Business Reporting Burden to be Slashed
Source: Australia. Treasurer. Media Release
"The Treasurer launched a long-term initiative to cut the red tape confronting business when reporting to government. The Australian Government’s Standard Business Reporting (SBR) programme will save businesses time, money and frustration. Financial reporting is the first set of forms to be targeted, since these affect the broadest section of the business community. This will include forms such as Business Activity Statements, Company Income Tax Returns, TFN Declarations and the Quarterly Business Indicators Survey.

When SBR financial reporting is fully implemented, businesses will be able to use their accounting/record keeping software to automatically pre-fill government reports such as BAS statements. Businesses will no longer have to spend hours working out how to translate their own records into government reports.