The end of the financial year is here already! It seems that so little time has passed since we welcomed in 2023. As we approach EOFY, we invite you to reflect on the last year. So much has happened in the previous year that we are still catching up with – more clients are expecting remote and fast turnaround services, cashflow planning continues to rise, the growing importance of sustainability reporting and the explosion of artificial intelligence tools such as ChatGPT.
ATO Services:
ATO Services provides the ability to view ATO accounts and its related transactions. It also provides an option to maintain relationships and client demographic information. The Agents can make use of the following services:
ATO Electronic Lodgment Service (ELS) has for a long time been the lodgment gateway for tax professionals to submit compliance and regulatory reports to the tax office on behalf of clients via software providers. The days of using ELS software are now numbered as ATO replaces ELS with Standard Business Reporting (SBR) from April 2017 and by the new term, Practitioner Lodgment Service (PLS).
AS your workload starts to increase over the next few weeks you can rely on the new GovReports lodgment portal to help you meet deadlines and delight clients.
When you first logon to the new portal you are given a ‘Birds View’ of your lodgments so that you know what you’ve lodged and what’s to be lodged, giving you better control over your workflow.
know what you’ve lodged and what’s to be lodged, giving you better control over your workflow.
If your business is in the building and construction industry, it’s time to get ready for your TPAR reporting to the ATO.
For many, if you do not use accounting software during the year to record contractors engagements that generate TPAR backup files, at GovReports, we have the solution for you.
GovReports is the leading SBR enabled software that is transparent, accountable and easy to use, saving you time and money. Using your AUSkey, businesses can access and input their data anywhere and anytime and prepare compliant reports ready for lodgment.
Lodgments can be viewed in real time, and users can receive instant responses from the ATO, ASIC and OSRs.
GovReports integrates with major accounting, payroll and CRM software for easy upload or import of data, that automatically pre-fills reporting forms directly from relevant Government departments with online access.
GovReportsTaxable Payments Annual Report has 3 TPAR lodgment options:
1.Fill & complete contractor details with online form. Select Forms -> Taxable Payments Annual Report.
Choose the Financial Year and Entry Type. Select Next
2.Upload software generated TPAR back up file
3.Upload GovReports Template TPAR CSV file format
Your business needs to report the contractor’s ABN, name and address, the total amount paid for the year and the total GST included in that amount. This information will generally be contained in the invoices you receive from your contractors.
Now is the time to make sure your business is ready to prepare and lodge the annual report on time.
If you filled out a paper report last year, you can make this process quicker and easier by lodging online with GovReports this year.
The information reported about payments made to contractors is matched against other information held by the ATO to detect contractors who have not lodged tax returns or included all their income in returns that have been lodged.