First Individual Tax Return on Cloud via GovReports Tax Software
Posted on 28 August 2012
There is no doubt that businesses are now progressively accepting cloud reporting as the way forward in meeting compliance requirements. To complete the gap for the modern accounting practice, Impact Management Group (Impact)
, announced another first for GovReports
- reporting Individual Tax Returns (ITR)
Individual Tax Returns
are usually lodged through the ATO legacy service called ELS and available only for Tax agents. It requires desktop based solutions together with Cisco VPN clients to be installed in every machine to securely connect to ATO servers.
All that has changed with the current GovReports
release. Not only users do not have to install Cisco VPN clients, expensive licensing of ELS solution no longer restricts them. With GovReports
the complete tax agent specific forms from Company Tax Returns
to Individual Tax Returns
are available on cloud.
ATO is transitioning their ELS services into SBR and the project completion scheduled for 2015. However Impact
ELS Transition Solution to aid tax agents to move seamlessly into cloud based reporting. In fact, when ATO turns off their ELS system, GovReports
tax agents will not be aware of the changes as GovReports
will handle the back end switching over automatically.
As a cloud reporting service provider, GovReports
is a PayPal like service for sending tax/financial reports direct to ATO, ASIC and State Revenue Offices. Currently there are 40 types of reports and schedules that can be lodged via GovReports
such as Business Activity Statements, Tax File Number Declaration, ASIC Financial Reports, Fringe Benefits Tax Return, Company Tax Return, Individual Tax Return and Payment Summary Annual Reports. Based on Australian Government's Standard Business Reporting (SBR)
technology and is heavily used by businesses and tax practitioners to simplify the process of reporting to the government.
lodged its first Company Tax Return on 30th May 2012 and first Individual Tax Return
on 31st July 2012 by bringing SBR and ELS together in one application - first of its kind in Australia.
"And as many of the GovReports users refer our service as the last piece of the puzzle for their practice and the addition of ITR will complete the cloud reporting package" GovReports
Impact Management Group (Impact)
is a market leader in SBR software development. As one of the pioneer supporters for SBR they have built two innovative products - Interactive Accounts Manager
the only SBR integrated full featured online accounting software and GovReports
, Australia's first cloud reporting solution. Impact
is also the only SBR solution provider that has integrated the traditional ELS system into an SBR solution for Individual Tax Return
or call 1300 65 25 90
For further information, please contact Tiana Tran
at 1300 65 25 90