The consultations are part of the government’s package, announced on 23 March to move forward with new measures to slash red tape and provide cash flow to support small businesses.
Consultation will begin on aligning instalment payments with financial performance and improved cash flows through an improved pay-as-you-go instalment system as well as smarter reporting of taxable payments and digitalising trust income reporting.
Consultation with the community, tax practitioners and digital service providers to finalise the policy scope, design and specification will take place over the coming months.
Further information on the consultation process will be provided shortly.
Subject to completion of consultation and advice from software providers about their capacity to deliver, the measures are proposed to apply from 1 January 2024 for aligning instalment payments with financial performance and improved cash flows through an improved pay-as-you-go instalment system; and 1 July 2024 for digitalising trust income reporting.
