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By Anthony WardleyWhilst the budget introduced last night brought about many changes to superannuation, there were a number of beneficial changes for small business. The key changes are outlined below: The small business entity turnover threshold will increase from $2 million to $10 million on 1 July 2016 for certain tax measures. It is expected this will allow a wider range of businesses to access the benefits of being a small business including accelerated depreciation rates on assets cost... More...
By Adele WardleyThe budget announced last night has proposed many changes to the way superannuation funds are currently taxed. These changes will impact the strategies on how to accumulate superannuation as well as those who are currently paying pensions. It will be critical to review your circumstances before making further contributions and plan to ensure your superannuation is structured to best deal with the changes occurring on 1 July 2017.  The below is a summary of the key proposed me... More...
A few weeks ago, Xero announced a competition to win 5 tickets, flights & accommodation to Xerocon 2015 in Melbourne. The brief: submit a creative and persuasive reason why you should win.The lure of the challenge could not go unmet, and Anthony Courtney & Sharna immediately started throwing ideas around which grew and grew until they took on a life of their own. Not quite believing any of those ideas would actually get put into place I sat in my dutiful corner seat nodding and smili... More...
By Sharna CouperXero has recently announced a number of exciting new Payroll features, which are coming in their update this month. The feature that we are most excited about is the automatic integration of payroll transactions into your General Ledger. We have found in the past that the process of creating and approving bills for pay runs has been a source of confusion for many of our clients. This new release will mean that once you have posted your pay run, Xero will do the rest for you -... More...
With the new financial year rapidly approaching employers need to be aware of tax and superannuation changes that will affect their employees.Superannuation rateFrom 1 July 2014 the superannuation guarantee rate will increase from 9.25% to 9.5%. For employers using Xero, whose employees are set up to receive the 'statutory rate' of superannuation, this change will automatically be applied for the first payroll after 1 July 2014. If you are using Xero, it is worth reviewing your employee list... More...
New penalty regime for SMSF breaches From 1 July 2014 the Australian Taxation Office will have new powers to impose sanctions and penalties on self managed superannuation fund (SMSF) trustees.The new rules have come about as the current regime provides little effective recourse for the Australian Taxation Office when a self managed superannuation fund breaches the SIS Act. Under the existing regime the only actions available to the Australian Taxation Office are to make the fund non-complyin... More...
You all know we love the cloud, with Xero, FathomHQ, workflowmax (our practice management system) and enableHR to name a few we run our business entirely from the cloud.Every now and then we come across a fabulous product that we want to share with you. Right now, that's workable. You've probably seen that we are hiring, so we have been on the search for apps to help us do this as quickly but professionally as possible.So here is our review of workable (www.workable.com)What is it?“The easie... More...
Written by Adele WardleyWe are all back in the office after a fun time at XeroCon last week (yes, accountants can have fun!).Xero GrowthXero now has over 200,000 paying customers worldwide with 75,000 of those in Australia. Over 40% of new customers in Australia have never used accounting software before. Growth is continuing at a rapid rate (customer numbers are doubling each year) and Xero expect this growth to increase along a typical bell curve - which means there is still a lot of accel... More...
by Courtney MarshAs you may already know, starting from 1 July 2013 there is an uplift in the superannuation guarantee rate from 9% to 9.25%.Xero has taken the pain out of updating this in your payroll system, they have automatically updated employees who had the calculation type set as percentage and a rate of 9% to a new statutory rate method. This also means any future changes to the rate will automatically happen if you are using Xero.  Please keep in mind, employees with the calculation... More...
At A Squared we love anything that can save us time and also like our information to be secure. We use 1Password to store all our passwords and other pieces of information.The following little trick lets us store our Xero promo code for the month in 1Password so we don’t have to go searching for the current code. As a bonus, 1Password then prefills the code in the promo code box when adding a new client. So how do we do it?First we enter the promo code into 1Password (we use 1Password for Ma... More...