123ArticleOnline Logo
Welcome to 123ArticleOnline.com!

ALL >> Business >> View Article

Taxation Softwares In Australia

By Author: GovReports
Total Articles: 12

GOVERNMENT REPORTING: DIGITAL BY DEFAULT

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?

Successive Governments have talked about cutting red tape and reducing costs for businesses. As we know, time is money for businesses, especially small business which is the backbone of the Australian economy.

There are 2 million small businesses that employs 7 million people in Australia, making up almost 60 per cent of the Australian workforce. Its campaign 'toobigtoigrnore' called for less Government interference and demanded for a more efficient and simplified tax system.

After all, it is small business owners who are the ones who put their homes and family life on the line and take risks to do what they believe in - to be self-sufficient, to create jobs and support their local communities. And despite putting their money and life on the the line to help create local economic activities, they are constantly being stifled by Governments interference and bureaucratic burdens.

One of the ways to reduce red tape is through streamlining businesses? reporting to Government. This process is still heavily manual and labor intensive. Data is copied by hand from one computer system to another, or on to paper forms. Some reports require businesses to send a CD with information on it. For example Pay-As-You-Go (PAYG) Annual Summaries report requires a copy of all group certificates recorded in a specific format to be sent on a CD to the ATO. This means manually burning a CD and sending it in an envelope to the ATO, and often repeating the process on request from the ATO where a CD has been damaged or saved in the wrong format.

A small company, Impact Management Group (IMG) has developed an innovative system that makes whole-of-government reporting more transparent, accountable and, more importantly, saves time and money. It?s cloud-based lodgment portal – GovReports(Tax Lodgement software), provides the solution to the red tape and efficiency problem that a small business faces when they report and lodge to the Government.

IMG's Marketing Director, Tiana Tran, said GovReports(Tax Lodgement software) enables AUSkey holders, a secure identification login key for tax practitioners and businesses, to do all of their online reporting and compliance requirements to the ATO and other Government agencies on GovReports' SBR enabled secure cloud-based system.

The Federal budget is just 9 days away, and we'll be hearing more about red tape reduction and tax reforms,- Ms Tran said.

"One of the solutions for the Government is to look at streamlining reporting processes for small business and at GovReports(Tax Lodgement software) SBR lodgment portal we have the unique and innovative solution to help businesses" she said.

Business can access and input their data anywhere and anytime. Lodgments can be viewed in real time, and users can receive instant responses from the ATO, ASIC and OSRs- Ms Tran said.

Currently, more than 70% of the information contained on reporting forms is duplicated. This means filling out the same information on different forms for different Government departments.

Some reports are able to be lodged online using ATO Electronic Lodgment Service (ELS) or the Business/BAS/Tax Agent Portals. Despite helping to eliminate paper lodgment, these portals do not remove the need to manually copy data. Also, these services frequently crash during peak periods around deadlines for lodgment of forms. Many tax agents report having to assign staff to spend hours/days waiting for the ATO portal interface to resume and resubmit reports.

The Government’s Standard Business Reporting Program (SBR) aims to cut down on red tape for businesses around Australia. In 2012, the Australian Government Productivity Commission estimated the potential benefits of SBR to business, under the program?s initial financial reporting scope, to be in the order of $500 million a year based on 60 per cent take-up.

Total Views: 83Word Count: 645See All articles From Author

Business Articles

1. 11 Things Your Podiatrist Really Wishes You Wouldn’t Do
Author: Unknown Member

2. Top 10 Ways To Promote Your Artwork
Author: Alina jain

3. How To Design An Efficient Trade Show Booth
Author: Graham Stewart

4. Tax Accountant In Rockdale Are An Added Protection For Your Business
Author: Austin Loader

5. Leave No Trace
Author: Leave No Trace

6. Rock Climbing Tips Forbeginners
Author: Rock Climbing Tips ForBeginners

7. Genuine Exotic Leather Products
Author: Genuine Exotic Leather Products

8. Electric Motors Market Size, Share, Growth Analysis, Ana Forecast To 2022 – By Credence Research
Author: Chris Smith

9. Welcome To Jranter Store
Author: Welcome To Jranter Store

10. Head Up Display Market Size, Share, Growth Analysis, Ana Forecast To 2022 – By Credence Research
Author: Chris Smith

11. Binary Options Strategy – Explore Complete Details
Author: William Stinner

12. Global Point Of Sale Terminals Market Share, Demand And Growth Analysis, Forecast 2017 To 2022 – By
Author: Chris Smith

13. Motorcycle Rallies – Interesting Facts About These Bike Shows
Author: Jeffrey Ween

14. Video Conferencing Market Share, Demand And Growth Analysis, Forecast 2017 To 2022 – By Credence Res
Author: Chris Smith

15. Erp-enterprise Resource Planning.understanding Erp System
Author: Eresource Infotech

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: