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Super News for Xero clients

From 1 July 2014employers with 20 or more employees need to start transitioning to a new way to pay employee super. Under the new rules, contributions will need to be paid to funds in one standard electronic file (for smaller employers, the start date is 1 July 2015).

 While it's a change in the way you manage super, the new 'one file, one payment' online system means faster, easier, more reliable super payment processing.  If you are using Xero, you will need to enter Unique Superannuation Identifier - USI  for each super fund you are making contributions to, even if you are not using auto super feature in Xero to make super payments.

You will need to contact all of your employees who have nominated a regulated super fund and ask for updated information. You can use the ATO's super choice form (link for download)  for your employees to provide this information. Once this is done you can then start adding the new super fund information into payroll.

The ATO link that explains SuperStream and USI can be accessed here.

Please do not hesitate to contact our office on (03) 9585 2255 if you have any queries or if we can assist in any way. 

Keep Up to Date

Has your small business taken off? Do you have more work and more customers than you know what to do with? Lucky you…

Unfortunately, running a successful business can sometimes be a double-edged sword. It’s easy to overlook the bookkeeping basics while you’re caught up in the excitement of getting the sales and delivering the goods or services on time, but not keeping your books up to date can have dire consequences in the long term.

Not only do you run the risk of forgetting to invoice a customer or neglecting to spend time chasing up payments, but you may also end up paying unnecessary bank fees for overdrawn accounts or fines from the ATO.

No matter how busy you are, it’s imperative to take time out regularly to think about how you could manage your finances more efficiently.

Decide which tasks you can outsource and which you’d prefer to complete yourself. Make a point of blocking out some time in your diary on a regular basis – daily or weekly – to work on the jobs you’ve chosen to keep in house.

You won’t believe the difference a few minutes each day can make when it comes to maintaining accurate bookkeeping records, and how much more relaxed you’ll feel knowing you have the financial information you need at your fingertips.

Click here to learn more about outsourcing some of the repetitive but necessary compliance tasks that are currently preventing you from spending more time doing what you love.

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Key ATO Lodgement Dates 2014

KEY ATO LODGEMENT DATES 2014 

Super Guarantee Contributions July to Sept 2014

 (allow 3 working days for processing)           

 
  28 Oct  2014
 

 Instalment Activity Statement   (IAS) October 2014         


  21 Nov 2014
 

 Business Activity Statement    (BAS) July to Sept 2014    

 
  25 Nov 2014
 

 Instalment Activity Statement   (IAS) November 2014         


  21 Dec 2014   
 


Please do not hesitate to contact our office on (03) 9585 2255 if you have any queries or if we can assist in any way.

 

 


 

Employers

  • Super Guarantee rate changed on 1st July 2014 to 9.5%

     

  • This rate will remain in place until 1 July 2021.

     

  • In short, the SG rate will now remain at 9.5% until 30 June 2021, and will increase to 12% by 1 July 2025.

 

Cloud Accounting 

  • Xero Special Offer - Sign up today and get 2 months free subscription!

     

  • Reduce admin time & costs and move to the cloud with Xero or MYOB

     

  • Contact us for advantages & differences between products.

 

 

 Call us on (03) 9585 2255