2FA (Two-Factor Authentication or Two-Step Authentication) is coming to all Australian accounting software by the end of 2018.
What is 2FA?
2FA is a more secure way to log into your accounting system. It combines something you know (such as your username/password combination) and something you have (such as your mobile phone).
How does it work?
2FA is an added level of security used when logging into your accounting software. After entering your standard username/password combination, you’ll be asked for a second identifying code. For some software, this may be received by SMS. For other software, it may be generated by the Google Authenticator app.
What software is affected?
Xero, MYOB and Intuit software solutions already have 2FA abilities for some or all users. Reckon software solutions will contain 2FA abilities in the coming months.
Why the change?
The ATO has mandated that any software solutions which connect to its systems (which all modern accounting software does) must have this added level of security for protection against data theft.
When will it happen?
Accountants are required to be using 2FA by 30 June 2018.
Payroll administrators are required to be using 2FA by 30 September 2018.
All other users are required to be using 2FA by 31 December 2018.
When 2FA becomes available for you to turn on will depend on your chosen software and your user role.
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If you buy an asset by 30 June and it costs less than $20,000, you can write off the business portion in your 2018 tax return.
Are you running behind on employee superannuation payments?
If so, you’re in luck.
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You have 12 months to get your unpaid super in order.