Exclusive: Accounting software company MYOB has released an early version of its fringe benefits tax form to a closed group of accountants. The beta online tax program includes digital signatures, the first for an accounting software company.
A leaked internal video demonstrates how a client can digitally sign a tax return from a smartphone. The video shows how near MYOB is to launching its online tax program which will compete with Xero Tax, the final release of which is due before the end of the financial year.
Users can approve FBT returns electronically or manually before submitting them live through the ATO’s standard business reporting (SBR) online lodgment system.
MYOB’s tax program gives accountants real-time validation, automated status updates and due date reminders for tax returns. The beta version also includes FBT client list tracking.
MYOB is working on adding other features before the release. These include creating lists automatically from the ATO’s client list, attaching documents with thumbnail view and preview, business activity statements (BASes), ledger integration and “automated CU updates”.
Software companies are overhauling their practice management suites to include aspects of the tax agent portal as the Australian Tax Office transitions to the SBR framework.