Save $1,000 and get help to meet ATO requirements
Impact Management Group (IMG) will waive the $1,000 initial set up fee for its newly released GovReports – iTax Portal, if registered tax agents subscribe before the end of January 2014 for 2014 ELS software for their individual tax return preparing practices.
The ATO Tax agent lodgment program requires registered agents to lodge their client’s tax returns electronically and to lodge 85% or more of client’s returns on time in order to receive concessional due dates. According to information available, there are thousands of agents who are currently not meeting these requirements. For 2013-14, more tax agents including smaller and part-time agents are encouraged to use ELS (Electronic Lodgement Service) software to help with ATO compliance.
The new cloud GovReports – iTax Portal is IMG’s ELS solution for recording and lodging personal tax returns. It helps tax agents with both ATO compliance requirements – electronic lodgement and timely submission. For a limited period, IMG is offering further assistance by waving the $1,000 initial set up fee.
Initial set up benefits include:
i) Customised Log-in landing page.
ii) Works with or without a practice website.
iii) Customisable standard business and client webpage.
iv) Business Standard ads (Mrec) can be created.
v) Software as a Service (SaaS) model and no big capital outlay or long-term contracts.
vi) Import or roll over client and tax information from previous year.
Using GovReports – iTax Portal, agent’s individual clients are able to prepare their tax return online, anywhere and at anytime. Time savings are achieved from the elimination of double keying of data in the agents system and then in the ELS software. When ATO pre-fill is available, there will be even more time saving. At present, the pre-fill information downloaded from ATO Tax Agent’s Portal can be imported to prepare client’s individual tax return. Agents can auto-fill client details and tax details with schedules can be rolled over or imported into iTax Portal, reducing the keying in of data as well as avoiding typo errors. Auto-fill added with pre-fill gets the individual tax return ready to push to the ATO.
With online communication between the client and the tax agent/tax preparer, meeting time can be minimised and be focused on value added discussions. The agent can review online and make any necessary changes before lodgement.
All of this will help reduce the overall time to complete the tax returns and achieve electronic lodgment.
GovReports – iTax Portal is cloud based so does not require large capital outlay. Using the portal is easy with I-Form windows to input data, which can be queued and lodged when ready. The portal ensures current tax rules are incorporated by automatic update of changes in tax system. Signing up now (January 2014), will allow agents to start using the portal early for 2013-14 – the only outlay is the pre-payment of $75 for 2013-14. Lodgement fees ($3 or $2 per return depending on volume) are not payable until returns are lodged with the ATO.
Agents can use their traditional low season to become familiar with the portal and be ready to reap the benefits when the 2013-14 tax season starts. Customisable iTax Portal will be available for tax agents for operation and marketing from 4 April 2014. 2012 & 2013 individual tax returns can be lodged from this date. 2014 lodgement will be available from 1 July 2014. Agents already using GovReports have the added advantage of being able to flow through client data directly to the new GovReports – iTax Portal.
The GovReports – iTax Portal costs are an initial set up fee of $1,000 (which will be waived for sign up in January 2014), annual license fee of $75 and lodgement fees of $3 or $2 – over 100 lodgements per annum, per lodgement.
For further information, go to www.itaxportal.com.au or contact our office on 1300 65 25 90