Treasury consults industry on SBR extensions

 

New reporting tools planned for super industry and not-for-profits.

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

Government agencies have begun consulting with software developers and businesses about broadening the program in accordance with a May 2010 administration review.

SBR was launched last July after 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.

By next July, the Australian Treasury hoped to deliver SBR-compatible ‘SuperStream’ measures aimed at making transactions easier, cheaper and faster for the superannuation industry.

“Treasury is in the process of convening a working group, which will include industry stakeholders and relevant government agencies to consult on the detail of the standards and how best to manage implementation and ongoing governance,” a spokesman told iTnews last week.

“The working group will develop the SBR compatible standards and standardised forms for various transactions for consideration by the Government.

“It is expected that the arrangements relating to the common SBR-compatible standards and electronic transmission of linked personal and financial data will be settled by 1 July 2012.”

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.

Treasury last month also released a public consultation paper about establishing a national not-for-profit regulator, and using the SBR to ensure consistent reports from organisations to the Government.

The call for submissions on that paper closed last Friday.

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Treasury consults industry on SBR extensions
 
 
 
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