Standard Business Reporting (SBR) is an Australian Government initiative to reduce the business-to-government reporting burden. SBR has been co-designed by Australian, state and territory government agencies in partnership with software developers, business and their accountants, bookkeepers, tax agents and payroll professionals. SBR is simplifying business-to-government reporting by:
• removing unnecessary or duplicated information from government forms
• using business software to automatically pre-fill forms
• adopting a common reporting language, based on international standards and best practice
• making financial reporting a by-product of natural business processes
• providing an electronic interface to agencies directly from accounting software, which will also provide validation and confirm receipt of reports
• providing a single secure online sign-on, AUSkey, for users to report electronically to all of the agencies involved.
Some examples of the reports SBR-enabled accounting software will be able to complete and file on-line to government agencies include the Business Activity Statement, Pay as You Go reports and TFN Declarations (Australian Taxation Office), and payroll tax returns (State and Territory Government revenue offices).
To ensure your business is SBR ready, talk to your accountant, tax agent or your accounting software provider to find out what SBR-enabled products they will be offering.
To find out more visit www.sbr.gov.au
