Date posted: 11/03/2019 2 min read

Time to embrace our online business community

Australia needs to talk up its future as an online business community

The Federal Government should better communicate to Australian businesses the benefits of online services about to be implemented nationally, according to the Chartered Accountants Australia and New Zealand (CA ANZ), in its pre-Budget submission released last month.

CA ANZ Australian Tax Leader, Michael Croker said 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.

"Australia's ongoing economic success depends on its ability to embrace technological advances.

"These technologies have the potential to help develop new products, work more efficiently and deliver better work environments."

The key technologies that will play a key role in the future success of Australian businesses highlighted in our submission include single touch payroll, modernisation of business registers and e-Invoicing.

Single touch payroll is an important first step towards streamlining employer reporting and reducing red tape. Such technology will benefit both employers and employees

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."

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