A multimedia video on how Standard Business Reporting (SBR) works has been created to help explain the SBR process and make it easier to understand.
SBR is digital infrastructure that's built inside the business owner's software, utilising information captured by the business during the course of its operations.
When it is time to report to government, with the business's OK, the enabled software SBR compiles the report based on information available in the software and seeks the businesses (or their tax agent/accountant) OK before submitting it to government.
Benefits of SBR:
The infrastructure developed for SBR — including systems, processes and standards — can be re-used across other agencies, reports and forms reducing the overall cost to government.
Increased electronic reporting
An increase in electronic reporting results in a reduction in paper lodgements meaning agencies can realise savings associated with scanning, storage and re-keying of information.
Efficient revenue collection and regulatory monitoring
An overall reduction in non-compliance and an increase in the quality of data results in more efficient revenue collection and monitoring.
Increased efficiency of interaction between business and government
The automationof preparation and lodgement of reports directly from business software improves the efficiency and accuracy of business to government reporting.
The transition to SBR
The transition to SBR may not be a complicated process depending on the agency gateway structure. The gateway is used to accept and translate SBR messages.
Businesses and government will no longer have to spend hours filling out paper forms, re-entering information into different systems and portals, or interpreting agency specific terms on forms to understand what is required.
Find out how you can SBR enable your agency's reporting needs.