 SEPTEMBER - OCTOBER 2012 |
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Geoff Miller
SBR Program Manager |
Welcome to SBR UPDATE
The latest news on Standard Business Reporting
With so much happening recently, we've given SBR UPDATE a make-over to make sure we provide you with the latest and most relevant information about SBR for your business.
This bi-monthly newsletter will provide you with updates on a range of topics like SuperStream and how it will affect your business, through to new SBR-enabled software coming into the market. We'll also talk about planned expansion of SBR, and let you know about SBR-related events so you can come along and find out even more.
We aim to bring you the most relevant information for your business, so you can focus on what's most important - your business!
Geoff |
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Click the image above to iew the
ATO's YouTube video |
SuperStream
The building blocks that make up the new standard This video includes an overview of SuperStream, the building blocks that will make up the standard, what the standard will look like and what employers need to do now to be ready in time to adopt the standard. Take time to view this video now. |
 Be data standard ready SuperStream information sessions for funds, services providers, medium and large business Do you know about the new data and e-commerce standard being introduced for super funds processing rollovers and employers making contributions? The Australian Taxation Office is holding information and consultation sessions to help you get ready to adopt the new standard, which is being introduced as part of the government's super reform agenda. This is a must for all super funds and services provders, as well as medium and large employers. Click here to register for a free information session. |
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Dr Martin Parkinson
Secretary to the Treasury |
Super SBR
Treasury Secretary, Dr Martin Parkinson, makes the case for SuperStream and SBR and what they mean for super funds The Superannuation Legislation Amendment (Stronger Super) Act 2012 received royal assent on 28 June 2012. The legislation establishes a framework to implement the superannuation data and payment standards, including supporting regulations that will apply to processing super contributions and rollovers. In the July 2012 issue of Superfunds - the official journal of the Association of Superannuation Funds of Australia - Dr Martin Parkinson makes the case for SuperStream and SBR and what they mean for super funds. At the heart of SuperStream is the SBR framework, which will form the foundation of the new data standards.
Read the full article here. |
 Businesses embracing SBR Lodgements from SBR-enabled software begin to soar As new SBR-enabled software comes into the market place, we have noticed impressive increase in companies using SBR-enabled software to prepare and lodge reports. More than 45,000 forms were lodged in July 2012, by far the highest monthly outcome since the program's inception. Lodgements of end of financial year PAYG statements are running at more than 10 times last year's rate. Nearly 4,000 Activity Statements were lodged in August, more than twice the number for July, itself comfortably the highest month to that point. The first company tax and fringe benefits tax return, Partnership Tax Return and Trust Tax Return lodgements were recorded over the past few months.
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Bill Dixon, Director & Founder, Community Foundation of
North Western Sydney |
CASE STUDY:
Prepare & lodge your BAS in under two minutes
Find out how SBR-enabled software can save you time too Prior to getting SBR-enabled software, Bill Dixon did the books himself - he says it used to take well over half an hour to fill in his BAS statement. Now all he has to do is look at the BAS statement generated by his SBR-enabled software, check it, press a button, and it's all over. Two minutes as compared with perhaps a minimum of half an hour. See Bill talk about his experience here. |
 Stop juggling multiple credentials and passwords Prepare and lodge your government reports through a single online channel direct from your software
A typical business can have multiple government agencies to report to, including the Australian Taxation Office (primarily BAS, TFN declarations, PAYG payment summaries and Income Tax), as well as state and territory revenue offices for payroll tax.
These agencies have their own method of communication and access to information. Some have portals you can access, some require a digital certificate, some have user ID's, some have passwords - they are all different, unless you have SBR-enabled software and an AUSkey.
There are now 19 commercial software providers with SBR-enabled product available, with a further 70+ software providers with SBR-enabled software in development. The SBR 'solution' is built into accounting, bookkeeping and payroll software, and reduces paperwork by enabling businesses to prepare and lodge government reports directly from business software - through a single online channel - to Australian, State and Territory government agencies.
SBR-enabled software empowers you to complete the bulk of your reporting requirements directly from your accounting or payroll software. Check with your software provider to see if the SBR functionality is available in your software. If it's not, ask them when they will have SBR-enabled product available. If you're ready to SBR-enable your business visit the SBR website to find an SBR-enabled software package that suits your business. |
 SBR-enabled software news Keep up-to-date with the latest media releases from
SBR-enabled software providers
Switching on a new functionality within GovReports software has made it easier for businesses reporting to the State and Territory Revenue Offices. Users no longer need to log out of their software and log onto the State Revenue office to find out payment details, or to pay. The updated functionality also includes a 'Save & Resume' feature, which allows users to work on and save reports.
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Using GovDirect, MYOB users can now cut down the time taken to complete reporting obligations by pre-filling forms directly from MYOB and then electronically submit reporting obligations to Government via SBR. GovDirect utilises cloud computing and web services, which helps reduce costs and centralise information. Users can access data remotely and update changes in real time.
To complete the gap for the modern accounting practice, Impact Management Group has announced that Individual Tax Returns can now be reported through GovReports, a reporting solution that is based on Standard Business Reporting (SBR) technology.
First lodgement of a company tax return via SBR
Thomson Reuters made history recently as the first company in Australia to lodge a company tax return via SBR. With the Australian Taxation Office set to transition ELS to SBR in 2015, Paul Brindle, managing director in the Tax & Accounting business of Thomson Reuters, believes companies should embrace the new initiative now to avoid problems later.
Thousands of Australian businesses now SBR-ready this tax time
Payment summary lodgement through Reckon's SBR-enabled portal, Reckon GovConnect, has initially been rolled out to thousands of QuickBooks Hosted users across Australia. Reckon says customers are quickly embracing the new way to lodge, demonstrating the ever increasing value of their integrated online tools. |
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