Here's something to be aware of if you submit a tax activity statement for your business.
The ATO has announced that most businesses that submit an activity statement will no longer be able to send in a paper-based form.
According to the ATO over 4.3 million paper activity statements are sent out annually that are subsequently lodged electronically. The paper, printer and postage costs alone are in excess of $2.5 million.
The Annual GST information report, the quarterly PAYG instalment and GST instalment notices are still going to be done on paper, as there isn’t an electronic interface for these forms.
All we're left hoping for now is that some of that saved money is put into making the online lodgment system more robust and user friendly.
