With the start of the new end of the financial year, the Australian Tax Office (ATO) is urging businesses to get with the times and get digital.
The ATO recently announced that from 1 July 2014 paper activity statements will no longer be sent out for the majority of taxpayers whose activity statements are lodged electronically.
“Each year we send out over 4.3 million paper activity statements that are subsequently lodged electronically. The paper, printer and postage costs alone are in excess of $2.5 million,” says George Malizia of the ATO.
The ATO consulted with registered agents and professional associations to seek feedback on how removing paper activity statements might affect business practices. The consultations revealed that many businesses already use electronic channels to manage their day to day interactions and record keeping.
“We encourage you to review your business processes to ensure you are ready for the change and, in particular, think about which channel you want to use to access and lodge activity statements into the future,” added Mr Malizia.
To find out how to digitise your business records and make lodging your activity statement easier, speak to one of our consultants at Grace Information Management.