What’s new

20 December 2018

New Year, new processes

The holiday season is a great time to review your record keeping processes and business practices, and take the opportunity to get your business organised for the new year.

If you are not yet using an online accounting program for your record keeping, now is a good time to consider making the move. The introduction of Single Touch Payroll (STP) and new Standard Business Reporting (SBR) requirements by the ATO means your bookkeeping program must be compliant with the tax office systems, so payroll, super and other reports can be lodged directly with the ATO. 

Single Touch Payroll, or STP, will be introduced from 1 July 2019 for all employers (currently only compulsory for employers with 20 or more employees). STP is a reporting scheme that requires employers to send details of each pay run to the ATO via an electronic lodgement system each time an employee is paid. To be able to do this you will need to be using STP compliant payroll or accounting software.

The move over to online accounting will also assist with processing, as most of the current online accounting programs allow for bank feeds. This means bank account transactions are imported directly into Xero, or your preferred online accounting program each day. Your accounts can be updated more regularly and you can access reports to better track how your business is performing.

If you are currently using MYOB for bookkeeping there is the option to bring across historical data from your current MYOB file into Xero. This conversion of data would mean that prior year accounts can be accessed from Xero, without having to refer back to the old MYOB file. Please note, the conversion would need to be done before setting up a new Xero subscription. To discuss this option further, please call our office.  

If you’d prefer to use a different online accounting program, please let us know so we can discuss your requirements and confirm that the program will be SBR and STP compliant. 

Or if you’re ready to make the move over to Xero, please let us know and we can discuss the next steps to get your subscription up and running for the new year.

 

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