million of the compliance costs. for changes to software; but for some are likely to include additional fees to These are likely to include smaller businesses there is likely to be a account for changes to software; but additional fees to account for need to upgrade the digital systems they for some smaller businesses there is changes to software; but for some are using. likely to be a need to upgrade the smaller businesses there is likely to digital systems they are using. be a need to upgrade the digital systems they are using. On-going annual Potential on-going annual savings No on-going annual savings for Potential on-going annual savings could be Potential on-going annual savings could savings for could be about $330 million per businesses. about $135 million per year. be about $295 million per year. businesses year. Over time, some businesses Predominately from recordkeeping system Predominately from recordkeeping Predominately from record keeping may realise savings as a result improvements. These will emerge from system improvements. These will system improvements. These will of moving to digital the streamlining and greater automation of emerge from the streamlining and emerge from the streamlining and interactions aligned to the the withholding process. greater automation of the withholding greater automation of the Government’s Digital process. withholding process. However, tangible savings will also emerge Transformation Agenda. from forms particularly as some key forms However, tangible savings will also However, tangible savings will also will be substantially reformed e.g. TFN emerge from forms particularly as emerge from particularly as – declarations and Superannuation some key forms will be substantially some key forms will be standard choice forms. reformed e.g. TFN declarations and substantially reformed e.g. TFN – –
for changes to software; but for some smaller businesses there is likely to be a need to upgrade the digital systems they are using. are likely to include additional fees to account for changes to software; but for some smaller businesses there is likely to be a need to upgrade the digital systems they are using. million of the compliance costs. These are likely to include additional fees to account for changes to software; but for some smaller businesses there is likely to be a need to upgrade the digital systems they are using. On-going annual savings for businesses No on-going annual savings for businesses. Over time, some businesses may realise savings as a result of moving to digital interactions aligned to the Government’s Digital Transformation Agenda. Potential on-going annual savings could be about $135 million per year. Predominately from recordkeeping system improvements. These will emerge from the streamlining and greater automation of the withholding process. However, tangible savings will also emerge from forms particularly as some key forms will be substantially reformed – e.g. TFN declarations and Superannuation standard choice forms. Potential on-going annual savings could be about $295 million per year. Predominately from recordkeeping system improvements. These will emerge from the streamlining and greater automation of the withholding process. However, tangible savings will also emerge from forms particularly as some key forms will be substantially reformed – e.g. TFN declarations and Potential on-going annual savings could be about $330 million per year. Predominately from record keeping system improvements. These will emerge from the streamlining and greater automation of the withholding process. However, tangible savings will also emerge from particularly as some key forms will be substantially reformed – e.g. TFN
RIS-4.docx