News

New from Xero:

Ability to edit invoices and contact Xero support through Mobile app (search Xero in your App store) dependent on your device

New features in Xero Projects, time tracking location, easier coding of expenses,

Ability to disable two-step authentication if you change or loose your device or need to change your authenticator

Integration with Mailchimp

Small Business Energy cost checking tool

Non-compliant payments to workers no longer tax deductible

This from the tax office:

” Let your business clients know they can no longer claim deductions for payments to workers if they have not met their pay as you go (PAYG) withholding obligations. This applies to income tax returns lodged for the 2020 income year onwards.

Remind your clients if PAYG withholding rules require an amount to be withheld, they must:

• withhold the amount from the payment before they pay their worker
• report that amount to us.

Your client will not lose their deduction if they withhold:

• an incorrect amount by mistake – to minimise penalties you or your client can correct the mistake by lodging a voluntary disclosure in the approved form
• the correct amount but make a mistake when reporting – you or your client should correct the mistake as soon as possible.

Your client will only lose their deduction if no amount is withheld or reported to us, unless they voluntarily disclose this before we examine their affairs.

This measure aims to level the playing field for honest businesses doing the right thing by their workers. It is part of the government’s response to recommendations from the Black Economy Taskforce.”

New from MYOB:

MYOB Capture for Essentials – take photographs of your receipts on your phone and send them directly to your MYOB Essentials In Tray

The ability to link In Tray documents to Spend Money transactions in AccountRight

MYOB Track – time tracking tool for AccountRight – search for MYOB Time Tracking in your App Store

Changes to Multi Currency in AccountRight

If you have already opted in to STP, you will not need to prepare Payment Summaries for your staff.  However, you do need to prepare “STP Finalisation events” which will replace the old Payment Summaries.  The reconciliation process remains the same.  STP is just a different way to send your information to both your employees and the tax office.

The MYOB AccountRight year end payroll process remains the same as last year.  Your MYOB file payroll year needs to be closed before you can process your first payroll in the new financial year.