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October 2020 Update - Part 2

ATO Tax Tables Update - Please check your payroll!

As you may be aware, the ATO have now updated their PAYG tax withholding schedules in light of the recent personal tax cuts approved by Parliament. 
 

You will need to ensure your accounting system has reflected these tax changes before 16 November 2020. If you are with Xero, these will be changing automatically behind the scenes either this week or next week. This means that potentially the take-home pay will be increased, and you will need to adjust your bank payments to employees accordingly.

If you pay payroll through recurring payments - you will need to check their take-home pay according to your updated accounting software and make sure you pay them the updated amount. 
If you pay through batches from Xero - you don't need to do anything differently, as you pay your employees exactly what is in Xero.

Don't worry about backdating and fixing the tax amounts as this will "wash out" in the individuals return. The main thing is to ensure you are paying employees according to the the updated tax tables.

JobKeeper Update - Lodging in the Business Portal

If you are claiming the downturn through GST figures, you will select 'Yes' to confirm to the ATO that your Activity Statement figures are to be used.

If your church is claiming the downturn through a 15% reduction in gifts (offerings/tithes), and not GST downturn, then you will need to select the following highlighted fields in the Business Portal. It's important that you choose the 'ACNC modifications apply' in the dropdown menu. 
 
JobKeeper Extension - How to Process in Xero
JobKeeper Extension #1 - Eligibility (Period: 28/09/20 - 03/01/21)

Just in case you missed it:
Video Tutorial - How to Build Custom Profit & Loss Reports

We go through how to build your own customised profit and loss reports as well as how to compare it to previous periods and/or compare to budget. 
 
Some common and useful headings for these reports include:
- Wages/Staff Costs
- Ministries
- Missions/Outreach
- Administration
- Property
- Manse
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