Latest Accounting News
Hot Issues
ATO reveals common rental property errors from data-matching program
New SMSF expense rules: what you need to know
Government releases details on luxury car tax changes
Treasurer unveils design details for payday super
6 steps to create a mentally healthy and vibrant workplace
What are the government’s intentions with negative gearing?
Small business decries ‘unfair’ payday super changes
The Leaders Who Refused to Step Down 1939 - 2024
Time for a superannuation check-up?
Scam alert: fake ASIC branding on social media
Millions of landlords the target of expanded ATO crackdown
Government urged to exempt small firms from TPB reforms
ATO warns businesses on looming TPAR deadline
How to read a Balance Sheet
Unregistered or Registered Trade Marks?
Most Popular Operating Systems 1999 - 2022
7 Steps to Dealing With a Legal Issue or Dispute
How Do I Resolve a Dispute With My Supplier?
Changes to Casual Employment in August 2024
Temporary FBT break lifts plug-in hybrid sales 130%
The five reasons why the $A is likely to rise further - if recession is avoided
June quarter inflation data reduces risk of rate risk
‘Bleisure’ travel claims in ATO sights, experts warn
Taxing unrealised gains in superannuation under Division 296
Most Gold Medals in Summer Olympic Games (1896-2024)
Estate planning considerations
5 checklists to support your business
Are you receiving Personal Services Income?
What Employment Contracts Does My Small Business Need?
The superannuation changes from 1 July
Hasty lodgers twice as likely to make mistakes, ATO warns
Articles archive
Quarter 3 July - September 2024
Quarter 2 April - June 2024
Quarter 1 January - March 2024
Quarter 4 October - December 2023
Quarter 3 July - September 2023
Quarter 2 April - June 2023
Quarter 1 January - March 2023
Quarter 4 October - December 2022
Quarter 3 July - September 2022
Quarter 2 April - June 2022
Quarter 1 January - March 2022
Quarter 4 October - December 2021
Quarter 3 July - September 2021
Quarter 2 April - June 2021
Quarter 1 January - March 2021
Quarter 4 October - December 2020
Quarter 3 July - September 2020
Quarter 2 April - June 2020
Quarter 1 January - March 2020
Quarter 4 October - December 2019
Quarter 3 July - September 2019
Quarter 2 April - June 2019
Quarter 1 January - March 2019
Quarter 4 October - December 2018
Quarter 3 July - September 2018
Quarter 2 April - June 2018
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
Quarter 3 July - September 2014
Quarter 2 April - June 2014
Quarter 1 January - March 2014
Quarter 4 October - December 2013
Quarter 3 July - September 2013
Quarter 2 April - June 2013
Quarter 1 January - March 2013
Quarter 4 October - December 2012
Quarter 3 July - September 2012
Quarter 2 April - June 2012
Quarter 1 January - March 2012
Quarter 4 October - December 2011
Quarter 3 July - September 2011
Quarter 2 April - June 2011
Quarter 1 January - March 2011
Quarter 4 October - December 2010
Quarter 3 July - September 2010
Quarter 2 April - June 2010
Quarter 1 January - March 2010
Quarter 4 October - December 2009
Quarter 3 July - September 2009
Quarter 2 April - June 2009
Quarter 1 January - March 2009
Quarter 4 October - December 2008
Quarter 3 July - September 2008
Quarter 2 April - June 2008
Quarter 1 January - March 2008
Quarter 2 April - June 2007
Quarter 2 April - June 2006
Quarter 1 of 2022
Articles
Undisclosed income risks hefty asset betterment assessments
Superannuation Guarantee (SG) increases
How stress and burnout are different, and why the difference is important
Accountants ‘have important role to play’ in digital transformation
ATO launches campaign to target tax withholding on overseas royalties
ATO releases new draft guidance products impacting private trusts
GDP by country since 1800
ATO releases new guidelines to combat identity theft.
Extension in minimum drawdown rates
6 tips for small business success in 2022
‘Shot across the bow’: ATO puts professional firm profit allocations on notice
Extension of the bring-forward age up to 67
Government urged to address lingering issues with advice reforms
Vaccination rates (Dose)
Beware section 99B
ATO provides further clarity on DIN process
Unpaid client invoices placing greater pressure on SMEs
10 top global corporations since 1998
Increase in the number of SMSF members
Single Touch Payroll (STP) – Phase 2
ATO reiterates tax system incentives
Accountants ‘have important role to play’ in digital transformation

The accounting profession is being encouraged to aid small businesses through their digital transformation journey, with the Morrison government making a $2.8 million commitment to streamline electronic transactions.



Earlier this month the federal government confirmed it would commit $2.8 million towards digitising legal documents in an attempt to save Australians both time and money.


The roll-out aims to improve digital approaches to document execution and develop “practical resources to support further application of the Electronic Transactions Act 1999”.


“Australian businesses are adopting new technologies at a greater rate than ever before, and the Morrison Government is assisting them to do so,” the Minister for Superannuation, Financial Services and the Digital Economy, Jane Hume, said.


“The Morrison Government has taken a world-leading position on deregulation and the settings needed to accelerate our digital economy – these simple steps will grow Australia’s future as a modern and leading digital economy.”


Gavan Ord, senior manager business policy at CPA Australia, said it’s pleasing to see funding committed to digitalising Australia’s economy however noted more must be done.


“Accountants can be involved in executing legal documents and will benefit directly from streamlining electronic transactions,” Mr Ord said, adding: “At the same time, more still has to be done to ensure small businesses can participate in the digital economy.


“The digital economy is a thousand piece puzzle. This announcement is one piece of that puzzle. Unfortunately, a significant number of the pieces are still in the box. For too long, too little has been done to support Australia’s small businesses to improve their digital capability. That’s the largest missing part of the puzzle.


“Far from being leaders in the digital economy, Australian small businesses are digital laggards. CPA Australia research shows that Australian small businesses are the least likely to invest in digital technology among the Asia-Pacific. They are also the least likely to profit from their investment in technology.”


Mr Ord explained that this digital gap between small business in Australia and Asia is likely to have contributed to Australia’s small businesses reporting lower growth than their peers in the region in 2021.


“We’re urging the government to use the upcoming budget to show greater support for digital transformation. Ad hoc initiatives such as this aren’t sufficient. There needs to be a significant commitment of public funding to help Australian small businesses transform,” he said.


“Other governments have introduced ambitious programs to assist small businesses to digitalise, and Australia must too.


“The accounting profession has an important role to play in advising small businesses on digital transformation. In our 2022-23 budget submission, we’ve asked the government to provide small businesses with financial incentives to access business advice.”


 


 



Emma Ryan
25 February 2022
smsfadviser.com




19th-March-2022

Liability limited by a scheme approved under Professional Standards Legislation