HOW AUSTRALIAN BUSINESSES CAN AVOID A TAX AUDIT AND GET SBR-ENABLED

Impact Management Group is offering a way for ABN holders and small businesses in Brisbane’s south western suburbs to avoid a tax audit. The start of the new financial year heralded a radical change in the way Australian businesses are able to report to government departments under the Federal Government’s new Standard Business Reporting (SBR) initiative. Those businesses and ABN holders who adopt the SBR-enabled online accounting software, Interactive Accounts Manager (IAM) from Impact Management Group, have a far greater chance to avoid being audited.

IAM has been designed to meet the reporting requirements of all participating government reporting agencies. If used correctly, ABN holders are much less likely to be audited as the accounting software allows any queries from the participating government departments to be dealt with quickly and conveniently.

“We estimate that by using our software correctly and complying with ATO requirements, there is a 95 per cent chance of avoiding an audit,” said Tiana Tran, Managing Director of Impact Management Group. “Due to the nature of IAM’s interactive interface, users can store a soft copy of the business transaction documents into the software, so all the information is a click away if the ATO asks a question about any particular transaction. The quicker you can respond to an ATO query, the less likely you are to be audited.”

All information can be synchronised, centralised and integrated in IAM.This means accounts, transactions and information are available anytime from any computer or PDA, on any platform. “The on-demand nature of IAM means a business’s financial workload will become smaller and more accessible, making it less intimidating overall,” said Tiana. “We also offer extra peace of mind for those users who may not feel entirely confident with their accounting skills by providing an audit insurance policy.”

In the event that a business or ABN holder using IAM is selected for a random tax audit, they will be covered for the audit costs - up to $2,000 per BAS audit and up to a maximum of $8,000 per year.

IAM revolutionises the way ABN holders report on business activity and it guarantees to save businesses precious time and potentially thousands of dollars in accountancy fees.

IAM’s simple-to-use accounting software will ensure that standard business reports are submitted directly to government agencies such as the ATO and ASIC.

Furthermore, as IAM is an online accounting software program, there is never any need to worry about updates and whenever there is a rule change the system will automatically update. IAM’s data encryption technology is on a level with top banks and daily backups are automatic to offer ease of mind for the millions of Australian ABN holders.

Everyone from accountants to bookkeepers, micro and small businesses can benefit from using IAM. It enables accountants and bookkeepers to work on their clients’ accounts in less time, allowing them to take on and service more customers. Business owners can use the time and money saved where it’s needed most in other areas of their business.

There are just three very easy steps to get going with IAM’s business accounting: 1) Download a bank statement; 2) Upload in IAM, identify and allocate nature of business transactions; and 3) Generate the BAS and lodge it from IAM using AUSkey.

Australian ABN holders, accountants and bookkeepers can access IAM for an annual, upfront payment of $340 for a year plus GST and includes unlimited transactions plus the BAS audit insurance policy for additional peace of mind. For more information, visit www.eimpact.com.au or call 1300652590.