A My Business reader complained that MYOB was not ready for the introduction of Single Touch Payroll (STP) for SMEs from 1 July.
“I've just set up a company for STP and run a pay run early to ensure it works using the directors. When we went to check the reports, MYOB hasn't even got the 2018–2019 payroll year available. How is that compliant?,” the anonymous reader said.
“The new tax tables have not been rolled out as an update ... waiting as per the email from MYOB. A lot of business will already be reporting for the 2018–2019 year as weekly and fortnightly payroll runs over the 1 July deadline.”
However, a spokesperson for MYOB told My Business that it was forced to delay certain updates due to the Sustainability Bill being tabled in the Federal Parliament, which it claimed would affect HELP tertiary education repayments.
“We are happy to announce that tax tables can now be accessed,” the spokesperson said.
“The reason for the delay was we were awaiting confirmation of the Sustainability Bill (which affects HELP repayments) that was scheduled to pass through the Senate, this legislation would have impacted the tax tables,” the spokesperson said.
“We were advised [late on Thursday, 28 June] that the legislation was not going to be tabled and hence our team worked through the night to systematically release the updated tax tables so they are available for our clients and partners.”
The spokesperson added: “We kept our clients informed of these delays during the past week while we awaited confirmation.”
STP has been a controversial issue among the business community. Some, such as bookkeeper Don Grgic, have labelled it “a bureaucratic nightmare” that will add to, rather than reduce, the red tape burden facing SMEs.
Others are much more positive about what STP will mean for business owners, with Simon Berglund of Sage suggesting that criticism of STP is nothing more than “scaremongering”.
With STP coming into force from 1 July 2018, it will likely be some weeks or even months before the real impacts are noticed.