GovReports blogs
With the Federal Budget just around the corner, the Government’s annual budget is once again under scrutiny. What will be cut? Where can the Government makes its savings? What worthwhile projects should taxpayers money be spent on? Where can waste be identified?
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.
Sydney, Australia – 11th March 2012 – Impact Management Group, the leading provider of Standard Business Reporting (SBR) solutions announced the release of FBT (Fringe Benefits Tax) form for their cloud SBR lodgement product – GovReports.
Accounting and finance are one of the most highly regulated industries in Australia. Within these professions, the burden of compliance and reporting often fall into hands of bookkeepers, accountants, auditors and tax agents who are already overworked.