The Federal Government has released a discussion paper covering the possible options for the use of Standard Business Reporting for the lodgment of financial reports with the Australian Securities and Investments Commission.

 

"Standard Business Reporting is a key initiative of this Government and was delivered as part of the COAG National Partnership to Deliver a Seamless National Economy," Assistant Treasurer, David Bradbury, said. 

 

"Standard Business Reporting simplifies the business-to-government reporting process through standardised electronic reporting, reducing the time spent on paperwork."

 

Currently, Standard Business Reporting is used for the provision of BAS statements, Tax File Number declarations, payroll tax returns and PAYG patment summaries.

 

The proposals in the discussion paper examine the use of Standard Business Reporting for financial report lodgment, including whether nor not such a use should be mandatory.

 

Once fully implemented, it is estimated that more than one million Australian businesses will be able to report through the Standard Business Reporting system.

 

Already, more than 100,000 lodgements have been received since the beginning of July, about nine times the number of lodgements for the same period in 2011.