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How to keep up with Accounting Industry Trends in Tax Season?

How to keep up with Accounting Industry Trends in Tax Season?

The world has been changing at a very rapid speed, so is the technology. And business firms are also evolving at a decent rate to keep up with the trends. Because these adaptabilities can enhance the level of current accounting and tax firms on the next level, so, they can operate faster and smarter.

On the other hand, a substantial cultural shift is going on. The emergence of technology and new tax laws have made some great changes in Accounting. Research has been conducted by the Sage that says approx. Ninety per cent of American accountants feel that massive reliance on technology has started the trend of a cultural shift.

If you are new or have recently joined a firm as an accountant and finding it very difficult to remain in touch with the latest trends of accounting amid tax season, you can follow these things-

 

Cloud software/services 

Cloud technology has a serious impact on accounting trends. The firms are shifting whole work routines and working on cloud services. Remote networks used instead of a local computer for the storing of services or software.

Now, most of the firms and tax agent Melbourne are working on cloud-based tools that are specially made for accounting. Improved security, quality control, disaster recovery, Remote work options, and cost-saving are prominent benefits of cloud technology that are changing the entire trend of accounting.

 

Accounting Journal 

They say, ‘reading is the best exercise that can enhance your knowledge.’ Indeed, this cliché is probably best suited for the fresh accountants. Journals and publications reading can be the best source of information for you to keep yourself updated with new trends of accounting. Some Journals like CPA can make your mind informed with new happenings of accounting and consulting with an experienced tax agent Melbourne is also a great option.

 

Download Accounting apps

Technology has now become the prominent part of accounting jobs. It helps you keep in touch with the latest news, higher security and better communication with clients. Now, most of the applications are free on the play store. So, try to download a great accounting app that can give you new insights into accounting. These apps will help you learn the different aspects of cloud computing, secure company data, and consumer relationship management. Even the best tax agents in Melbourne follow this strategy.   

 

Read accounting content on the internet  

Internet is one of the greatest and prominent inventions of the 21st century. You can find whatever you want and learn anything you can. There are numerous blogs and articles, which already published on the internet. The blogs and articles about each aspect of accounting are there, like new trends, management, financial statement, or related to new accounting technologies like Cloud software. So, you can also explore the internet to learn about unknown trends in accounting.

Conclusion

To be familiar with the new trends and technologies of accounting can be the best way to enhance your knowledge and take a step ahead from your competitors. So, these were some ways that can help you to keep in touch with new trends in accounting. And you can also reach to tax agents in Melbourne for better advice.

Accessing your income statement or payment summary

Source: https://www.ato.gov.au/

How you get your end of financial year information from your employer showing your earnings for the year (also known as an income statement or payment summary) depends on how your employer reports your income, tax and super information to us. You will be provided with either:

  • an income statement – if your employer reports your income, tax and super information to us through Single Touch Payroll (STP) they are no longer required to give you a payment summary, this information will be made available to you through ATO online services via myGov and finalised by 31 July
  • a payment summary – if your employer is not yet reporting through STP they will continue to provide you with a payment summary by 14 July (as they do now).

Your employer should let you know if you will receive an income statement or payment summary but you should talk to them if you are unsure.

If you have more than one employer, you may receive both an income statement and a payment summary. You will need to check that income from your payment summaries is included in your return. This information may be pre-filled for you or you might need to enter it manually.

To access a summary factsheet of the changes to accessing your payment summary, see Single Touch Payroll for employees.

Accessing your end of financial year information

You can access your end of financial year information through:

Your tax agent

Your tax agent will be able to access your income statement or payment summary information through their software or Online services for agents.

If your employer is reporting through STP, your agent will need to wait until the income statement has been marked as ‘Tax ready’ to prepare and lodge your return. Most employers have until 14 July 2020 to finalize their data. However, some employers have until 31 July to do this.

We will send a notification to your myGov inbox when all of your income statements are ‘Tax ready’.

Through ATO online services via myGov

If your employer has started reporting through STP, they are no longer required to give you a payment summary. You will instead receive an income statement. You will be able to access this information through your ATO online services via myGov.

Your income statement will show your year-to-date salary and wages, the tax that has been withheld and the reported amounts of your employer super.

Any income statements will be ready to use in your tax return when your employer marks it as ‘Tax ready’. They have until 31 July to do this but will often do it earlier. It is important that you don’t use any information that is not marked ‘Tax ready’ as your employer may finalise your income statement with different amounts which means you may have to amend your tax return.

We will send a notification to your myGov inbox when all of your income statements are ‘Tax ready’.

If after 31 July your income statement is not marked as ‘Tax ready’ in ATO online services, you will need to speak to your employer to find out when they will finalise your statement.

How to access your income statement

If your myGov account is set up and linked to ATO online services, you need to:

  • Log in to myGov using your email address or mobile phone number.
  • Select ATO online services.
  • Select Employment and then view my Income statement.

