SBR cloud brings relief to payroll companies and large employers
Standard Business Reporting (SBR) brings ongoing relief to the businesses using the new electronic lodgement services via SBR enabled software. Recent estimates of the benefit to businesses exceed $500 million per year if SBR is adopted fully.
Payroll companies and larger employers may need to register for payroll tax with up to eight state and territory revenue offices to comply with their legal obligations to pay payroll tax on their nationwide work force. Where the tax is returned in based on the State in which the wage is taxable. How much tax is to be paid is based on the threshold and rate in each State. Different state payroll tax thresholds, tax rates and periodicity of reporting requirements consumes considerable amount of time and cost.
Reporting companies need to comply with the following forms reported on the correct date to avoid penalties or other costs. :
1 Tax File Number Declaration – ATO
[Within 14 days of new employee joining the company]
2 Activity Statements – IAS/BAS – ATO
[On due dates based on the type of lodgement]
3 PAYG payment summary annual report – ATO
[Generally due on August 14]
4 Payroll tax – ROs of all Six states and Two territories
[Various due dates with different types of periodicity]
TFND, IAS/BAS and PAYG annual report to ATO and Payroll tax to all SROs from a single point was an impossible mission before the SBR era. GovReports, an outcome of deep research and critical analysis, has launched a product which ties up all SBR agencies in a Single Window. GovReports releases the user from their unnecessary binding to the desktop by introducing cloud lodgement and gaining for their business part of those estimated $500 million of compliance cost reductions.
'I just signed up and love what you are doing. The modern cloud accounting practice just found the last piece in the puzzle' – Paul Meissner of Five Ways Accounting writing to GovReports, when he first used GovReports to lodge forms to ATO. Multiple forms lodgement, bulk lodgement and multi- agency lodgement in a single click command are some of the main features of GovReports in addition to the tax practitioners and payers' useful tools like email, history view and Save & Resume options.
The updated reports also get all the payment details right within GovReports. This makes reporting to all State Revenue reports a "One Stop" withinGovReports. "Save & Resume" feature allows users to work on and save their forms even should the SBR end agency be down, or at the convenience or pace suitable to the staff.
The disadvantage of lodging payroll tax direct via the specific OSR website is that tax payers still need to fill and submit reports by visiting various OSR websites. With GovReports, once AUSkey is uploaded during the registration process, users need not sign in each time to submit reports to various agencies or multiple agencies at a time.
'Loving using @GovReportsAU for the lodgement of PAYG Annual Summary.
Makes the whole process much easier #cloud#winning' – tweets Andrew Collins of Timewise Business Solutions.
Industry wide recognition and stake holders' support makes GovReports an essential part of an effective business reporting strategy.