The Tax Office plans to begin consultation next month on its plans to create a new digital tax experience for small business that would provide small businesses with access to digital tools, services, and resources.
This forms part of the ATO’s broader program of work focused on helping small businesses meet their tax and super obligations.
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Last month, the ATO announced its ‘ready for business campaign’ that aims to improve compliance with tax, super, and registry obligations among small businesses through increased guidance and tips.
“Central to this program of work is the creation of a digital tax experience where small businesses have access to digital tools, services and resources,” the ATO said.
“We are progressing exploration of administrative initiatives to inform, test and evidence opportunities within a digitalised tax experience for small businesses.”
In a recent update, the ATO said the purpose of the consultation would be to identify, co-design, and deliver “contemporary digital solutions that will support progress towards a future digitalised tax experience for small businesses”.
It plans to consult with professional associations, industry representatives and experts, stewardship groups, digital service providers, small business, and financial institutions.
“Stakeholder engagement is required to support co-design, development and implementation of these initiatives,” the ATO said.
“Consultation will assist us to deliver contemporary digital solutions to enable a digital tax experience for small business.”
The ATO noted that this was listed as a key focus area in its Corporate Plan.
The Tax Office stated in its Corporate Plan that it would work on blueprinting a "future small business digitalised tax experience".
"We will continue to consult with key partners and publish a multi-year approach designed to make it easier for small businesses to meet their tax obligations from the start and on time," it said.
The ATO also said it would focus on implementing digital strategy initiatives to accelerate the digitalisation of the tax ecosystem and also responsibly expand its use of automation and artificial intelligence (AI) to increase operational efficiency.
The Tax Office previously announced it would also be issuing a series of emails to small businesses with tips on ABN obligations, business structures, registering for goods and services tax (GST) and understanding employer responsibilities.
"Our goal is to provide small businesses with guidance, tools and tips so new business owners can focus on growing their business with confidence," ATO deputy commissioner Will Day stated last month.
"Small businesses are vital participants in the tax and super system. As stewards for small businesses, our role in making it easy for small business owners to get their tax and super right is more important than ever."
Miranda Brownlee
AUTHOR
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.