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Date: 29 Nov 2019
Category: ABN

Activity Statement Financial Processing - Coming Soon!

The Buzz

The finalisation of the Activity statement financial processing (ASFP) project is imminent!

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 is timed to occur during the ATO’s December 2019 annual closure from 24 December and will be available at the conclusion of the closure on 2 January 2020. 

THe project was the culmination of a large body of work by the Tax Office and consultation with industry representatives including Australian Bookkeepers Aossociation representitives Kerrie Jarius, Joanne Crumpton and Peter Thorp

In our continued relationship with the ATO, we have obtained a document detailing how these changes will impact BAS agents. The document helps to debunk certain myths regarding the change as well as laying out how these changes will be integrated into the Tax Offices OSFA and impact a BAS agents submission process. To obtain a copy of this document simply click here and download the PDF.

 

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