Australian SMEs want simpler online tax reporting
MYOB's new feature enables SMEs to lodge statements directly with the ATO.
According to new research by MYOB released today, Australian small to medium businesses (SMEs) have welcomed the simplification of Business Activity Statement (BAS) reporting requirements and are embracing online reporting. The survey of over 1000 businesses shows that 64% of SMEs did their BAS reporting themselves this year.
In a bid to make the process easier for Australian businesses, the Australian Tax Office (ATO) in July this year overhauled the complex reporting requirements so that SMEs now only need to report their GST on sales, GST on purchases and their total sales.
However, despite these changes made by the ATO to simplify BAS reporting requirements, almost one third (31%) of Australian SMEs are still outsourcing their tax reporting. The MYOB SME Snapshot survey revealed that one quarter of SMEs are calling for online tax reporting integration within their accounting software.
In line with this, MYOB AccountRight has launched a new Online Activity Statement feature which will allow SMEs to lodge their activity statements directly with the ATO. The feature is the first accounting software integration to allow for this and promises to save SMEs much-needed time.
"With policy to simplify reporting being actioned in this year’s budget, our Online Activity Statement leverages the simpler laws and makes the SMEs' job a whole lot easier. The system can pre-fill sections of the BAS and IAS forms using the business' online file and because it’s online and integrated with MYOB accounting software, it now means that BAS can be filled through one easy process rather than double handling," said MYOB CEO Tim Reed.
Australian SMEs are eager to invest in software that improves efficiency, with a survey conducted by MYOB in July revealing 75% of Australian SMEs had invested in technology in the last year alone.