The Crest of the Commonwealth of Australia Treasury Portfolio Ministers
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Chris Bowen

Minister for Financial Services, Superannuation and Corporate Law

9 June 2009 - 14 September 2010

Media Release of 01/07/2010

NO.081

Joint Media Release
with
The Hon Lindsay Tanner
Minister for Finance and Deregulation

Standard Business Reporting Opens for Business

With the commencement today of Standard Business Reporting (SBR), Australia has moved one step closer to a seamless national economy, the Minister for Finance and Deregulation, Lindsay Tanner MP, and the Minister for Financial Services, Chris Bowen said today.

SBR is now open for business, offering Australian businesses, accountants, bookkeepers, tax agents and payroll professionals a quicker and simpler way to complete and lodge reports to government.

"From today businesses and reporting professionals using SBR-enabled software will be able to pre-fill and complete government forms directly from their own accounting system and lodge electronically to participating government agencies using the single secure sign-on AUSkey," Minister Bowen said.

"In just over five weeks over 51,000 AUSkeys have been issued, to over 36,000 Australian businesses. AUSkey is positioned to be the single key to access government online services."

AUSkey has been co designed with businesses, accounting professionals, software developers and government agencies as a key component of SBR.

"Using SBR-enabled software, businesses will spend less time and effort gathering, analysing and re-keying information and will be provided with an electronic receipt for their transaction in real time," Minister Tanner said.

"As software developers progressively update their products to support SBR, businesses will realise the benefits of lodging forms through their software directly to government agencies, including the Australian Taxation Office, Australian Securities and Investment Commission and all state and territory revenue offices."

SBR reports include the Business Activity Statement, Tax File Number Declarations, PAYG payment summaries, payroll tax returns and financial statements.

Led by The Treasury, SBR is expected to deliver nearly $800 million savings to business annually once fully implemented. For more information see www.sbr.gov.au.

1 July 2010