Category Archives: Accounting News

ABN Lookup

Recently in Training a client asked when keying in details for a supplier “Can it check that the ABN is right”. For years we have had a check that its a valid ABN but no way to check that it was their valid ABN. 

But the info was there online and easy to check so we recently added a quick lookup to check a suppliers ABN is for them. Taking you to the Internet lookup of that ABN. 

Clicking on the link will take you to…

 

Quick and simple to check if you are worried.

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E-Invoicing

The majority of these changes have now been incorporated into our standard system. 

If you would like to be amongst the first to take up these changes please contact support to be part of the pilot program.

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STP2.0

As the end of the year approaches, we are very close to putting this into production but to avoid the risk of fines for being late we have applied to the ATO for a deferment for a few months. I have been advised that even large software houses like Xero have deferred until next December. We will let people know when the testing is completed with the ATO guidelines. 

The main changes relate to the level of detail that the ATO will be requiring. 

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Subbies Insurance Report

A new report yesterday was added to the standard system. Looking at reminders to subbies insurance details that have expired. The video below does a quick run through the process. 

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STP Phase 2

STP Phase 2 will come into affect for all Australian Businesses on the 1st of July 2021. InterAcct are set to meet this deadline and have the changes rolled out to all of our clients well before this date. If you have any questions please contact the Support Department. 

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New Tax Tables

InterAcct Software has the new tax tables based on the changes in legislation.

 

Changes to personal income tax thresholds announced by the Government during the Federal Budget have been incorporated into the withholding schedules and tax tables and will apply to payments made on and from 13 October 2020.

As the changes to withholding are made part way through the income year, employers and other payers who are unable to immediately implement these changes into their payroll will have until 16 November 2020 to do so.

Employees and other payees will receive their entitlement to the reduced tax payable for the entire 2020–21 income year when they lodge their income tax return.

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JobKeeper

Many clients have asked us about the JobKeeper system. With InterAcct Software STP running the ATO has all of the information to quickly lodge for JobKeeper through their online portal. Within a few minutes its all lodged and just waiting for the ATO to process the payment. 

 

Contact us if you need more information. 

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Sales Order Kitting

I had been asked before for a Video that just looked at Sales Order Kitting to show what the module would allow you to do. Here is the video on Vimeo, or you can see it on the Sales Order Module

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Tax Tables

We have received confirmation from the ATO that there will not be new tax tables this year from the changes in the federal budget for the Low and Middle Income tax Offsets but rather that this amount will only be through their Income Tax Returns.

 

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New Tax Tables

With the ATO releasing the new NAT 1004 and NAT 3539 documents for 2019/2020 on their website last Friday, InterAcct have updated the Tax tables for the coming financial year. 

Contact Support if you need assistance installing the new tables. 

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