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Happy new financial year Australia

Posted 5 years ago in Advisors by Oliver Furniss
Posted by Oliver Furniss

Today is John Farnham’s birthday, on this day in 1942 the State Income Tax was abolished, and it’s the first day of the new financial year here in Australia.

Using Xero is the easiest way to manage important updates to your tax tables and ensuring your information is backed up for the new year. Because you don’t have to. We take care of it all and we recently released updates in Xero to make the end of financial year as easier than ever.

We have an awesome video on payment summaries to watch, detailed release notes to read, online training sessions to attend, and help content to guide you step by step.

 Payment Summaries screen in Xero

EOFY payroll processing

Don’t forget to ensure that your employees receive their payment summary before 14th July 2013 and you should issue them even if no tax was withheld. Be careful not to include any reportable employer superannuation contributions on the employee payment summaries if you only make compulsory super guarantee payments.

And with Xero you can send them directly to your employees email or print and distribute via hard copy, just let your employees know how you will be distributing them. Also make sure you lodge your payment summary annual report no later than 14th August 2013 with the ATO.

Changes to superannuation that affect employers

The compulsory super guarantee rate will be gradually increased from 9 percent to 12 percent over the next seven years. The first increase, from 9 percent to 9.25 percent, takes effect today. This change, and all future changes, will be handled automatically by Xero. Also the existing age limit for employee super guarantee eligibility has been removed. This means you need to start making super payments for eligible employees who are 70 years old or over.

Contractor reporting for businesses in the building and construction industry

Businesses in the building and construction industry must report to the ATO the total payments they make to each contractor for building and construction services. The first taxable payments annual report is due 21 July 2013. We make this easy by identifying payments to contractors that you need to include in the Taxable Payments Annual Report and producing the report in the ATO format for upload.

Give yourself a present for the new financial year – switch today if you haven’t already.


One comment

July 10, 2013 at 12.28 am

If anyone from Xero had been around our house on June 30 you would have got a big kiss from me. I couldn’t believe how simple EOFY was. I had to recheck the EOFY Help files to ensure I wasn’t dreaming. I love you Xero.

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