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New ATO Ebay Data Matching Program

Posted by Sean Bullock

Online eBay data matching program

The ATO has gazetted a notice advising that it will request and collect online selling data relating to registrants that sold goods and services of a total value of $10,000 or more for the period from 1 July 2013 to 30 June 2014. This acquired data will be electronically matched with certain sections of ATO data holdings to identify possible non-compliance with registration, reporting, lodgment and payment obligations under taxation law.

The ATO said data will be sought from eBay Australia & New Zealand Pty Ltd, a subsidiary of eBay International AG which owns and operates www.ebay.com.au. It is expected that records relating to between 15,000 and 25,000 individuals will be matched. The ATO said the program will enable it to address the compliance behaviour of individuals and businesses selling goods and services via the online selling site who may not be correctly meeting their taxation obligations, particularly those with undeclared income and incorrect lodgment and reporting for GST.

Key data elements that will be requested by the ATO include: account name; business name; contact details; date of birth; number and value of annual sales; number and value of monthly sales; seller status; and business/store status.
Further details on the data matching program are available on the ATO website.

 

 

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Changes To Xero Payroll – Why Clients Are Having Difficulties

Posted by Keith Marshall

xero payroll tips


In mid August, Xero removed the need to create a Draft Bill after posting a pay run. Now when a pay run is posted, Xero journals the gross wages, PAYG and superannuation to the appropriate ledger accounts.  

In order to reconcile the wage payments, a new account called Wages Payable – Payroll was created in the Chart of Accounts. Reconcile your wage payments to this account and that’s it – your payroll process is complete.

The impact of the Xero changes

With the payroll process simplified, why are so many clients having troubles? Now that the wage payments are no longer matched to a bill, it is more difficult to confirm that the wages paid exactly match the pay run. We have seen instances where the wage payments have been reconciled and no pay run has been processed, or where the wage payment differed to the pay run due to a data entry error.

How can you check that your payroll is on track?

After processing your pay run and reconciling the wage payments from the bank feed, check the Balance Sheet to confirm that the Wages Payable – Payroll Account has a nil balance.

This will indicate that the wages paid match the pay run. If this is not the case, you will need to compare past pay runs with wage payments to find out where the difference lies, and make the necessary adjustments.

A quick tip to make sure that the wages paid always match the pay run

Generate an ABA file in Xero and upload this to your internet banking platform.  This eliminates data entry errors, and will ensure that the pay run is processed in Xero before the wages are paid.

Need help creating an ABA file in Xero? Or perhaps Xero troubleshooting or Xero training? Let the experts at Accounting for Small Business help. Contact one of our Xero certified advisors today on 9226 0332.

BROOKE MCCALLUM
Bookkeeping Business Specialist, MYOB and Xero Expert

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Tax Time Tip: Superannuation

Posted by Keith Marshall

Tax time tip:

Pay all superannuation contributions by 30 June 2013.

You need to pay your superannuation for yourself and your team anyway. By paying all contributions before the end of financial year, you ensure the deductions occur within this financial year.

 If you would like to know more ways to maximise your tax return, contact the team at Accounting for Small Business.

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Tax Time Tip: Stocktake

Posted by Keith Marshall

Tax time tip:

Stocktake

Effective stocktaking takes time to get right. Make sure you plan your stocktake and complete it before the new financial year. Remember you can write off any lost, damaged or outdated stock as a tax deduction. 

If you would like to know more ways to maximise your tax return, contact the team at Accounting for Small Business.

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