Staying compliant with tax regulations isn’t just a box to check – but a crucial part of keeping your business running smoothly; so ERP companies, large and small, are releasing some important updates to help. SapphireOne is leading the charge with recent updates tailored to Australian tax requirements, but we’ll dive into what the ERP mega-giants are up to as well.
SapphireOne is an Australian company, distributed globally, that provides an all-inclusive software application for managing ERP, with offerings consisting of a standalone single-user application named Sapphire, a client-server application named SapphireOne and the company’s Sapphire Web Pack solution.
They have just adjusted superannuation percentages and revamped the 2024 tax scales, all to stay in lockstep with the Australian Taxation Office (ATO). To get these updates, SapphireOne users need to make the jump to Version 20.4.0.4.
This means updating both server and client applications, verifying the new 11 percent superannuation rate and running specific functions within the software to ensure everything runs well. By doing so, you not only avoid penalties but also keep your payroll processing streamlined.
But this is a global issue effecting even the heaviest of hitters like Microsoft Dynamics 365 and SAP, who are also stepping up their tax game in recent months. Microsoft’s Dynamics 365 Finance now offers automatic updates for tax laws and also provides tailored guidance for regions like Australia. Over at Dynamics 365 Project Operations, they’ve fine-tuned their tax calculations to ensure that costs, sales prices and taxes interact seamlessly – improving accuracy across the board.
SAP, renowned for its integrated tax solutions, isn’t sitting idly either as they have ramped up for the Base Erosion and Profit Shifting (BEPS) 2.0 regulations, which kicked in with a global minimum tax rate of 15 percent for large multinationals on January 1st, 2024. SAP also supports companies through tools like SAP Profitability and Performance Management and offers educational resources such as the “Unlocking Tax Transformation with SAP” course.
So this is a big deal, as staying compliant with tax laws means staying agile with the constant updates coming from your ERP systems – whether large or small, like SapphireOne or Microsoft Dynamics 365 and SAP. These updates ensure you’re on the right side of the taxman while you focus on what really matters – running your business smoothly.
