Remote Bookkeeping and OnLine Accounting Services Australia

Business owners and accountants may spend a lot of time completing and preparing activity statements for tax purposes. As lodging of activity statements is a regular requirement in Australia, Reckon Limited has developed a tool which is aimed at reducing the time spent filling out forms for tax lodgement. Users of QuickBooks hosted by Reckon Online Bookkeeping Services have already received the new Standard Business Reporting (SBR) application for submitting Business Activity Statements (BAS) with the Australian Tax Office (ATO). This development is expected to ease the tax compliance burdens of thousands of QuickBooks users in Australia.

The activity statement lodgement tool also allows users of QuickBooks hosted by Reckon online bookkeeping services to obtain instant validation of their activity statement lodgement and BAS submissions at the ATO.

Duty to report

All taxpayers conducting business in Australia have the duty to report and lodge activity statements which will show their various tax obligations such as Pay As You Go (PAYG), Fringe Benefits Tax (FBT), Goods and Services Tax (GST), deferred company installments and superannuation fund installments.

Accuracy in these reports is crucial for the payment of correct taxes. Incorrect statements which lead to shortfalls are generally subjected to penalties and interest charges on the difference.

Common mistakes of employers

Employers have the additional duties to calculate and pay withholding on certain amounts due from employees and pay superannuation contributions. Common mistakes include paying insufficient superannuation contributions, not keeping accurate records and missing important payment dates. A registered BAS agent who uses advanced software such as QuickBooks hosted by Reckon online bookkeeping services can help minimize the occurrence of these mistakes.

Benefits of integration of SBR in QuickBooks

Reduced red tape: The SBR tool is designed to pull out data from QuickBooks and the ATO which will be used to pre-fill the required forms such as activity statements and the Business Activity Statement (BAS). This reduces the time ordinarily spent by employers and accountants in filling out forms with the correct data.

Fast communication with ATO: Previously, taxpayers who lodged their statements electronically or manually were unable to obtain immediate validation of submissions at the ATO. Feedback from ATO also came much later. The SBR tool now allows QuickBooks users to receive immediate validation of statements submitted online, including feedback about the tax amounts due from them or due to them.

Other features of QuickBooks hosted by Reckon online bookkeeping include a tool which helps employers manage the new Paid Parental Leave Scheme and enhancements to the company snapshot feature.