MYOB Acumatica Single Touch Payroll 2

There are several upcoming changes to payroll management due to the upcoming rollout of Single Touch Payroll (STP) Phase 2. 

STP Reporting Concessions

As you may know, there’s several upcoming changes to payroll management due to the upcoming rollout of Single Touch Payroll (STP) Phase 2. At BusinessHub, we’ve been working in the background to ensure a smooth transition for you and your team ahead of the upcoming compliance date.

To help keep you up to date, we’ve gathered the latest news on the STP Phase 2 rollout. As always, our team is here to make sure you have all the information necessary to help guide you through this process.

What are the key changes?

Changes for those migrating to MYOB Advanced

What do I need to do?

When you are ready to enable STP Phase 2, you need to review, update and validate your data. To help you complete these tasks, MYOB Advanced version 2021.1.4 adds a new STP Phase 2 tab to the Payroll Preferences screen that lists the tasks which need to be completed.

What’s NOT changing?

The following parts of STP reporting won’t change:

• The way you submit your pay events automatically through completing pays.
• Due dates for pay events are still on or before payday unless you are eligible for a reporting concession.
• Taxation and superannuation obligations.
• End of year finalisation requirements.

How can I find more information?

Looking for more details? If you’d like to find out more about how STP Phase 2 will affect your business, we’ll be running a series of webinars in the coming weeks to help guide you through the process. You can refer to the ATO’s employer reporting guidelines. 

Keep an eye on our blog for updates on the latest on how the rollout stages are tracking. We’ll make sure you’re across what’s happening throughout the transition. In addition, subscribe to ‘The Hub’, our mailing list.