In this edition:

Welcome

Cryptocurrencies and tax

SMSF investments in cryptocurrencies

How much life insurance do I need?

Tax treatment of long term construction contracts

MYOB updates

Quickbooks online update

Xero feature update

Xero feature update 

After the last quarter of updates mostly around compliance to new legislation Xero have put their resources into their customers by making it easier for them to get paid and update their accounts. The Major focus has been around the 'pay now' feature on online invoicing with Apple Pay now being compatible, bringing the highly demanded quoting feature to the Xero App and some updates on the fast approaching Single Touch Payroll compliance.

Paypal, Stripe and & Apple Play

According to Xero, over 60% of sent invoices without a 'pay now' option end up overdue leaving you spending time collecting cash that should be available in your business.

When a your Paypal or Stripe account is set up and linked to your xero account all your online invoices will be sent with the pay now option allowing your client to pay you directly from the invoice saving them from having to login to their bank or writing out cheques. Whe the fees are received Xero will automatically mark your invoice as paid and match the fees in your transaction feed waiting for you to hit reconcile.

The latest payment innovation is Apple Pay. This product also allows customers to pay via an online invoice but all that is required to confirm the payment is a finger print scan on their apple device. There's no need for them to put in card numbers or payment details meaning you get paid sooner

To see how these payment options work or to learn how to set the up for yourself visit the Xero website.

Xero App – Quoting

The latest additions to the Xero app for both Android and IOS users is the quoting function under the sales tab. This feature allows you to send or manage quotes whilst onsite helping you get an edge on your competitors. Quotes also have the function of being turned into invoices when the job has been accepted, automatically updating your accounts and matching to the payment once received.

Single Touch Payroll (STP) - update

As you know from our last Xero update STP will come into effect as of 1 July 2018 for companies employing 20+ employees. STP will means there will no longer be a need to report wages, amounts withheld or superannuation to the ATO as the will be informed when you make the payments.

We now know that the employee head count is to be done on the 1^st of April, companies with 19 or less employees will not have to comply with STP legislation regardless of how many employees they have on 1 July 2018.