New NetSuite partnership to automate tax reporting

Published on the 16/06/2015 | Written by NetSuite

australian taxation office

NetSuite has partnered with GovReports, enabling companies to report tax information to the Australian Taxation Office directly using single sign-on…

With the introduction of a new GovReports SuiteApp, built in collaboration with GovReports, NetSuite is driving automation of tax filing for its Australian clients. The new solution is ‘Built for NetSuite’ verified and integrated into NetSuite’s cloud-based business management software.

Founded in 2010, GovReports is a Standard Business Reporting (SBR) product and service provider, lodging between 5,000 and 12,000 Business Activity Statement (BAS) submissions to the ATO every month on behalf of Australian businesses and accounting professionals.

The Australian Government is decommissioning its Electronic Lodgement Service (ELS) in June 2016 and replacing it with the SBR approach to online or digital record-keeping. This provides a channel for businesses to report electronically to the ATO directly from NetSuite, rather than switching over to the tax department portal for lodgement.

The GovReports SuiteApp automatically aggregates sales, expense and Goods and Services Tax (GST) required for tax reporting purposes from NetSuite, prefills the data to the relevant Business Activity Statement (BAS) report and securely transmits the reports directly to the ATO at the appropriate reporting times, using the highest levels of encryption. SuiteApp provides a queuing facility for peak demand times or, in case of an ATO system outage, enables reports to be lodged automatically once the system is available again.

GovReports SuiteApp is multi-user capable, providing for collaborative efforts on taxation reporting, and provides an audit trail within NetSuite, with a record of preparation and lodgement details allocated to specific users if required.

The GovReports SuiteApp is also able to extract payroll data from NetSuite SDN partner Infinet Cloud to complete the Instalment Activity Statement (IAS)/ Business Activity Statement (BAS) reporting and lodgement for NetSuite customers which will be available later in the year.

The Infinet Cloud Payroll SuiteApp provides all the functionality that companies registered with the ATO need to fulfil their payroll responsibilities – from time and leave management, through to tax and superannuation calculations, employee salaries and posting to NetSuite.

“Organisations today demand financial management solutions that are flexible enough to accommodate dynamically changing business needs,” said Mark Troselj, ANZ VP and GM at NetSuite. “We have introduced a fully integrated solution so our customers can securely, efficiently, and accurately report into the ATO and meet its compliance obligations. The GovReports SuiteApp will help our customers keep fully up-to-date with any changes to taxation reporting requirements in Australia, and is therefore advantageous to our cloud platform.”

The GovReports SuiteApp is now available to NetSuite’s Australian customers.

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