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A new Xero update was released today which expands the number of payroll reports available.You can find out more about the update at Xero's blog or watch their video below.Xero are holding two webinars, tomorrow 18 April, to demonstrate the update in more detail. You can register to watch here. More...
Written by Adele WardleyThe Federal Labor party today announced that they plan to make changes to the superannuation taxation system. These changes are only announcements - they are not yet law, in fact the legislation has not been provided to Parliament which may make it difficult to pass prior to the election being called. Should the Labor party not be re-elected the announcements may come to nothing.In any case, the announced reforms will:Cap the tax exemption for earnings on superannuati... More...
From 1 July 2013 employers will need to pay 9.25% superannuation contributions on ordinary times earnings of their workers, an increase from the current rate of 9%. The superannuation guarantee percentage will continue to rise each year, until it reaches 12% in the year commencing 1 July 2019.This change will hit businesses bottom line, and you should ensure your budgets for the coming year reflect the increase. For larger employers the change may be substantial. It is also worth reviewing y... More...
Written by Courtney Marsh. I love it when things can be simple and easy to understand. This is something Xero does extremely well. Xero have listened to customer feedback and made some changes that might seem minor, but will simplify the book keeping process.Xero have simplified the bank reconciliation process by replacing the “unreconcile” and “delete” buttons with a simple “remove and redo” button. This small change will help reduce confusion when a mistake has been made reconciling the ba... More...
Written by Adele Wardley. New rules are proposed to apply from 1 July 2013 for self managed superannuation fund trustees transacting with related parties. Whilst not yet law, these reforms have significant consequences for trustees and we recommend you familiarise yourself with the proposed changes. From 1 July 2013 disposal of self managed superannuation fund assets will be covered by the related party rules for the first time. Until now, there were no restrictions on disposing fund assets... More...
Written by Adele Wardley. If you employ staff you need to make sure you meet any fringe benefits tax (FBT) obligations. FBT is paid on certain benefits employers provide to their employees or their employees associates in place of salary or wages. The most common types of fringe benefits include motor vehicles, expense payments and entertainment. FBT is separate to income tax and  is based on the taxable value of the fringe benefits provided. Employers are liable to pay the FBT and will rece... More...
Written by Adele Wardley. We know book keeping has traditionally been time consuming and boring, but it doesn't have to be that way any more.Xero is a fantastic product centred around the user (YOU) not the accountant that helps business owners get organised and stay organised with their book keeping and invoicing. Our first xero seminar of 2013 was extremely well attended, so book in quickly for our April session to ensure you reserve your spot. There is no cost to come, and we will provide... More...
Written by Adele Wardley. 2013 has arrived and with it the excitement, newness and positivity of a new beginning.If you're anything like me it only takes a few days re-charging over the Christmas/New Year to be raring to go again. If you are making new year resolutions, make sure they are sustainable and add to the bottom line. Remember, any initiatives need to be assessed on both profitability and cash flow (they are not the same thing) as well as weighing up the short term versus long term... More...
Written by Adele Wardley. It isn't very often that I (Adele) think "wow - that's cool". I'm actually a pretty good cynic most of the time (yes, I am an accountant).But, yesterdays release of the iPad app for Vend definitely had me excited - so excited I even watched the promo video twice! I'll leave it to you to decide whether you think it's cool too - check out the new video below. More...
Written by Adele Wardley. Xero's latest payroll release is here (installed while you sleep!) and now facilitates employee's entering their timesheets directly to Xero payroll from their employee portal.We hate duplication, and we love automation. This latest, much anticipated, release allows your employees to enter their daily hours worked in their employee portal. These hours will then flow through to your payroll for the week - in addition to the existing options to enter their leave reque... More...