Tax: MyGovID deadline 27 March Posted on February 14, 2020
The ATO has announced a termination date for AUSKey of Friday 27 March. This means, the transition to MyGovID for digital interaction with the Australian Tax Office will be compulsory. Here’s what you need to know…
What is AUSKey/MyGovID?
This is authorisation system that enables digital interaction with the ATO. Tax agents and small business owners use this to identify themselves and report to the ATO either for themselves or on behalf of their clients.
Why is MyGovID being mandated?
MyGovID is intended to increase security by utilising encryption and cryptographic technology as well as other security features on a device — such as fingerprint, face detection or password.
Who does this impact?
This impacts tax practitioners such as our team at AdviceCo. as well as any business that manages their own digital interaction with the ATO, such as BAS.
What does this mean?
This means that if you currently use an AUSKey to report business finances to the ATO, then you need to transition to MyGovID before Friday 27 March. The Director of the company needs to assume responsibility for granting the rest of the team access. The app is proving to be very popular. According to the ATO, there were 492,936 myGovID app downloads as of 9 February.
Our process of transition to MyGovID is underway. If you require support, please don’t hesitate to contact us.