Preparing PAYG Payment Summary Annual Reports for Online Lodgment
Advantages of cloud presence reflected in the payment summary processing by Australian Taxation Office [ATO] during 2011 tax season. For the first time in the history of ATO, the cloud technology played a major role in handling the very sensitive tax information of businesses and tax payers.
Traditionally, the employers, BAS/Tax Agents reported the payment summary annual report using bundle of paper payment summary forms, burning CDs/DVDs and few of them through Electronic Commerce Interface [ECI]. Tons of papers to print paper forms, tremendous time consumed to fill-in the payment summaries, hundreds of thousands of CDs, DVDs and business restricted ECI system are the major disadvantages apart from the following:
Data entry at ATO side, leave alone all other administrative work
Possible corruption of data contained in the CDs/DVDs, prompts returns to square one position to redo ONCE MORE
Non availability of pre-fill information between the first day of tax return preparation and payment summary annual report lodgment due date
BAS/Tax Agents and intermediaries cannot lodge their client's annual report legitimately via ECI
'Tax season starts effectively from July but the pre-fill information can be expected at a later date overcoming all administrative hurdles at ATO, including due date for lodgment on Aug 14 makes a black hole in the system' - says Tiana Tran, GovReports, 'Embracing cloud technology reduces the administrative difficulties dramatically and narrows the gap between the tax season and the due date of the annual report lodgement'.
GovReports is the cloud based product designed to simplify business to government reporting to make it available easily online. Its capability is enhanced with two unique features:
Intermediary/Tax Practitioner Lodgment - GovReports tax practitioner are able to use and report on behalf of their clients
Bulk & Queued Lodgements - With GovReports users are able to queue up and lodge reports in bulk and the system automatically processes this information. Very useful for during peak lodgment period.
"I just signed up and love what you are doing. The modern cloud accounting practice just found the last piece in the puzzle." - Paul Meissner, Tax Agent the first time user of cloud lodgement.
Nearly 100% of 2011 PAYG Annual Summary Annual Report was lodged via the SBR channel through GovReports (SBR Feb 2012 statistics). With the simple features for processing PAYG Payment Summary lodgements, and enabling tax practitioners to lodge on behalf of clients using AUSkey, an expectation of more users to use the system this year lodgment season as more awareness has been raised.
Acknowledging the benefits and objectives of SBR, Institute of Certified Bookkeepers (ICB) supports SBR and system such as GovReports. Matthew Addison, Executive Director of ICB commented
"GovReports is a simple efficient system, saving businesses and professionals significant time and effort.
Payment summaries lodged and ATO acknowledged in 10% of the time ".
For small businesses that do not use accounting software to generate PAYG Annual Summary Annual Reports in the form of EMDUPE file, GovReports provides facility to simply fill out the form to print out PAYG Annual summary and lodge direct to ATO online.