Businesses using MYOB’s Essentials cloud-based accounting software now have the ability to file their GST returns online directly to the Inland Revenue Department (IRD), saving time and significantly simplifying the GST submission process for SMEs.
MYOB is the first company in New Zealand to launch the e-GST service after working with the IRD on the project for several months. A number of its customers have been involved in trials since December to ensure the service is accurate and works smoothly.
“We’re proud to be the first company in New Zealand to offer the live service to the public. We’ve dedicated significant resources to make sure our customers can enjoy the benefits of electronic filing,” says MYOB General Manager SME Solutions James Scollay.
“MYOB is only focused on the New Zealand and Australian markets. This means we can target our resources to these two jurisdictions and ensure we can bring new services to market as quickly as possible.”
Mr Scollay says it is fantastic that the New Zealand Government is focused on making life easier for business in this country.
“Minister of Revenue Michael Woodhouse and his team can be proud of the work IRD have done to get the receiving part of platform ready for use. We look forward to working with them to deliver more benefits to New Zealand businesses in the future.
“Our MYOB Business Monitor research consistently shows New Zealand SMEs are looking for the Government to simplify tax compliance. This is a great example of the Government responding to those calls and working with MYOB to deliver better outcomes for SMEs,” he says.
GST return data is already prepopulated through MYOB software, meaning that SME owners will not need to manually enter figures into a separate GST return and print a copy to send to the IRD. The functionality is free to all MYOB Essentials customers from today and will be available to MYOB AccountRight customers in the very near future.
Brian Knight, accountant and owner of Transactions Limited, says completing the process on behalf of a number of his clients has been a wonderful time saver.
“I’m delighted with the new e-GST feature in MYOB Essentials. I’ve just prepared everything my client needs for their GST returns in under 5 minutes. It is an absolutely first rate product,” he says.
Partnering with the IRD on this project is part of MYOB’s continued focus on New Zealand SMEs says Mr Scollay.
“MYOB has made significant investments in transforming our online accountancy products. We employ around 350 staff in New Zealand, of which a third are part of the Engineering and Experience team helping to build services like e-GST filing.”
MYOB's launch of its e-GST service follows on from Prime Minister John Key's announcement that the Government will change provisional tax laws to make it easy to lodge business income tax directly through accountancy software in real time.
“Taken together, the changes demonstrate the benefits of cloud-based business accounting and how by partnering with the Government, MYOB can help New Zealand businesses meet their tax compliance obligations,” says Mr Scollay.
The Prime Minister said that IRD expected the proportion of small businesses using cloud-based accounting software to grow from 30-40 per cent to 85-90 per cent over the next 10 years.
“A lot of MYOB’s innovation and research takes place here. We’re committed to bringing more innovations in compliance and accountancy to the market, to help New Zealand businesses grow and succeed.” Mr Scollay says.