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Date: 17 Dec 2019
Category: ABN

Activity Statement Financial Processing - All Systems Go!!

Buzz

Merry Christmas from the ATO, with news that Activity statement financial processing (ASFP) project will go ahead and be ready for your return in early January.

By way of background, ASFP will move all Activity Statement and franking credit tax financial information onto a single ATO system – a single accounting system rather than multiple accounts. For BAS agents, other benefits include:

  • A summary view of statement of account transactions with the ability to expand and view the full account transaction list if required
  • A simplification of transaction descriptions, with the removal of non-essential information and using common tax-type abbreviations.

This change will occur during the ATO’s December 2019 annual closure of online systems from 24 December and will be available at the conclusion of the closure on 2 January 2020.

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