Latest News

Hot Issues
spacer
Write a business plan
spacer
Two Cautionary Tales About Resources Important to Anyone Using a Domain Name or Website
spacer
What Are the Privacy Policy Requirements for Australian E-Commerce Businesses?
spacer
Privacy Compliance Sweep 2026: Is Your Business Ready?
spacer
Foreign investor fined $370k as ATO cracks whip on land banking
spacer
The AI moment in accounting will follow a familiar pattern
spacer
Latest Intergenerational Report points to stubborn productivity issues that AI cannot fix
spacer
Check out the smartest species on earth: Data from 200M BC to 2026
spacer
Steps to close a business
spacer
Paid parental leave super contributions have started
spacer
How Do I Write Legally Compliant Terms and Conditions for My Business?
spacer
Don’t get caught out at tax time with your multiple jobs
spacer
Division 296 tax on large super balances
spacer
More of the same with latest missive from Treasury
spacer
'No place to hide': ATO puts contractors on notice over $1bn in missing TPAR payments
spacer
Check out the largest castles by country
spacer
ATO no longer treating debt the same as during COVID
spacer
Warning for early lodger this tax time!
spacer
Global companies turn to cost-cutting amid ongoing inflation
spacer
Don’t get caught out at tax time with your multiples jobs
spacer
Does Your Small Business Need to Follow AML Privacy Rules?
spacer
SMEs warned as ATO ramps up tax debt collection
spacer
Taxpayer given 35% penalty for BAS recklessness
spacer
How Our Diets have Changed.
spacer
Tips to help you this tax time
spacer
Tax Time Checklists Individuals; Company; Trust; Partnership; and Super Funds
spacer
ATO warns millions of Australian chasing tax deductions to stop making 'unusual' claims
spacer
Impersonation scams are on the rise
spacer
Components of a cyber security plan
spacer
Social Security Payments and Their Effect on Discretionary Trusts
spacer
LRBA ban no better for housing supply or retirement, accountants clap back
Article archive
spacer
Quarter 3 July - September 2026
spacer
Quarter 2 April - June 2026
spacer
Quarter 1 January - March 2026
spacer
Quarter 4 October - December 2025
spacer
Quarter 3 July - September 2025
spacer
Quarter 2 April - June 2025
spacer
Quarter 1 January - March 2025
spacer
Quarter 4 October - December 2024
spacer
Quarter 3 July - September 2024
spacer
Quarter 2 April - June 2024
spacer
Quarter 1 January - March 2024
spacer
Quarter 4 October - December 2023
spacer
Quarter 3 July - September 2023
spacer
Quarter 2 April - June 2023
spacer
Quarter 1 January - March 2023
spacer
Quarter 4 October - December 2022
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

Liability limited by a Scheme approved under Professional Standards Legislation.
© O'Brien and Partners 2024 - All Rights Reserved | 333 Canterbury Road, Canterbury VIC 3126 | Tel: 03 9509 3911 Site by Acctweb