Xero improves tax time by bringing eGST into software
After successful trials, Xero is bringing direct electronic GST returns to its software that can be sent straight to the IRD, the company reports.
Customers can select their provisional tax method, click 'File now', then enter their myIR login details. Xero will automatically fill out IRD numbers and other information, saving customers time and costs.
The company says that businesses can waste up to 50-55 hours on tax compliance alone, costing money and valuable business time.
“It’s exciting to see the New Zealand Government introduce digital integrations. Think of all the time you and your accountant or bookkeeper spend administering GST, staff taxes and benefits, social welfare payments, ACC, KiwiSaver, company and personal tax. Now, with Xero’s eGST service, there’s no more need for manually filling out forms and sending them off in an envelope to Inland Revenue. We’re helping businesses and their advisors reduce the burden of compliance," says Anna Curzon, Xero managing director.
Xero customers and their financial data will be protected by multiple security layers as the data is being transferred from its platform to the IRD's platform, the company says.
Xero has worked with the IRD and 1400 customers to trial the service over the last few months. Xero's aim is to simplify tax and reducing compliance burdens alongside the government.
"Xero makes it easy to get my books done, and takes out the hassle of paperwork – like filing taxes with the government. Xero has always calculated my GST but I used to enter that into a separate system to file my return. Now I do it in Xero and it's filed in seconds, without any chance of human error – it's accurate and easy to use. It's one less thing I need to remember to do," says Frank Hsu, from Frank’s Coffee and Eats.