ATO to implement one-stop software for tax agents
The Australian Taxation Office (ATO) is looking to implement a one-stop shop for tax agents as part of its ongoing digital agenda.
In a recent speech to the University of NSW biennial international ATAX conference on tax administration, Second Commissioner Neil Olesen said the development was already “well advanced”.
Olesen explained that for the last 30 years, most tax agents have lodged their returns using the Electronic Lodgement Service (ELS).
Since 2015, the ATO had been gradually replacing this old channel with its new digital Practitioner Lodgement Service.
“This coming Tax Time 2018, all tax agent lodgements for all income tax returns will be through this new digital channel,” Olesen said.
“All software providers that service the tax agent community have released upgrades that incorporate the new lodgement channel.”
Olesen also discussed the ATO’s progress with SuperStream, the initiative born out of the 2010 Cooper Review into the efficiency of Australia’s superannuation system.
This review found that much of the so called ‘back office’ of the superannuation industry was plagued by inefficiencies and resulted in millions of lost superannuation accounts, as well as difficulties for members in consolidating their accounts.
Olesen noted that at the end of last year, the benefits of SuperStream for employers and funds were estimated to be $800 million per year, comprising about $400 million per year for employers and a further $400 million per year for funds.
“More significantly, the estimated improvements in retirement savings for members were estimated at $2.4 billion per year,” he said.
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