Sydney, Australia (PressExposure) August 27, 2012 -- There is no doubt that businesses are now progressively accepting cloud reporting as the way forward in meeting compliance requirements. To complete the gap for the modern accounting practice, Impact Management Group (Impact), announced another first for GovReports - reporting Individual Tax Returns (ITR) on cloud.
Individual Tax Returns are usually lodged through the ATO legacy service called ELS and available only for Tax agents. It requires desktop based solutions together with Cisco VPN clients to be installed in every machine to securely connect to ATO servers.
All that has changed with the current GovReports release. Not only users do not have to install Cisco VPN clients, expensive licensing of ELS solution no longer restricts them. With GovReports the complete tax agent specific forms from Company Tax Returns to Individual Tax Returns are available on cloud.
ATO is transitioning their ELS services into SBR and the project completion scheduled for 2015. However Impact releases GovReports ELS Transition Solution to aid tax agents to move seamlessly into cloud based reporting. In fact, when ATO turns off their ELS system, GovReports tax agents will not be aware of the changes as GovReports will handle the back end switching over automatically.
As a cloud reporting service provider, GovReports is a PayPal like service for sending tax/financial reports direct to ATO, ASIC and State Revenue Offices. Currently there are 40 types of reports and schedules that can be lodged via GovReports such as Business Activity Statements, Tax File Number Declaration, ASIC Financial Reports, Fringe Benefits Tax Return, Company Tax Return, Individual Tax Return and Payment Summary Annual Reports. Based on Australian Government's Standard Business Reporting (SBR) technology and is heavily used by businesses and tax practitioners to simplify the process of reporting to the government.
GovReports lodged its first Company Tax Return on 30th May 2012 and first Individual Tax Return on 31st July 2012 by bringing SBR and ELS together in one application - first of its kind in Australia.
"And as many of the GovReports users refer our service as the last piece of the puzzle for their practice and the addition of ITR will complete the cloud reporting package" GovReports spokesperson asserted.