Simplified activity statements with new ASFP system
Activity statement financial processing (ASFP) is an ATO system change that moved all activity statements and franking deficit tax accounts into one accounting system.
The ASFP system was designed to help streamline communication with the ATO and provide consistency across a range of areas, shifting activity statement and franking credit deficit tax accounts from the current ATO system into their primary accounting system. This change is intended to help improve ATO digital services by delivering simplified transaction descriptions, providing more information to businesses on their financial position and payment due dates. It also includes the ability to make direct debit payment arrangements for activity statements online.