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Seamlss Source Document Request: Revolutionising Client Verification in Tax Practice

collect documents from clients using source method and Seamlss

In the dynamic world of tax practice, the process of client verification stands as a cornerstone in maintaining the integrity and reliability of transactions. The recent ATO Open Forum held on 8th August 2023 brought to light a critical question concerning the verification process, especially for clients with multiple shareholders. Here, we delve into the query and how the Seamlss Source Document Request method stands as a beacon of innovation and efficiency in addressing this concern.

The Query Unveiled

During the forum, a significant question was raised: “In the case of a client with multiple shareholders, do we need to verify the identity of all shareholders, or just directors and/or public officers?”

A Comprehensive Response

The response outlined a two-pronged approach to verification:

  1. The Client Entity: This refers to the verification of the company or the primary client entity.
  2. Individual Representatives: This encompasses individuals who are representing the company client to the practitioner. It could be a director or an employee of the company, essentially anyone tasked with instructing the registered tax practitioner.

It was clarified that there is no mandatory requirement to verify the identities of the directors or shareholders, unless a director or shareholder is the individual representative instructing the tax practitioner on behalf of the entity.

Seamlss: Your Partner in Efficient Client Verification

In light of this, the Seamlss Source Document Request method emerges as a powerful tool in facilitating streamlined and comprehensive client verification. Here’s how:

  1. Versatility in Document Request: Beyond the conventional photo ID verification facilitated by our Stripe DVS option, Seamlss allows practitioners to request a variety of documents, catering to diverse verification needs.
  2. Holistic Verification Approach: Seamlss simplifies the process of verifying both the entity and the individual representing the entity, ensuring a seamless and secure verification process.
  3. Alignment with TPB Guidelines: Seamlss aids practitioners in adhering to the guidelines set by the Tax Practitioners Board, fostering compliance without complexity.

Embrace the Future of Client Verification with Seamlss

As the landscape of tax practice evolves, the necessity for robust and flexible verification tools becomes paramount. The Seamlss Source Document Request method stands as a beacon of innovation, offering a pathway to streamlined, comprehensive, and compliant verification processes.

For a deeper understanding of the verification information required for both the client entity and the individual representative, we recommend referring to the TPB’s practice note.

Join us in revolutionizing client verification. Embrace Seamlss, where compliance meets convenience.