Following the meeting of the ATO Tax Practitioner Forum held on 27 February 2013, the ATO has issued the following tips:
- Business Viability Assessment Tool
On 19 December 2012, the ATO launched the business viability tool on the ATO website. The tool allows taxpayers and tax professionals to enter data to obtain an indication of the viability of a business based on the financial information provided. The tool relies only on the information entered, not on any information held by the ATO. The information required for a business viability assessment is listed on our website via the following link Business viability assessment tool.
- Bulk Client Deletion Offer
In response to positive feedback, we have reopened the bulk client list deletion offer. You can identify up to 500 clients to be removed in a single form, helping your practice meet the 85% on-time lodgment requirement and reducing the amount of contact you receive from us for the clients who no longer use your services. This offer will be available until 30 April 2013.
- Electronic Funds Transfer (EFT) Refunds
The fastest, most-secure way for your clients to receive their refund is to have it paid directly into a nominated Australian bank account using electronic funds transfer (EFT). From 1 July 2013, individual tax returns will require bank account details including BSB and account number, to be entered when lodging using the electronic lodgment service (ELS), where a refund is expected. Joint accounts and trust accounts are acceptable.
- Guide to the Tax Agent Portal
Tax Agents will receive a copy of the Guide to the Tax Agent Portal on induction. This guide can be accessed by tax agents at anytime.