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  • What ASFP means for tax professionals

    The activity statement financial processing (ASFP) project has moved all activity statement and franking deficit tax financial information into the one ATO system, delivering a single accounting system with multiple accounts.

    For tax professionals and their clients, ASFP provides an improved experience.

    Benefits of ASFP for tax professionals

    A number of improvements have been made to simplify how activity statement and other account information is displayed in Online services for agents, including:

    • simplified transaction descriptions, removing non-essential information and using common tax type abbreviations
    • a summary view of statement of account transactions, with the ability to expand and view the full account transaction list if required (see Figure 1)
    • visibility of pay as you go (PAYG) withholding director penalty accounts against individual director tax file numbers (TFNs) and timely reconciliation of these parallel liability accounts
    • greater consistency when undertaking online transactions and a wider range of online services, including direct debit for activity statement payment arrangements (see Figure 2).

    Figure 1: Summary view of account transactions

    Screen shot of summary transaction view on Online Services for Agents. Screen shows how credits and debits are differentiated in designated columns. Break out box shows that an expanded view of transactions can be generated by selecting the downward facing arrow. This example shows the break down of a General Interest Charge entry.

    Figure 2: Making an activity statement payment arrangement

    Screenshot shows the "Make a payment plan" screen on Online Services for Agents. Break out box shows that the PAYWG Director Penalty Account will be able to be viewed and that a payment plan can be made online. Second break out box shows that “Direct debit” is now available for activity statement payment arrangements via online channels.

    We have also introduced a new suite of payment letters that provide your clients with clear visibility of their debt position. The new letters, which will inform clients when a new overdue debt comes onto their account, include:

    • an account breakdown showing the new amounts and balance
    • where the client has multiple accounts, a full list (including their balances and payment status), improving clarity on their total overdue debt position
    • clear directions on payment actions a client may need to take depending on their circumstances.

    See also:

    • Activity Statement Financial Processing Working Group
    Last modified: 06 Jan 2020QC 60438