An agreement has been announced between the Australian and New Zealand governments to continue cutting business reporting red tape, so as to produce savings for companies and taxpayers.
The Memorandum of Understanding on Standard Business Reporting (MOU SBR), which will ensure greater cooperation to standardize reporting processes, could save companies and taxpayers in both countries millions of dollars each year. The Australian government itself has committed over AUD240m (USD200m) to the development of SBR over four years.
"Reporting requirements in both countries impose a significant burden, with businesses often having to report similar information to many government agencies," Australia’s Assistant Treasurer, Wayne Swan, said. "In Australia alone, reducing this burden is expected to save business some AUD800m a year when the program is fully implemented."
It was announced that the MOU SBR will, amongst other things, standardize the definitions of the information that businesses report to government, including the terminology used in forms to pre-fill reports with data from business accounting systems, and will provide a single secure sign-on for businesses to submit forms electronically to the correct government agencies using their accounting system software.
SBR is being developed globally under the auspices of the Forum on Tax Administration (a subsidiary body of the OECD’s Committee on Fiscal Affairs), which periodically monitors and reports on trends in taxpayer service delivery, with a particular focus on the development of electronic/online services; ways to promote the uptake and use of electronic services by revenue bodies; and options for cross-border administrative simplification and consistency.
The Australian SBR program has been co-designed by government agencies in partnership with software developers, businesses and business intermediaries, including accountants, tax agents and payroll specialists.
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