB is STP ready. STP will provide greater transparency and connect businesses to the ATO through their existing software. If not appropriately implemented will cause you problems with reporting so its important to start now!

We will discuss with you how to reduce the impact on your business in the coming weeks. In the meantime, download the latest software and undertake the STP check.

STP readiness check to be all G 1st July 2018
Get a head start on Single Touch Payroll with this MYOB feature you can check over your payroll information to ensure that all relevant information (like TFNs) are entered into MYOB and ready for STP

Finally, we remind you that it is a timely reminder to ensure that :

  1. You have backed up your MYOB file every month
  2. Set security settings to prevent unauthorised access. Passwords should be allocated to users if you have not done so.
  3. Check all details of employees and supplier ABNS to ensure they are correct

Remember we are here to help you if you need us call Michael or Geoff on 95979966

Start by doing what’s necessary; then do what’s possible, and suddenly you are doing the impossible. Francis of Assisi

 

 

About Geoff Gartly

Geoff has been assisting businesses with their taxation and business affairs for many years. His practical advice has assisted his clients to grow their businesses and plan their financial future. To contact Geoff please call 039597 9966