It’s already the start of June and time to start thinking about the end of financial year in Australia.
We want to ensure that this year end is your easiest yet. Updates will be released shortly in Payroll to help take as much of the pain away as we can.
This year it’s even easier to electronically file your Payment Summary Annual Report directly to the ATO from Xero.
Businesses don’t need to use, or even have, their own AUSkey. Xero will file it for you using our own AUSkey. Just like we do for Tax File Number Declarations.
If you’re filing for a business as a supplier (e.g. providing an agent service) then you’ll need your own AUSkey still to file.
Join us for a free webinar in which we’ll take you through a range of tips to streamline your EOFY payroll processing. This will include account reconciliation, Auto-Super registration, payment summary creation and reporting, and a Q&A. They are free for everyone.
Payment Summaries need to be issued to your employees by 14th July, and the annual report lodged with the ATO by 14th August.
The ATO have advised us that they no longer want to be sent Payment Summary Annual Reports on removable media, such as USB. The EMPDUPE file download from Xero is still available if you want to upload the Annual Report to the ATO via the portal.
Be sure all superannuation payments are taken care of by the end of June. You can only claim deductions for superannuation contributions for the financial year in which they are made. For customers using Auto-Super in Xero, June 22nd is the deadline. Make sure you process batches to guarantee Superannuation payments in the 2015 financial year.
And don’t forget Xero automatically updates your tax tables every year.
If this is too overwhelming, you could consider using an advisor. They can help you manage your financial year-end activities to make it easier than ever to get through end of financial year.