Topdocs has expanded the automation of the Australian business number (ABN) and tax file number (TFN) online process, which originally only enabled SMSFs to use the feature, to companies and trusts.
Over 200,000 companies are registered in Australia each year, as well as high volumes of unit and discretionary trusts.
The new automation would save the accounting, legal and financial planning professions thousands of hours each year, according to Topdocs director Michael Spakman.
“Every time a new SMSF, company or trust is required to register with the ATO, someone has to manually enter this information online, which can be a time-consuming process, taking up to 30 minutes depending on the person,” Spakman said.
“Multiply this by the number of legal structures set up per year and you have an enormous amount of wasted time currently existing in the industry.
“By automating the population of the ABN and TFN online application, and providing this service free of charge to advisers, we are giving advisers back this time, enabling them to focus more on client-facing work.
“The feedback so far has been amazing.”
He added the new integration was one of a number that had been created to simplify the ordering process for advisers.
“Topdocs has created a number of time-saving integrations to make the process of ordering legal documents quick and easy for advisers, including links with BGL, Class Super, Macquarie, CommBank, National Australia Bank and Xplan,” he said.
Topdocs added automated ABN applications for SMSFs to its online portal through a direct link with the Australian Business Register in November 2015.
