From 15 December we'll stop issuing statement of accounts (SOAs) when the only transaction on the account is for interest on early payments (IEP) that we paid to the nominated bank account.
This change will reduce the volumes of nil-balance statements you and your clients receive. Meaning there’ll be less correspondence from us for you or your clients to receive and process.
You can reconcile any IEP refunds in your trust account by using the electronic funds transfer report available in the practitioner lodgment service (PLS). To be eligible to access this report, you must provide the details of your trust account to us. This can be done via your practice software, using the 'manage agent trust' service.
We'll continue to issue SOAs if an IEP credit is offset against a debt or is paid via cheque.
You or your client can contact us to request a SOA at any time.
We’ll continue to issue SOAs for other events when credits or refunds are used to offset other debts, and in some cases, when a notice of assessment issues.