End of year with Payroll made easier
As we wish Payroll in Xero a happy first birthday it’s time to start thinking about financial year end in Australia.
It’s the time when the Melbourne supporters abandon their team and head to the snowfields, everyone in Sydney goes to Port Douglas, the weather is just perfect in Queensland! It’s also the time of the year we start to prepare for the end of financial year.
Xero is making it easier than ever to get through end of financial year in payroll.
We want to ensure that this year end is your easiest yet and updates will shortly be released in Payroll to help take as much of the pain away as we can. Emailing your employees their payment summaries, publishing them to the employee portal and providing you the file to upload to the ATO are but a few of the new features. Here’s our sexy new Payment Summary screen:
Aside from rebuilding the Payment Summary process from the ground up, we’ve also made the increase from 9% to 9.25% on July 1 in the Superannuation Guarantee Contribution as straightforward as possible. We’ll update your employees automatically to the new rate, where possible. There’s a few other product changes as well.
To get you ready for the end of year process, we are holding EOFY Payroll Training sessions. Presented by the famous Joe Salvati in Sydney on 27 June and Melbourne on 28 June, these are not to be missed Xero events. Aside from hearing about the product changes first hand, you should talk to Joe about your experiences with payroll, we always love hearing your feedback. Be sure to book today as places are sure to disappear rapidly. If you can’t make it in person, Joe is also holding webinars throughout June and July.
As a reminder, Payment Summaries need to be issued to your employees by 14th July and the annual report lodged with the ATO by 14th August. Also, annual taxable payments reports (TPAR) for businesses in the building and construction industry are due in July 2013 for payments made in the 2012-13 financial year. New functionality to support this will be released in a few weeks, so watch this space.
And don’t forget Xero automatically updates your tax tables every year, and there’s no need to backup your information, we take care of that too!
Easy as Xero.
Read more about Accountants