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Reckon/Quickbooks/MYOB – Should I upgrade to a new version each year?
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Published on Wednesday, 06 April 2016 17:26
I often get asked if it is worth upgrading to the new version of your chosen software – that is – “Is it worth the money as well as worth the new features or the ability to meet new reporting requirements?”
There are always people in a range of situations from “Yes it is imperative” to “No it is a rip-off”. Ultimately you have to decide yourself, but with changes to forms such as Payment Summaries, if you generate them from the software (saves time and is accurate) the authorities will eventually tell you they cannot accept the older versions – so we always have to move with changes eventually! Often every 2-3 years is good.
A couple of reasons to move up this year -
1. Latest Tax Tables – while they have mostly stayed the same with small changes in 2015-2016 for HECS/HELP, there are other changes, sometimes each year
2. Taxable Payments for the Building and Construction industry
From 1 July 2012, businesses in the building and construction industry need to report the total payments they make to each contractor for building and construction services each year. The first report needs to be made from 1 July 2013 and Accounts Hosted 2013 provides you with the ability to prepare the report.
3. Employment Termination Payment (ETP) Updates
The ATO has made changes to the ETP cap, the ETP Payment Summary and EMPDUPE file to include a reason flag. These changes have been implemented in the new Reckon/Quickbooks and MYOB.
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