The Government will provide $89.9 million over four years to support the continuation and operation of the Standard Business Reporting (SBR) program to streamline business to government reporting.
The SBR program is a key initiative of the Council of Australian Governments' National Partnership Agreement to deliver a seamless national economy and will reduce the regulatory reporting burden for business.
"Once fully implemented, Standard Business Reporting (SBR) is expected to save Australian business approximately $800 million per year," Mr Bowen said.
"From July 2010, software developers will be progressively SBR-enabling their products and take-up by business is expected to increase over the following three years."
The Government has committed funding to the Australian Securities and Investments Commission, the Australian Prudential Regulation Authority, the Australian Taxation Office, and the Department of the Treasury to maintain and operate the SBR program.
The commitment also provides $2.6 million in 2010-11 for payment to the states and territories to maintain and operate the SBR system.
Led by the Treasury, SBR has been co-designed by 13 Australian, state and territory government agencies in partnership with software developers, business and their accountants, tax agents, bookkeepers and payroll professionals.
The program will reduce the compliance burden experienced by business when reporting to government, as well as providing a single language to report to the agencies in scope. SBR will also introduce a single sign-on credential, AUSkey, to electronically sign reports being sent to all of the agencies involved in SBR.
More detailed information about SBR is available at www.sbr.gov.au.
CANBERRA
11 May 2010