Xero feature update
The ATO have been working closely with software providers to ensure that the changes in legislation are reflected in software updates, to facilitate streamlined transition and compliance. With a major focus on Small Businesses, recent and upcoming updates include Standard Business Reporting (SBR), Simplified Depreciation, Single Touch Payroll and Simpler Business Activity Statements (BAS).
PAYG Payment Summaries & Taxable Payments Annual Reports
Electronic solutions through SBR are minimising the need for piles of paperwork. With the end of the financial year just passed, the following upcoming lodgements are required.
- PAYG Payment Summaries due by 14 August 2017
- Taxable Payments Annual Report (for your contracts in the building and construction industry) due by 28 August 2017.
Please follow the above links for instructions on how to lodge electronically.
Simpler BAS Reporting
From 1 July 2017, Small Businesses are only required to report the below labels on their BAS:
- G1 Total Sales
- 1A GST on Sales
- 1B GST on Purchases
This option will be available to users when preparing their next BAS in Xero. For more information, please click here.
Small Businesses & Depreciation Pooling
Previously in Xero, we were only able to track the accounting depreciation of assets. However due to the increased demand for tax reporting, we can now run both methods including the options of; Small Business Pools, Low Value Pools and Custom Pools.
Reminder: Eligible small business are able to immediately write off assets costing less than $20,000 up to 30 June 2018. Assets above this cost limit must be allocated to a SBE Pool.
For some guidance on how to use the new Fixed Assets, please click here.
Single Touch Payroll
From 1 July 2018, Single Touch Payroll will be mandatory for employers with 20 or more employees. To enable this process, the reporting will be integrated into a normal pay run process. Xero are still working on this function and we will provide further information about this in our next feature update.
New Financial Reports
With an increasing number of businesses embracing cloud technology, business owners have become more involved in tracking budgeting and performance. The new reports allow for unlimited layout customisation, formatting, comparatives and formulas. These layouts can be saved and used again for future periods. For more information please click here.
If you would like any further information or assistance with the features above, please contact our office.