SBR gains national momentum

The Commonwealth Treasurer has met with state governments in Canberra to increase awareness of standard business reporting's (SBR's) capacity to reduce red-tape for business and bolster the efficient exchange of data between the Government and other agencies.

Over 115,000 business reports have been lodged under the new standard business reporting (SBR) requirements this financial year, Assistant Treasurer David Bradbury told a symposium in Canberra.

"Businesses can use SBR-enabled software to prepare and lodge key government forms directly from their software to government agencies using a single secure logon called an AUSkey," he said.

"Well over 115,000 business reports have been lodged under SBR this financial year and the sharp increase in lodgements reflects increased business confidence in the SBR solution."

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SBR was introduced as part of the Council of Australian Government's Seamless National Economy reforms launched in mid-2010.

Superannuation funds will be expected to adhere to the new data standards for processing fund rollovers from 1 July 2013 and contributions one year later under the SuperStream reforms.

"Reforms like SBR mean businesses can spend less time on administration and more time on selling their products and services," Minister for Finance and Deregulation Penny Wong added.

"We want state and territory governments to drive uptake of SBR in their own jurisdictions, to help local businesses use this efficient reporting solution."