Airtax, a digital platform built by PwC, aims to help facilitate the continued growth of the microbusiness sector by reducing the time spent on GST compliance, estimated by the big four firm to average between 160 to 200 hours each year.
The platform will integrate expense and income data from NAB customers through their NAB transaction accounts, as well as calculate GST liabilities or credits and lodge paperwork with the ATO, in an attempt to streamline and reduce the administration burden.
PwC said the Airtax initiative will help bolster and aid the burgeoning microbusiness sector, acknowledging the presence of “access to assets” business models, including ride-sharing and accommodation sharing services.
NAB research has indicated that this segment of the economy is growing at around 140 per cent annually.
“The perception of microbusinesses is that GST compliance administration is time-consuming and confusing, and until this point there hasn’t been a simple technology solution to help ease some the headaches this can cause,” said PwC managing partner of strategy, Sammy Kumar.
“We see a real urgency around this issue because the compliance burden on the flexible economy could hold it back at a time when, from a national economy perspective, we need it to be firing.”
He added: “The launch of Airtax recognises that large organisations like PwC and NAB have a big role to play in helping microbusinesses thrive and realise their potential.”