The minister for finance and deregulation has stated that the Standard Business Reporting (SBR) initiative, to reduce regulatory reporting burden on Australian Businesses, is on track to be implemented by July 2010.

Similar to an electronic postal system, SBR’s core services will enable businesses and the intermediaries to securely submit their regulatory reports to government directly from their accounting software if it has been SBR enabled.

SBR will enable businesses to report to a range of Australian, state and territory government agencies using a single financial reporting language (XBRL).

Examples of the reports that are within the SBR’s current scope include Business Activity Statements and PAYG Returns (ATO), financial statements (ASIC), and payroll tax (SROs).

Further details are available online at www.sbr.gov.au