Xero Tip of the Month – Payroll EOFY

Make this Payroll year end the smoothest yet

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 it has been made 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. Xero will file it for you using their own dedicated AUSkey.

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 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.

If you require assistance with your financial year-end activities please don’t hesitate to give us a call at Initiative on 07 5437 8888.

Janenne Poulter – Client Services Manager / Xero Specialist

Source: www.xero.com