End of year is a busy time for everyone, but it doesn’t need to be complicated. Payroll in Xero makes your year end tasks as painless as possible — providing you with the tools and education to make your compliance tasks a breeze and freeing you up to run your business.
This year we’ve made it even easier to file your payment summaries in Xero. Businesses can now lodge directly with the ATO and don’t need to use, or even have, their own AUSkey. If you are filing on behalf of your own business or as a supplier (e.g. providing an agent service), Xero will file it for you using our own dedicated AUSkey. Just like we do for Tax File Number Declarations.
Payment Summaries need to be issued to your employees by the 14th of July, and the PAYG annual report lodged with the ATO by the 14th of August.
It’s a good time to remember that all businesses in Australia must be ready for SuperStream by the 30th of June, 2016. Xero is SuperStream compliant, making it the easiest way for you to meet your compliance requirements. For more details on how to get ready, see this helpful blog post.
For those of you already using AutoSuper, if you want to make contributions by the 30th of June, make sure you approve and submit your batches by 1pm Tuesday the 21st of June so they have enough time to reach the funds. You can only claim deductions for superannuation contributions for the financial year in which they are made.
The Superannuation Guarantee Contribution rate will remain at 9.5% for the 2017 financial year, as set by the ATO. And don’t forget, Xero automatically updates your tax tables every year.
Want to find out more? Come along to a free webinar. We’ll be looking at account reconciliation, Auto-Super registration, payment summary creation and reporting, and a live Q&A with Xero Payroll specialists.They are free for everyone and will help streamline your EOFY payroll processing.
PS: Check out our Advisor directory if you need a little extra help. They can provide assistance with your financial year-end activities.