In a joint submission, CA ANZ and CPA Australia provided feedback to Treasury on 1 March 2021 in relation to modernising business communications.

Purpose of consultation

In 2020, the Government announced, as a part of the renewed deregulation agenda, that the deregulation Taskforce would prioritise modernising business communications to reduce business costs and better reflect the way Australians want to engage and communicate digitally.  

Treasury’s consultation formed part of this renewed agenda and focused on   how  best  to  improve  the  technology  neutrality  of  Treasury  portfolio  laws,  beyond   the   actions  already  being   taken  by  the  Government, to ensure  they  do  not  restrict the use of current and future technologies.

Key Points from joint submission 

• As 98 per cent of Australian business are small and medium enterprises (SME), and it is recognised that many do not have the digital skills and capacity to fully benefit from this and other digital initiatives, consideration must be given to significantly increasing the funding of projects that enhance the digital capability of these SMEs.
• Any changes aimed at modernising business communications should be carefully considered, widely communicated, and supported with resources, training, and awareness within the business community.
• We recommend Treasury undertakes appropriate steps to make digital financial reporting standard practice as this could enable users of financial reports to access information more effectively and efficiently.
• It is important that intermediaries are front of mind for Treasury and government agencies when modernising business communications. Intermediaries such as accountants, bookkeepers and lawyers are fundamental to business compliance with many Treasury portfolio laws. By way of example, according to the ATO, 95 per cent of businesses lodge their tax returns through a tax agent.