One of the effects of the slimming down of the Australian Tax Office in the recent Federal Budget announcement, will be the need for the ATO to move its functionality online.
And the ATO is preparing for this switch. From April 2014, those who lodge PAYG Withholding Annual Reports, TFN Declarations, Annual Investment Income Reports, Quarterly TFN Reports and Taxable Payment Annual Reports will be getting messages from the ATO pushing them to embrace this online direction.
Reporting for businesses is a mandatory compliance requirement subjected by the laws of state and territories. However it is also one of the least liked or understood process of running and executing a modern business. More often than not there are numerous reports that need to be filed monthly, quarterly, bi-annually and yearly. For some tax practitioners and businesses entire sections of businesses are employed to keep track of these requirements.
New financial year 2013 is here. It’s time to get payment summary and extra money from tax returns. Accounting professionals are engaged in the End of Financial Year 2012 activities and to distribute payment summaries. The payment summary annual report should be lodged to ATO.