Xero Payroll – How to Add a Self Managed Superannuation Fund (SMSF)

Xero Payroll – How to Add a Self Managed Superannuation Fund (SMSF)

Setting up a Self-Managed Super Fund (SMSF) and assigning it to an employee in Xero is easy to do. In this video tutorial, you will learn how to add an SMSF and assign it to an employee in Xero’s Australian Demo Company. To add a self-managed superannuation fund, first go to the Superannuation tab of the payroll…

Australian Business Number (ABN): Do You Need to Apply for One?

Australian Business Number (ABN): Do You Need to Apply for One?

An Australian Business Number (ABN) is an eleven digit number that is unique to your business or organisation. The government, other businesses and organisations, and the general public use your ABN to identify your business. ABNs are issued by the Australian Business Register (ABR) which is a branch of the Australian Tax Office (ATO). Although…

What is the Difference Between PAYG Instalment Tax and PAYG Withholding Tax?

What is the Difference Between PAYG Instalment Tax and PAYG Withholding Tax?

As a business owner you are probably paying several different types of tax such as GST and company tax. Two other commonly paid taxes for small businesses are Pay As You Go (PAYG) Instalment tax and Pay As You Go (PAYG) Withholding tax. Because the names are so similar you may think they are the…

What is a Business Activity Statement (BAS Return)?

What is a Business Activity Statement (BAS Return)?

Making sense of your GST and Business Activity Statement (BAS) obligations is not easy. Even the most seasoned business owners find it confusing. This article should help you understand what kind of BAS returns are suitable for your business and how often you need to lodge them with the Australian Taxation Office (ATO). Business Activity Statements are…