ATO Withdraws e-Record Bookkeeping System

From the 2010-11 income year the Tax Office's record-keeping product, e‑Record, will no longer be available.

The product has been reviewed and found to no longer be compatible with current commercial record-keeping systems. It would also need to be redeveloped to keep up with technology and new business directions.

Version 6.2 is the final version of e-Record and is available for download until 30 June 2010. The ATO encourages e-Record users to consider purchasing record-keeping software by 30 June 2010.

I have never liked e-Record as I found the reporting to terrible and not the least bit user friendly.

Since GST commenced in 2000 we have recommended and supplied CashFlow manage to many small business client with great success.

For those people wanting to replace e-Record we highly recommend Cashflow Manager - see our post:

==> Simple cash GST bookkeeping solution

Easy Bookkeeping System - Cashflow Manager

My Tax Zone is a Cashflow Manager re-seller - enquire today for 24 hour delivery.

The introduction of GST forced many small business to upgrade to PC based bookkeeping systems. Since then we have been a strong advocate for Cashflow Manager over every other bookkeeping system available in Australia. It is just so simple to use.

Simply record your receipts and payments transactions in columns. You don't need to know anything about accounting, and everything is right there on the screen for you to review. Each column has a 'GST' type that automatically calculates the GST and makes your BAS Statement a breeze. The program is so simple that it comes with a full, no questions asked 90 day money back guarantee so there is no risk in giving it a try.

Features of Cashflow Manager include:

• Cashflow Manager uses columns to record receipts and payments.
• Customising the program for your needs is very simple with a wizard that walks you through each step.
• There are several ‘business templates’ that automatically establish columns for your type of business
• Reconciling to your bank takes just 5 simple steps.
• Comprehensive reports explain your business transactions and results.
• Comprehensive, easy to follow Help and Video Tutorials that walk you through each process.
• The Monthly Summary Report provides a picture of your monthly receipts and disbursements.

Changes to Notice of Assessment - Feb 2010

The ATO are currently upgrading their computer systems to improve the way tax agents and taxpayers interact with the ATO.

As part of the changes, a new notice of assessment (NOA) will be introduced in February 2010.

Changes to the notice of assessment for income tax transactions apply from the introduction of our new Income Tax processing system, scheduled for February 2010. Some of the main changes are outlined below and samples of the current and new look notice of assessment are available.

You will only receive a new look NOA when Income Tax transactions start being processed using our integrated core processing (ICP) system.

The new look NOA is designed to be easier to understand and to provide more detailed information about your income tax assessment.

The changes made to the NOA will also apply to the notice of amended assessment.

Report Predicts Rental Rises Accross the Board in 2010

Property investors will be pleased with Australian Property Monitors (APM) expectations of rental increases throughout Australia

The report stated that after rents remained stagnant in 2009, strong increases are expected in the coming year.

APM economist, Matthew Bell, said that this implies increased market confidence.

‘It is clear that in 2009 rents were generally kept in a holding pattern as landlords and the market waited to

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