Pacific Accounting’s August newsletter highlights several important updates for food and beverage businesses, including GST updates, increased mileage expense claim rates, and financial reporting for e-commerce businesses. The Sharing Economy Reporting Regime (SERR) requires Electronic Distribution Platform operators to report certain transactions, such as taxi travel and short-term accommodation, starting on 1 July 2023. Pacific Accounting will assist businesses with TPAR reporting in past financial years.
Taxable Payments Annual Reporting (TPAR) is due to be lodged with the ATO by 28 August 2023, and businesses may be required to report payments to contractors or subcontractors during the financial year for services such as building and construction, cleaning, road freight and courier, information technology, and security, investigation, or surveillance. If Pacific Accounting manages your Xero subscription, you don’t need to do anything, and the increase will be passed on to you in your billing from September onwards.
Key dates for August 2023 include EKKA Wednesday QLD, July monthly Activity Statement lodgement and payment due, Lodge and pay 4Qrt Activity Statement, and Lodge Taxable Payments Annual Report (TPAR) if lodged electronically or by a registered BAS Agent. By staying informed and addressing these changes, businesses can ensure their continued health and growth.