Do you find payroll taxes complicated? Do you have employees in multiple states? There is no denying that payroll taxes are complicated. However, the taxation office isn’t going to listen to this reason if you fail to pay the appropriate payroll taxes and on time.
Every state in Australia has its own rules regarding payroll taxes. While the overall calculation for payroll taxes might seem simple, it can be quite complex when you get down to it. All the employers in Australia have to self-assess their liability on a monthly basis. If an employer fails to register and pay taxes by the deadline, they may be liable for penalty tax as well as interest on the unpaid taxes.
Things become more complicated for businesses with a presence in different states. For instance, the annual threshold for payroll taxes in New South Wales is $1.2 million whereas the annual threshold for payroll taxes in Western Australia is $1 million.
Similarly, there are different thresholds in other states such as South Australia, Northern Territory or New South Wales. This is why you need a comprehensive solution to make your life easier when it comes to managing payroll tax.
Thousands of businesses in Australia depend on MYOB for managing payroll taxes. Here’s a list of some of the major advantages of MYOB when it comes to the management of payroll taxes:
The payroll management software offered by MYOB is a cloud-based solution. It allows you to access your data from anywhere in the world, at any time. Your data remains safe and easily accessible. A cloud-based solution also ensures that data only needs to be entered once and can be accessed from anywhere.
One of the most common misconceptions associated with bookkeeping and accounting software is that these are expensive. That is not true for MYOB. MYOB offers a number of affordable options. In fact, you can subscribe to their Essentials Payroll platform which is a specific software designed for small businesses that employ up to 4 employees at just $10 per month.
This allows you to pay your employees and it also includes the single touch payroll reporting requirement. You also have the option of choosing the Essentials or Advanced that offers a lot more features and these are also available at an affordable price.
One of the most common problems faced by employers when it comes to payroll tax management is the inherent complexity in the calculation and payment of payroll taxes. With the help of the appropriate MYOB payroll product, you won’t have to run around in order to figure out the right amount of taxes as well as the deadlines.
MYOB software makes it easy for you to calculate and pay payroll taxes as per the latest tax rates. Everything is done automatically by the software so you don’t need to worry about anything.
This accounting and payroll management solution has been designed from the ground up to meet Australian regulations. When using MYOB software, you will always have peace of mind that you are compliant with the latest regulations.
Also, they offer a variety of features to cater to the needs of different industries. Whether you are a manufacturing concern or a services business or a wholesale business, you will find all the features you need for your business in MYOB.
MYOB does not allow anyone to partner with them. Every partner needs to meet strict criteria to be eligible. Also, they need to undergo continuous training in order to maintain their partnership status.
Stratus Group is an accredited MYOB partner which means we are the experts on the use of this software. With the right MYOB partner such as the Stratus Group, you can rest assured that all your taxes are filed on time and there are no issues related to payroll tax management.
To conclude, payroll tax management is complex in Australia, especially due to the fact that all states have their own thresholds and a few other complications. There are severe penalties if you fail to pay the payroll taxes on time. This is where MYOB payroll tax management solutions can be of great help.
These solutions have been designed from the ground up to give you peace of mind. Whether you are a small business or a business with thousands of employees all over Australia, MYOB has the right payroll tax management solution for you.
If you are looking to improve the management of your payroll taxes, then please get in touch with us at Stratus Group. At Stratus Group, our MYOB consultants do not just provide you with the software, we also provide expert knowledge and support.
We will make sure that your MYOB software is implemented properly and will work with you directly at all times during the whole process to ensure that you get exactly what you need. We also provide after-implementation support and assistance. Take your business to the next level. With the business world facing so many uncertainties, simplify and protect your processes.
Call us today on 1300 499 000 or fill out our inquiry form and we will get back to you within 24 hours.