What SBR offers your business
SBR will result in real savings in money and time to businesses in Australia.
By standardising and simplifying process for reporting financial information to the government, SBR will reduce your business reporting burden resulting in direct cost savings and improved efficiency.
Businesses and their intermediaries will be able to automatically generate reports through your account and record keeping software reducing time translating your records into government reports.
Major financial reports being streamlined with SBR include Business Activity Statements, Company Income Tax Returns and the Quarterly Business Indicators Survey.
Although this is not the first time the government has attempted to streamline business reporting, SBR is different as it is using a multi-agency approach, and it will use XBRL, an open international standard business reporting language.
SBR is about managing and reducing reporting information from businesses more effectively, NOT increasing it. Government agencies will only have access to the information that they are entitled to under legislation.
The reporting relationship between business and each of the participating agencies will remain intact, but core services will allow reports to be sent through a single service. Reports will be routed to the right agency, and confirmation from the agency provided.
Click here for more information on benefits for your business.
