Ahead of the government’s changes to GST, online accounting software firm Xero has introduced a number of changes.
"As you will have heard, from October 1st, GST will be increasing from 12.5% to 15%,” said the company in a recent update. "You'll be pleased to know that Xero is going to be doing a lot of the work for you. But there is something we'd like you to do from now on: publish your GST Returns.”
The ability to publish reports, including the GST Return, has been part of Xero for a while and is a way to view a report that you can share with others and refer to in the face of an audit.
"For Xero to correctly calculate the adjustments, as you process your remaining 12.5% transactions, it is important that you publish all your GST Returns from now on. You should publish once you've run your return and are happy with the results: simply press the Publish button. It's as easy as that,” Xero’s update added.
Two new system tax rates have been launched today: 15% GST on Income and 15% GST on Expenses.
You can find out more here.