New Era for Business Reporting

SBR – NEW ERA FOR BUSINESS REPORTING

From July 2010, a new government initiative will offer Australian businesses a quicker easier way to complete their government reporting requirements.

Standard Business Reporting (SBR) is simplifying business-to-government reporting by:

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  • removing unnecessary or duplicated information from government forms
  • using business software to automatically pre-fill forms
  • adopting a single 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 business software, similar to an electronic postal system, which will also provide validation and confirm receipt of reports
  • providing a single secure online sign-on, AUSkey, for users to report electronically to all of the agencies involved.

SBR will benefit Australian businesses in the following ways:

4  Spend less time and effort reporting to government

–    save time and effort in gathering, analysing and rekeying information.

4  Satisfy reporting obligations directly from accounting/financial recordkeeping systems

–    do less organising and re-keying of data, making it easier for business to prepare and lodge their own reports, and reduce errors.

4  Use an AUSkey a single credential to access secure government on-line services

–    to report online via SBR to all of the participating agencies from July 2010.

–    to access other on-line services (portals etc) with the Tax Office.

–    If you already have an ATO digital certificate, you should use it to register for an AUSkey credential from April 2010.  Just follow the prompts in the registration process.  When you use your current ATO digital certificate to apply for an AUSkey credential, all of the settings and permissions that you have set for that certificate will be transferred to your new AUSkey.

4  Be certain reporting obligations have been dealt with and received by government

–    get real time validation of reports and a receipt.

4  Have ready access to more up to date financial performance information

–    With tagged data, business will also be able to share their financial information with third parties more easily (e.g. financial advisors, bankers, investors).

HOW TO BECOME SBR-READY

4  Learn more at www.sbr.gov.au and work through the SBR online training modules.

4  Check that you are correctly recording your business transactions in your accounting software. If not talk to your accountant/bookkeeper.

4  Get ready by registering for your AUSkey

4  Talk to your financial and accounting software provider about what SBR-enabled products they will be offering.