Fee From Refund Service & Solution to Accounting Firms

The Simple Fee from Refund Solution

Fee From Refund solution or FFR is a commonly used term by Tax Practitioners where they deduct their professional Fee From Refund when the ATO refund hits their trust account. If tax practitioners provide this service, they must maintain a separate trust account and get it audited once a year. Hence there is a need for a specialised trust accounting software incorporating a simple Fee From Refund solution that can take the compliance burden out while providing this service.

It’s hard to manage this service due to compliance and other manual work associated with Fee From Refund service and many tax practitioners in the past had stopped providing this service. TrustEasy brings back this revenue opportunity for them. It provides a simpler and faster solution to manage the entire Fee From Refund cycle with ease.

TrustEasy team went into minute details to take the headache out of this entire process. To give an example, you can enter the additional charges for Fee From Refund service under “Disbursement” on a global setting (Firm Setting) and it will automatically deduct that amount from every refund along with the standard professional fee.

Another example is when an .aba file is created for the net refund amount payable to clients, it creates an .aba file for the firm at the same time so that fees are also paid at the same time. That’s brilliant!

Benefits of using Fee From Refund

Benefits of using Fee From Refund

It’s no secret that compliance work has been commoditized and rising staff costs and short staffing since Great Resignation requires tax practitioners to look at automation and other avenues to top up their revenue stream. TrustEasy assists with both.

Most tax practitioners charge $18 to $50 extra per tax lodgement for providing Fee From Refund service. Managing and processing fee from refund is getting complicated due to its manual tasks, compliance and audit requirements. An advanced statutory trust management software designed for tax agents, TrustEasy takes these risks out and opens up another revenue stream for accounting firms.