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In this release we’ve updated AccountRight with some important compliance changes for Australian businesses, and fixed lots of stability, display, printing, usability and reporting issues.
This update also includes a few of your requests made on the AccountRight Idea Exchange - look out for the green tick below to see what's been implemented.
A big update for Australian employers
Updated payment summaries
The ATO has updated the electronic reporting specifications for payment summaries, and the changes affect the forms that you print for your employees and the data you send to the ATO via the Business Portal.
You need to install this update before preparing payment summaries for the 2016-17 financial year if you employ working holiday makers or if Section 57A of the Fringe Benefits Tax Assessment Act 1986 applies to you.
Working holiday makers
If you hire people on Working Holiday visa (subclass 417) or Work and Holiday visa (subclass 462), new taxation rules came into effect on 1 January 2017.
If you’re registered to withhold tax at the working holiday maker tax rate, you need to assign a new tax table to your working holiday maker employee cards. If you’re not registered, you must use the appropriate foreign resident tax table when paying working holiday makers.
To assign the new tax tables to working holiday makers:
Have holiday maker employees who started work prior to 1/1/2017? See our Working Holiday Maker help topic.
For more information about handling working holiday maker payments, see the ATO’s website.
Reportable fringe benefit changes
If you’re an institution that’s covered by Section 57A of the Fringe Benefits Tax Assessment Act 1986, there are changes to how fringe benefits are reported on payment summaries.
Affected businesses are mainly not-for-profit organisations, such as public benevolent institutions, health promotion charities, some hospitals and public ambulance services. If section 57A applies, you need to report the benefits that fall under that section on the payment summary, and show other reportable fringe benefits provided to the employees separately.
To help with these changes, we’ve updated the Reportable Fringe Benefit step of the Payment Summary Assistant. When the Section 57A of the FBTAA 1986 applies to me option is selected, two columns will appear so you can enter the different types of reportable fringe benefits.
To see how fringe benefits are reported on payment summaries, see the Reportable Fringe Benefit help topic.
Easier ways to search for transactions
The Bank Feeds window now has a search field, so you can filter the window to only show transactions that have a date, description or amount that matches your search criteria. Idea: Search box in Bank Feeds to be added
The Sales Register and Purchases Register also show a search field, so you can find sales and purchases within the selected date range faster. When viewing the All Sales or All Purchases tab, type a few letters or an amount you’re looking for and all matching sales will appear. When searching from within one of the other tabs in the register, the results will be filtered to just the sales or purchases of the selected type.
Here’s what else we improved and fixed
Sales and purchases
Accounts and banking
Importing and exporting
Usability and UI
How to update
This update will be available to all AccountRight subscribers in Australia and New Zealand over the next few days. You'll be prompted to update when you open your company file.
Having issues updating? Get help with installation and update issues
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