The Government has today released a paper discussing options for the increased use of Standard Business Reporting for the lodgement of financial reports with the Australian Securities and Investments Commission.
"Standard Business Reporting is a key initiative of this Government and was delivered as part of the COAG National Partnership to Deliver a Seamless National Economy," Assistant Treasurer, David Bradbury, said.
"Standard Business Reporting simplifies the business-to-government reporting process through standardised electronic reporting, reducing the time spent on paperwork."
Currently, Standard Business Reporting is used for the provision of BAS statements, Tax File Number declarations, payroll tax returns and PAYG payment summaries.
The options paper released today looks at the use of Standard Business Reporting for financial report lodgement, including whether its use should be mandatory.
"The use of Standard Business Reporting for the lodgement of financial reports would enhance the transparency of company financial information, while also supporting business efficiency," Parliamentary Secretary Bernie Ripoll, said.
The Standard Business Reporting system was launched in mid-2010 to reduce the regulatory reporting burden on business.
"We understand that businesses face administrative burdens," Minister for Finance and Deregulation, Senator Penny Wong, said.
"Standard Business Reporting offers a quicker, easier way for businesses to meet their government reporting requirements."
Once fully implemented, it is estimated that more than one million Australian businesses will be able to report through the Standard Business Reporting system.
Already, more than 100,000 lodgements have been received since the beginning of July, about nine times the number of lodgements for the same period in 2011.
"Cutting red tape improves productivity, and Standard Business Reporting is a key part of enabling this," Senator Wong said.
All interested stakeholders are encouraged to participate in the consultation process.
The options paper is available at the Treasury website. Submissions close 15 March 2013.