BDO Know How August 2016: The Future is Now - Efiling GST
16 August 2016
Xero and MYOB Essentials users are now able to file their GST and provisional tax returns directly from their accounting software using a new tool developed by Inland Revenue. The feature is available to all customers who use either product to prepare their GST returns.
The current process for most users who prepare their own GST returns is to run their GST report, then log onto the IRD website and manually enter their figures. The new system instead uses the prepopulated data directly from MYOB or Xero.
The new system is easy to use, convenient and reduces the chances of transcription errors. Its implementation forms part of Inland Revenue’s business transformation project, as Inland Revenue moves many of its core services online.
In Xero, once GST returns are finalised, users are given a ‘file now’ option, and are taken to Inland Revenue’s authorisation screen, then asked to enter ‘myIR’ login details. Once authorised the return is filed, and you will need to arrange payment (if any). The process is similar with MYOB Essentials, instead using the ‘GST Lodgement report’ and authorising through the ‘myIR’ login.
MYOB’s AccountRight Live users are expected to have online filing functionality soon, and Inland Revenue are currently working on authorising other accounting software providers.
We note that GST and provisional tax online filing functionality is unavailable for provisional tax payers using the ratio option.
For any assistance with Xero or MYOB’s new online filing features, contact your local BDO adviser.