Australian small businesses, corporates and the majority of individuals are required to report taxable earnings and deductible expenses to the ATO. Preparing and lodging tax returns can often feel like a monumental task, cause stress and take more time than expected. Yet the availability of cloud software specifically designed for this purpose has made the process more streamlined than ever. Let’s look at some of the ways proven cloud applications like GovReports can reduce the stress and make it easier and faster to prepare and lodge tax returns. 1. Significantly speed up the entry process a ..read more

In 2022, the ATO introduced a new trial system to link business owners and registered agents. The system has now been rolled out to most businesses and starts on 13 November 2023. Sole traders are exempt, but all other businesses must engage a registered agent via the new process. Under the previous system, agents could connect an individual or business to their ATO registered agent online services. The new system requires business owners to nominate a specific agent. This will tighten security, meaning that fraudulent agents, business owners or hackers will have a harder time creating sham a ..read more

The end of the financial year is here already! It seems that so little time has passed since we welcomed in 2023. As we approach EOFY, we invite you to reflect on the last year. So much has happened in the previous year that we are still catching up with – more clients are expecting remote and fast turnaround services, cashflow planning continues to rise, the growing importance of sustainability reporting and the explosion of artificial intelligence tools such as ChatGPT. Take some time to celebrate your successes and learn from challenges. What trials has your business overcome in the last y ..read more

STP Phase 1 and Phase 2 References Single Touch Payroll (STP) which was rolled out on 1 July 2018 revolutionised payroll reporting, making it easier for employers to report their employees’ payroll information to the Australian Taxation Office (ATO). ATO STP is essentially Digital Payroll Reporting and was introduced in multiple phases, with Phase 1 and Phase 2 being significant milestones. In this blog, we will explore the differences between STP Phase 1 and STP Phase 2 for Australian employers, helping you stay compliant and efficient in managing your payroll responsibilities. STP Phase 1: R ..read more