4 Ways Xero Can Assist You With Business Compliance

4 Ways Xero Can Assist You With Business Compliance

Below are just four ways that Xero can make managing your business compliance tasks a little easier.

1. Payroll

  • Direct, online lodgement of tax file number declaration to ATO.
  • Timesheets, payslips and leave lodgement apps for employees.
  • Management of leave liabilities, including RDOs.
  • Integrated tax tables which automatically update and can handle multiple tax types.
  • Tracking and reporting on PAYG Instalments.
  • Preparation and distribution of PAYG Summaries to employees and ATO at end of year.

2. Super Guarantee via Super Stream

  • Super is automatically calculated, at the correct rate, on ordinary time earnings (not on overtime or leave loading) when you run your payroll.
  • By making use of the Superannuation Clearing House within Xero, you can make payments to all super funds for all employees in one transaction.

3. Subcontractor Reporting (TAPR)

  • Track cost of subcontractors at a project level throughout the year.
  • Use these details to produce the Taxable Annual Payments Report for the financial year by 28 August.

4. Record Keeping

  • Attaching receipts, tax invoices and sales documents directly to the transaction in Xero is an easy way to file your accounts paperwork and comply with the Australian Taxation Office requirement to keep records for a minimum of five years (some records may need to be kept longer).