Introducing The Xero Beautiful Business Fund.
It’s time to process your Taxable Payment Annual Report (TPAR)
If your Business employs contractors and is in the below list of industries, you must lodge your Taxable Payment Annual Report (TPAR) by the 28th of August 2023.
Businesses directly involved in the following services need to lodge TPARs:
- Building and Construction Services
- Cleaning Services
- Courier or Road Freight Services
- Information Technology Services
- Security, Investigation and Surveillance Services
There are two ways you can finalise your Taxable Payment Annual Report.
Option 1: The Easy Way
Let Suntax complete your Taxable Payment Annual Report for you
The cost to prepare your Taxable Payment Annual Report is $220 plus GST. If you choose this option, you do not need to read this newsletter any further.
Option 2: Complete the Taxable Payment Annual Report yourself using the ATO supplied instructions below
By using the instructions below as supplied by the ATO you can complete your Taxable Payment Annual Report yourself.
IMPORTANT NOTE: The processing of your Taxable Payment Annual Report is something the ATO will pursue if not lodged by the due date of August 28th.
Your Suntax Team
Xero has two versions of their reports an old and a new version. On 31st July 2023 Xero are switching to the new reports only. Please note NO data will be lost!
Reporting is one of Xero’s most loved products and a core part of the Xero platform. All software has a lifecycle, the older it becomes the more challenging it gets to maintain it. For Xero reporting it was time for an upgrade.
If you are currently using the old version of reports Xero are encouraging you to switch to the new ones so you get familiar with them before the old versions are retired on the 31st July 2023.
If you are using an old report and the newer version is available you will see a message prompting you to switch to the new report.
What is going to happen from the 31st of July 2023?
- You won’t be able to run Xero old reports
- Any saved drafts of old reports will be removed from Xero
- You’ll have read-only access to old published and archived reports
There are some reports and features Xero won’t retire on 31 July 2023 as they are upgrading them in a different way or at a later date. These include:
- GST Return
- GST Reconciliation report
- Budget Manager
- Budget Summary report
- Expense Claim Summary report
- Foreign Currency Gains and Losses report
- Inventory Item Summary report
- Sales by Item report
- Tracking Summary report
- Unrealised Gains and Losses report
- Reporting API (please note this is not a report)
Be prepared before the end of July
If you wish to use the new reports as they are you simply just need to open the report and get started. If the report is more complex you can check our Xero’s steps for getting started with new reports.
For July’s reporting you will be required to do your end of month reporting in the new reports as the old version will not be available.
Click here to watch Xero’s YouTube Video on how easy it is to move your work across.
How do I use the new reports?
On the right hand side of your screen panel you will see Xero’s Tips and Tricks. Here you will find links to support articles, how-to videos and a feedback button on the new reports.
As always, we are here to help if you need any assistance.
Your Suntax Team
We know it has been another year of challenges and EOFY can be a particularly hectic time, so if these steps seem too onerous or time consuming please remember we have a team at the ready to process your EOFY Employer Reporting. Just click the button above.
If you have worked from home in the last financial year, there have been changes to the way you can claim your Working From Home (WFH) tax deductions.
- From 01 July 2022 – 28 February 2023 – The ATO will accept a record of the number of hours worked from home through a representative 4 week period to estimate the total of hours worked.
- From 01 March 2023 – you are required to have recorded every hour you have worked from home by keeping a WFH diary.
The ATO has changed the way WFH deductions can be claimed. They now fall under two categories.
- The Fixed Rate (67c per hour) Method, this is likely to result in lower tax refunds as this method does not allow you to also claim internet, mobile, stationery and computer consumables
- The Actual Cost Method, requires a calculation of your WFH deduction based on your actual electricity, gas, mobile phone, internet and other work related expenses.
To ensure we can calculate the most tax effective result for you, we will need you to add up your gas, electricity, phone and internet bills for the year and provide the hours you have worked from home.
We look forward to seeing you soon,
Your Suntax Team