NAB and PwC have teamed up to help self-employed and microbusiness customers operating in an emerging more flexible economy to manage their GST requirements.

Airtax, a digital platform built by PwC, will integrate expense and income data from NAB customers through their NAB transaction accounts (NAB classic banking), calculate their GST liabilities or credits and lodge the paperwork with the ATO, reducing the administration burden.

In collaboration with PwC, NAB's innovation hub, NAB Labs, has developed a custom Visa Debit card for customers using the Airtax platform. The service is part of both NAB and PwC's ongoing commitment to supporting Australian business innovation.

This initiative recognises the rapid growth in new business models based around access to assets, rather than ownership of assets and includes things like ride-sharing or accommodation sharing. NAB research shows that this segment of the economy is currently growing at around 140% annually.

Airtax aims to help facilitate the continued growth of the sector by reducing the time spent on GST compliance, estimated by PwC to average 160 to 200 hours each year.

Antony Cahill, NAB Group Executive Product and Markets said: 'We know that managing GST is a complex and time consuming process for many self-employed and microbusiness owners.

'Using a NAB Visa Debit card linked to PwC's Airtax, businesses are now able to simplify their GST lodgement through a cost-efficient digital solution.

'We are continually looking to support our customers and making it easier for them to achieve their goals. This innovation demonstrates our focus on building strategic partnerships to create customer-led solutions,' he said.

Sammy Kumar, PwC Managing Partner, Strategy said: 'The perception of microbusinesses is that GST compliance administration is time-consuming and confusing, and until this point there hasn't been a simple technology solution to help ease some the headaches this can cause.

'We see a real urgency around this issue because the compliance burden on the flexible economy could hold it back at a time when, from a national economy perspective, we need it to be firing.

'We think that businesses in the flexible economy could save up to 200 hours every year by using Airtax, time that would be far better spent on growing their enterprise.

'The launch of Airtax recognises that large organisations like PwC and NAB have a big role to play in helping microbusinesses thrive and realise their potential,' he said

For more information on Airtax visit: www.nab.com.au/airtax

Airtax, how it works - Fact Sheet

A whitepaper on the emerging flexible economy can be read here: https://www.digitalpulse.pwc.com.au/flexible-economy-a-flexible-new-australia

NAB - National Australia Bank Ltd. issued this content on 13 April 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 12 April 2016 21:05:17 UTC

Original Document: http://news.nab.com.au/nab-and-pwc-join-forces-to-help-australian-microbusiness/