Standard Business Reporting

Standard Business Reporting

From July 2016, the way we lodge returns and statements to ATO will be through Standard Business Reporting (SBR)-enabled software.

This service will replace ATO’s main lodgement channel replacing the electronic lodgement service (ELS). The ELS gateway will be completely switched off by 31 March 2017.

What is SBR?

Standard Business Reporting or SBR is a standard approach to online or digital record-keeping that was introduced by government in 2010 to simplify business reporting obligations.

SBR is built into business/accounting software making it SBR-enabled.

SBR incorporates standard terms that are used in government legislation and reporting. These terms are then linked to terms that are in the business/accounting software creating consistency for business and government.

SBR extracts information that has been recorded in business/accounting software as part of running your business and prefills this into the relevant government report. The report can then be checked for accuracy and submitted directly and securely to government using AUSkey, without the need to log into a separate portal.

Compared to other ways of lodging government reports, SBR can reduce preparation and submission time to a matter of seconds.

Benefits for business

Using Standard Business Reporting (SBR) that is built into your business software benefits you and your business.

Business software that is SBR-enabled reduces the time you need to spend on administrative activities.

SBR collects the right information, for the right government report, directly from your business records, saving you time. When you send the information to government it also gives you certainty that you are reporting correctly.

Benefits your business

· Increase productivity: spend less time on paperwork and have quality time to focus on building your business.

· Cost: investing in business software is the only cost. SBR is free because it's built into the software.

· Seamless record keeping: your records and reports are securely stored and accessible in your software.

· Automatically pre-filled reports: extracts information from your accounting and payroll records and prepares reports directly from your software.

· Review reports before submitting: allows you to check reports for errors and omissions.

· Real- time validation and confirmation: that the agency government has received your report.

· Updated reporting obligations: changes in reporting legislation are updated in the underlying SBR code.

· Share information: you can work with your advisor in real time to monitor your business' progress.

What JHBST can do for you?

For us at JH Business Services & Taxation, automation frees up our time to offer our clients higher value services to grow businesses. “By automatically pre-filling information, SBR-enabled software reduces the need to enter data, use paper forms, correct errors and manage multiple submissions to a range of government agencies.

JH Business Services & Taxation

Accounting | Business Advisory | Tax Services

Specialist in small to medium business

& personal tax services

Norwest Office

Suite 205

29-31 Lexington Drive

Bella Vista

NSW 2153

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