CA ANZ made the call in its pre-Budget submission released last month, and according to CA ANZ Australian Tax leader, Michael Croker, the Budget provides the ideal stage for the treasurer to paint a picture of what an online Australian business community will look like a few years from now.
“Business communities are set to experience an influx of emerging technologies and online services, changing and improving the ways business will be done in Australia. The challenge now is getting information about the benefits to businesses so they can get on board,” Croker said.
“Regulators should also identify ways to reward businesses for embracing new technology. For example, the ATO could provide ‘switched-on’ businesses with lower tax risk ratings.
“These technologies have the potential to help develop new products, work more efficiently and deliver better work environments.”
CA ANZ says the key technologies that will play a key role in the future success of Australian businesses highlighted in its submission include single touch payroll, modernisation of business registers and e-Invoicing.
And CA ANZ says single touch payroll is an important first step towards streamlining employer reporting and reducing red tape, with the technology to benefit both employers and employees.
The accounts group says employers will no longer need to provide annual pay summaries to employees, reducing administration overheads and conversely, employees will have access to more financial information online in a timely manner.
“Recent Australia-New Zealand government collaboration on e-Invoicing is most welcome, and the challenge now is boosting take-up rates within the business community,” Croker said.
“Chartered Accountants are regularly engaged in helping clients embrace integrated business technology solutions.
“Advising clients using real-time data is increasingly common as memories of a once-a-year visit to the accountant to ‘do the books’ rapidly fade.”