POWERED BY MOMENTUM MEDIA
SBR gains national momentum
The Commonwealth Treasurer has met with state governments in Canberra to increase awareness of standard business reporting's (SBR's) capacity to reduce red-tape for business and bolster the efficient exchange of data between the Government and other agencies.
Over 115,000 business reports have been lodged under the new standard business reporting (SBR) requirements this financial year, Assistant Treasurer David Bradbury told a symposium in Canberra.
"Businesses can use SBR-enabled software to prepare and lodge key government forms directly from their software to government agencies using a single secure logon called an AUSkey," he said.
"Well over 115,000 business reports have been lodged under SBR this financial year and the sharp increase in lodgements reflects increased business confidence in the SBR solution."
SBR was introduced as part of the Council of Australian Government's Seamless National Economy reforms launched in mid-2010.
Superannuation funds will be expected to adhere to the new data standards for processing fund rollovers from 1 July 2013 and contributions one year later under the SuperStream reforms.
"Reforms like SBR mean businesses can spend less time on administration and more time on selling their products and services," Minister for Finance and Deregulation Penny Wong added.
"We want state and territory governments to drive uptake of SBR in their own jurisdictions, to help local businesses use this efficient reporting solution."
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
Recommended for you
The future of superannuation policy remains uncertain, with further reforms potentially on the horizon as the Albanese government seeks to curb the use of superannuation as a bequest vehicle.
Superannuation funds will have two options for charging fees for the advice provided by the new class of adviser.
The proposed reforms have been described as a key step towards delivering better products and retirement experiences for members, with many noting financial advice remains the “urgent missing piece” of the puzzle.
APRA’s latest data has revealed that superannuation funds spent $1.3 billion on advice fees, with the vast majority sent to external financial advisers.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
90.28 3 y p.a(%)
2
GAM LSA Private Shares AU I
37.08 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.44 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.12 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
28.28 3 y p.a(%)
