small business Notch Above Bookkeeping Brisbane

Fuel up with BP and Xero Connect

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Hitting the road?

Xero now integrates with BP Plus Fuel Card in Australia, keeping small businesses on the road without the headache of holding onto physical receipts.

BP has partnered with Xero Connect in Australia to enable business customers to automate the entry of monthly invoices related to fuel expenses into Xero. This solution is perfect for any business that needs to fuel up a work vehicle for business-related trips.

How Xero Connect works

With Xero Connect, invoices flow automatically into your Xero account, eliminating manual data entry, saving you time and helping you increase data accuracy. You can connect to your Xero account via the BP customer portal, provided you pay your invoices directly and not through a third party. You can also select your preferences, including the accounts you want your fuel expenses to be coded to.

Once connected, the BP invoice will flow automatically into Xero as a draft bill awaiting your approval. When the invoice is paid, payment will appear in Xero and is matched to the bill for easy bank reconciliation.

General Manager of Business Partnerships for BP Australia, Mike Hart adds that the Xero Connect partnership is another way BP is making business even easier for our fuel card customers.

“Every business is always looking for ways to do things better: whether it be a little tweak to free up some time, a new tool that grants deeper insight or a fresh system to give more benefit over time. As a result of this partnership with Xero our customers will be able to feed their BP Plus fuel invoices automatically into their Xero account. Ultimately, helping customers save time, gain better accuracy and removing manual entry, giving them more time to focus on their business priorities.”

Keeping your business fuelled for longer

Businesses using the BP Plus Fuelcard in Australia can purchase fuel at over 1,400 sites. BP Fuelcard also offers even more advantages; features include up to 51-day credit terms for Australia, and 24/7 online monitoring provide even deeper detail and help minimise mistakes or even fraud occurring, and the BPMe App even lets you pay from the comfort of the car.

Special new BP customer offer

Right now, BP Plus (AU) is offering new customers 6 cents off per litre until 2020* and up to 51 days interest-free credit. Even after 2020, you’re still set to save at least 2c per litre, every time, when you fuel up. More information and T&C’s about how to apply for a BP Plus Fuelcard (AU) and take advantage of this special offer, can be found here. The BP integration is now available to Xero customers in Australia.

Get onto Xero with Notch Above

Xero is Australia’s most popular cloud-based bookkeeping and accounting software. Transform your business with real-time financial reports by making the switch to Xero with help from Notch Above Bookkeeping. Call us on 1300 015 130 today.

Join the Xero tribe today!

Source: Xero
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Super Guarantee amnesty

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SG amnesty idea re-surfaces, but with an extended period of application

Last year’s announcement of an amnesty for employers who come forward to correct underpayments of their super guarantee obligations has been resurrected in a new bill.

The Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019, however, extends the period of grace that will allow employers who come clean to not have the usual additional penalties applied (the unpaid super will still need to be provided to affected employees).

While the originally proposed legislation had the amnesty running from 24 May 2018 to 23 May 2019, the new bill maintains the start date but extends the period it applies to six months after the bill becomes law (if it passes).

To get the benefits of the amnesty, employers must during the period it applies have voluntarily disclosed any superannuation guarantee (SG) underpayments that exist in the past (going as far back to when SG commenced in 1992). For an employer, the tax benefits of the amnesty are to be:

  • the administration component of the superannuation guarantee charge (SGC) is not payable (this is a $20 per employee, per quarter, for whom there is an SG shortfall)
  • remission of any Part 7 penalty, which can be up to 200% of the SGC
  • all catch-up payments made during the 12-month amnesty period are tax deductible.

Assistant Treasurer Michael Sukkar said when introducing the bill: “This is a one-off opportunity to set things right, and going forward the ATO has the tools to spot unpaid super.”

Jane Hume, Assistant Minister for Superannuation, Financial Services and Financial Technology, says that employers who don’t take advantage of the amnesty “will face significantly higher penalties when they are subsequently caught”.

Once the amnesty ends, the ATO will have a reduced ability to remit Part 7 penalties. If legislated, the ATO would generally not be able to remit such penalties to less than 100% of the SG charge, except where there are “exceptional circumstances”.

If you have any payroll concerns in the meantime, please call the team at Notch Above Bookkeeping in Brisbane on 1300 015 130.

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