Legal documentation provider Topdocs has extended its automation of the Australian Business Number (ABN) and Tax File Number (TFN) application process to companies and trusts for financial planners, following its automation for SMSFs.
In a statement, Topdocs director Michael Spakman said the move will save the financial planning, accounting and legal professions thousands of hours each year.
"Every time a new SMSF, company or trust is required to register with the Australian Taxation Office, someone has to manually enter this information online, which can be a time consuming process, taking up to 30 minutes depending on the person," Mr 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," said Mr Spakman.
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