clients. The report shows year-onyear revenue changes, current cash balances and their primary banking relationships, giving advisors oversight on which clients are impacted most, potential eligibility for banking support packages. Making government stimulus and support measures easier to adopt Governments around the world are working hard to help support small businesses and their employees through stimulus and support packages. We have prioritised our work in tax and payroll in recent months to give eligible businesses the greatest chance of accessing these packages.
Fig. 1
In Australia, we’ve made it easier for businesses to work out if they might be eligible for JobKeeper payments, by building a GST turnover calculator within Xero. For those who apply, and are accepted, Xero Payroll now helps businesses process JobKeeper payments made to employees by automatically creating a pay item so they can accurately report these payments to the ATO. We also provide a way to process the JobKeeper payment and report it to the ATO. Most of this happens seamlessly in the background when filing Single Touch Payroll obligations.
Fig. 2
In the United Kingdom, we’ve streamlined the process for creating termination pay items, so businesses can easily pay and report on Class 1A National Insurance Contribution (NIC) on termination payments above £30,000 to HMRC.
Fig. 3
We also added furlough leave in Xero Payroll so UK small businesses can more easily manage and report information about employees who have been furloughed. This makes it easier for businesses to apply for 80% of an employees’ regular earnings, with flexibility to record furlough periods as and when they occur. In other regions, we have added 12 / Issue 23
in-app prompts and reminders for customers about available stimulus measures in their country, and have of course ensured all relevant information is available in our Business Continuity Hub. Invoicing made easier for Australia, New Zealand and the UK This month we became the first major provider of small-business
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