An individual return can be completed in just 7 easy steps, many of them using transfer and pre-populate options to complete the information:
1. Create the I form using the ATO prefill functionality – using the information collected by the ATO to populate the tax return with information for checking with the client is a very valuable way of saving time on data entry.
2. Import rental property schedules (and other worksheets and schedules) from another client – use data entered for one client to populate the return of another. By using the Transfer option for items such as rental properties owned in common, bank accounts, dividends and Managed Funds, you can save on data entry time and increase accuracy.
3. Add work-related and other tax-deductible expenses – use the inbuilt worksheets to complete the details for work-related and other expenses. This will provide more information for next years’ return and reduce the amount of time spent verifying previous figures.
4. Input managed funds using the Funds schedule – one Funds schedule allows you to enter data into multiple locations in the tax return, again saving time and increasing accuracy.
5. Correcting ATO errors – there are some common errors within a return, and knowing how to navigate to them and fix them quickly will get the return completed and reviewed even quicker.
6. Updating the status, preparing and collating documents – track the status of the return using HandiTax then prepare the documents and collate them to send as a complete set to the client. If used in conjunction with our Client Portal and Document Manager modules, an electronic signature from the client can be received within hours of completing the document!
7. Lodging the return – the last of our quick steps is to lodge the return, and while the ELS and SBR systems are running in parallel, you have the opportunity to choose the method that suits you.
Saving just 5 minutes on each tax return can save you up to $1000 per week+. With these sorts of benefits possible, for a very small investment you could purchase our pre-recorded webinar “Completing a tax return in 7 easy steps”.
This 1-hour training option is not only affordable but also counts towards CPD hours, can be shared around the office, and watched as many times as you like. It comes with a manual for quick reference, ensuring you receive maximum benefit.
+ Assumes 4 staff doing 6 returns each per day and charging $250 per return.
Duration: 1 hour
(Early bird special till the 18th of August)