In a long overdue move, the Federal Government has finally taken steps to simplify the onerous burden of small business reporting requirements. It has released new Standard Business Reporting (SBR) taxonomy and tools, so that software developers can begin building programs for their business and accounting systems. In practical terms, this means that when the system’s up and running, instead of having to waste time sending the same or similar information in different formats to each government agency, the number of individual pieces of data businesses have to track, analyse and report will be reduced by 71 per cent. With many businesses often having to report the same or similar information to 12 Australia, state and territory government agencies, this is a welcome initiative. Now, if only the Federal Government could show as much attention to the needs of business in its industrial relations, superannuation, reserach and development, funding and childcare policies, it could be onto a winner! To read the full story, please click here
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