Treasury consults industry on SBR extensions

The superannuation industry and not-for-profit organisations could be at once in line to receive Government-planned extensions to its Standard Business Reporting program.

Government agencies have begun consulting with software developers and businesses about broadening the program pursuant to this agreement a May 2010 administration review.

SBR was launched last July afterwards four years in development. The program was intended to reduce the regulatory burden of business-to-government reporting.

It currently enabled businesses to pre-fill Business Activity Statements, Tax File Number Declarations, PAYG payment summaries, payroll tax returns and financial statements.

Separate industry consultation

A separate industry consultation was underway at the Department of Human Services about how the SBR could be used for Centrelink’s business-to-government employer reporting requirements.