On the screen, you will see the income you have earned from your employer or employers for the financial year, and the tax that has been withheld.

If you can’t access your information via myGov, you can contact us for a copy of your income statement.

When your income statement is not tax ready

If your income statement information isn’t marked as ‘Tax ready’ by your employer, you will see a red box in ATO online services saying ‘Not tax ready’. You will need to speak to your employer to find out when they will finalise your statement.

If you choose to lodge your tax return before your income statement is finalised by your employer, you will need to review any information that has pre-filled and confirm it is correct and if you wish to use it before you submit your tax return.

If you choose to use information from your income statement before it is finalised to lodge your tax return, you will need to acknowledge that:

  • your employer may finalise your income statement with different amounts
  • you may need to amend your tax return and additional tax may be payable.

Changes to payment summaries , income statements are here

How you get your end of financial year information from your employer showing your earnings for the year (also known as a payment summary or income statement) depends on how your employer reports your income, tax and super information to us. You will be provided with either:

  • An income statement – if your employer reports your income, tax and super information to us through Single Touch Payroll (STP) they are no longer required to give you a payment summary, this information will be made available to you through ATO online services via myGov and finalised by 31 July.
  • A payment summary – if your employer is not yet reporting through STP they will continue to provide you with a payment summary by 14 July (as they do now).

Your employer will let you know if they won’t be giving you a payment summary this year. You should talk to your employer if you are unsure how they will be providing this information to you.

If you have more than one employer, you may receive both a payment summary and an income statement. You will need to check that income from your payment summaries is included in your return. This information may be pre-filled for you or you might need to enter it manually.

Your tax agent

Your tax agent will be able to access your payment summary or income statement information through their software or the Tax Agent Portal, this has not changed.

If your employer is reporting through STP, your agent will need to wait until the income statement has been marked as ‘Tax ready’ to prepare and lodge your return. Employers have until 31 July to do this.

We will send a notification to your myGov inbox when all of your income statements are ‘Tax ready’.

Through ATO online services via myGov

If your employer has started reporting through STP, they are no longer required to give you a payment summary. You will instead receive an income statement. You will be able to access this information through your ATO online services via myGov.

Your income statement will show your year-to-date salary and wages, the tax that has been withheld and the reported amounts of your employer super.

Your income statement/s will be ready to use in your tax return when your employer marks it as ‘Tax ready’. They have until 31 July to do this but will often do it earlier. It is important that you don’t use any information that is not marked ‘Tax ready’ as your employer may finalise your income statement with different amounts which means you may have to amend your tax return.

We will send a notification to your myGov inbox when all of your income statements are ‘Tax ready’.

How to access your income statement

If your myGov account is set up and linked to ATO online services, you need to:

  • Log in to myGov using your email address or mobile phone number.
  • Select ATO online services.
  • Select Employment and then view my Income statement.

On the screen you will see the income you have earned from your employer or employers for the financial year, and the tax that has been withheld.

If you can’t access your information via myGov, you can contact us on 13 28 61 for a copy of your income statement.

Why you should hire an expert tax agent?

Whether you wish for it or you don’t, the season of tax happens each year meaning that you will soon have to be stressed out facing a jumble of financial forms. While in the same period, you have the option of escaping the tax returns hassles by securing the assistance of an expert tax accountant in Melbourne, who will handle majority of the tasks for you.

Surely for an individual whose finances are not that complex, can deal with his taxes without any professional assistance as paying hundreds of dollars to firms or individual tax agents in Melbourne may sound a bit unworthy.

Yet, do you know that above 60 % of the taxpayers opt for removing the tax preparation accountability burden from themselves and turn over to proficient and skilled tax return agents in Melbourne to take care of this? Here we have compiled the top reasons to employ a tax professional for your organization.

  1. Mistakes are going to cost you more than taking expert services

Taxes are complex to many individuals, particularly for the ones who have complex income and have not been managing them from a long period. Making mistakes while filling out forms, missing vital information that does not seem to be crucial to an inexperienced person is especially more probable when you do not apprehend the basic elements of the tax return procedures.

  1. Circumstances that complicate taxes

There is a grand list of financial situations, legal statuses and circumstances that makes tax returns in Melbourne more complex. This in turn results in obligating taxpayers to draft even more thorough financial reports as well as present specific tax preferences which an uninformed individual would not be capable of making the complete use, if there is a lack of expert assistance.

  1. Keeping up with the regulations on taxes

It is not that easy to commence with a tax law. Yet, the frequent and constant modifications in its norms, provisions and added regulations entering into force are even more grinding to keep up the pace with. Tax agents are proficient at being well-informed with regard to the tax laws. Thus, they explain the most current modifications to their clients concerning the tax regulations.

Concluding statement

Filing your taxes through individuals or firms offering tax refund Melbourne services ease down the strenuous tax process. You can also get expert help from such agents in other matters as well- such as finding the ideal plan for you, which ultimately results in overall smooth business operations.

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