Bank Reconciliations in Xero
We are at the end of the 2013 Financial Year and there are reporting obligations and changes that employers need to be aware of.
Reporting Obligations
Employers must provide payment summaries to their employees no later than 14 July.
Employers must also send their payment summary annual report to the Australian Taxation Office no later than 14 August.
Changes
Income Tax Rates
There are no changes to the income tax rates for the 2013-2014 income year.
However, changes have been made to employees that:
- have a Higher Education Loan Program debt
- have a Financial Supplement debt
- were paid back payments, commissions, bonuses and similar payments
- are seniors or pensioners.
These updated tax tables can be obtained from http://www.ato.gov.au/Rates/Tax-tables/
Superannuation
There are changes to superannuation that will apply from 1 July 2013. These are:
- super guarantee rate will increase from 9% to 9.25%
- super guarantee upper age limit will be removed, therefore any employees who are 70 years and over will require super contributions