Mark Jackson| Deputy RegistrarAustralian Business Register | AUSkey | Standard Business Reporting

Freedom - to increase productivity

Feedback from business

Institute of Chartered Accountants estimated

Tax compliance is costing the 1.7 million Australian Small & medium businesses $18.4 billion per year (around $11,000 per business)

Cost of tax compliance (2014)www.charteredaccountants.com.au

Stenning & Associates / KPMG

Survey of Tasmanian businesses – estimate of state based regulatory compliance costs to businesses $20 billion per year.

State based regulation (2013)www.business.tas.gov.au

Government regulation is an

issue for business

COMPLIANCE

Standard Business

Reporting

or

SBR

How SBR works

Your client

BusinessSoftware

Adviser

Governmentagency

Forms and dictionary of terms

Your client picks the form that’s due

Gateway

AUSkey

What are the benefits for you?1. You can work anywhere, anytime

2. It gives you more certainty:

• you will see a reduction in errors

• you don’t need to verify client’s information

• reporting requirements are clear and consistent

• you will received an automatic receipt confirmation

3. Your software updates legislation

changes

Other costs:Estimated timeper lodgment #:

Software cost

Software cost,

portal instability delays

Software cost,

ECI application upgrades

Software cost,

media cost, postage

Postage, manual/paper Postage, manual/paper

record keeping

Case study - Comparative cost to business SBR versus other submission channels Example government reporting obligation – PAYG payme nt summaries

Media Information Processing Services (MIPS)5.1 million forms in 2013/14

Bulk Data Exchange (BDE)2.6 million forms in 2013/14

Standard Business Reporting (SBR)0.15 million forms (16k lodgments) in 2013/14

Electronic Commerce Interface (ECI)7.1 million forms in 2013/14

Paper2.0 million forms in 2013/14

Payment Summaries created as files through business/payroll software and then downloaded on to CDs, DVDs, USBs. Posted into the ATO with an additional form (EA), providing supplier details, payer details, identifier and validation indicator.

Options for submission:

Channel ear marked for closure (no set date)

Payment Summaries created as files through business/payroll software and then transmitted via the Business Portal or Tax Agent Portal (secure website).

Download the ATO’s ECI software and create Payment Summaries through business/payroll software and transfer via ECI application.

Hand write on approved NAT forms (Payment Summaries and Payment Summary Statement) posted into the ATO. Print outs from business/payroll software are not accepted.

Payment Summaries created and transmitted to the ATO directly through SBR enabled business/payroll software.

2 minutes*

10 minutes*

20 minutes*

40 minutes*

60 minutes60 minutes(based on 3 employees)

# The time estimate includes the conversion of payroll information into the required format to produce the payment summaries

and submission of the forms to the ATO. It does not include the collection/collation of payroll data, nor housekeeping tasks

necessary to prepare for the production of payment summaries. NB. One lodgment can contain multiple forms.

* Irrespective of number of employees

The time is now …

• Encourage your clients to upgrade their software

• Talk to your software provider about when they will have SBR-enabled products available

• Visit www.sbr.gov.au for more information

Thank youWeb: www.sbr.gov.au