With the introduction of SBR in 2010, any business using SBR-enabled systems can benefit. Let’s take a look at the benefits SBR can deliver in a medium sized business that needs to lodge its Business Activity Statement.
SBR-enabled systems will be able to automatically fill in most of the BAS form. It does this with business and accounting transactions, and information entered by business into its system throughout the reporting period, as well as with the required information from the Tax Office.
Instead of getting bogged down in messy calculations, and printing various reports before the BAS form can be filled, all businesses will need to do is review the activity statement generated and complete any required fields. The report can then be accepted for any necessary changes made. These may result in changes being made to the underlying accounts.
After checking the report, clicking on send will lodge the BAS directly with the Tax Office. The business will also be prompted to enter its password. This will confirm the identity of the business.
The information in a BAS is only sent to the Tax Office in the form of the business's BAS report. Nothing more. The information in the BAS is not shared or stored with any other agency while it is being sent from the business's system by SBR to the Tax Office.
After lodging the activity statement, a receipt sent in real time confirms delivery of the BAS to the Tax Office, which can then be saved in the business's filing system.