About SBR
Current reporting requirements impose a significant burden on business — a burden that the Australian Government is committed to reducing.
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.
A multi-agency initiative involving 12 federal, state and territory government authorities, 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 for users to all agencies involved.
Led by the Australian Treasury, the agencies participating in SBR are the Australian Taxation Office (ATO), the Australian Securities and Investments Commission (ASIC), the Australian Prudential Regulation Authority (APRA), all State and Territory Government revenue offices (ROs) and the Australian Bureau of Statistics.
Some examples of reports SBR is targeting include the Business Activity Statement (Australian Taxation Office), financial statements (ASIC), and payroll tax returns (State and Territory Government revenue offices).
SBR is expected to save Australian business an estimated $800 million per year once fully implemented from July 2010.
Adoption of SBR will be voluntary and no legislative changes will occur as a direct result of the initiative.
More information about SBR is available on the SBR website.
