The OECD’s Tax Administration 3.0 is coming…
By 2030, the ATO envisions seamless, integrated and automated systems that allow data to flow from the systems taxpayers already use, to ours, without the extra effort or intervention from them.
Under this vision, the reporting, payment and real-time compliance checks coincide with the taxable event and ‘tax just happens’, and there is no need for businesses to do monthly or quarterly reporting.
The ATO Commissioner, Chris Jordan, said the following to Accountants at Xercon Sydney, 2022.
“We have no intention of designing tax professionals out of the system. We know that nothing will ever ‘just happen’ without you; in fact, we’d really like you to be in the driver’s seat alongside us”.
“We need to work together to design solutions where taxpayers, tax professionals, digital service providers and the ATO all genuinely benefit and can celery see what’s in it for each of us”.
“You must understand if your business model is high-volume, low-margin, simple tax returns, your business will not be viable in 3 to 5 years”.
Contact our team today if you’re looking to diversify your strategy, get on top of your debt early and start digitising.
