As meetings move online, businesses scramble to offer digital services and the world gets used to working remotely, Australia and Singapore have concluded a sign-of-the-times virtual meeting by signing the Australia-Singapore Digital Economy Agreement (DEA). The DEA is designed to reduce barriers to and increase the benefits of digital trade and the digital economy. It […]
As part of a package of recommendations for improving audit trust, the Australian Parliament’s Joint Committee on Corporations and Financial Services has recommended mandating machine-readable digital financial reporting.
In September we let you know about the projected A$1.2 billion in savings from Standard Business Reporting in Australia. Now the Australian Taxation Office Annual Report is out, confirming that amount, which is 50% greater than the original business case projections. That result certainly makes a compelling case for SBR, which has also been put to […]
The Australian Taxation Office is projecting total savings in 2015-2016 from SBR to be a staggering A$1.1 billion.
The Australian Securities & Investments Commission (ASIC) thinks that increased sharing of data could ease reporting burdens on business and improve the agency’s ability to meet its regulatory objectives. We agree.
The Australian Tax Office has begun transitioning preparers towards exclusive use of a new reporting channel that will further advance SBR in that country.
The ATO recently published its annual report for 2014-2015, chronicling some impressive growth for the SBR program in the areas of taxation, business registration and pension reporting.
The Australian Securities & Investment Commission, as part of its efforts to “assist companies in dealing with the complexity of financial reporting and allow users to better navigate financial reports” now encourages companies to file financial reports in iXBRL, removing the need for separate lodgement of a PDF-format or paper financial report. Since July 2010, companies that […]
Australia has a Ministry of Small Business, and its chief – MP Bruce Billson – is embracing a plan by the National Australia Bank, calling for the abolition of Business Activity Statements, which are quarterly returns on Value Added Tax inputs and outputs. Billson also has Standard Business Reporting on his radar as another way to make […]
A guest editorial in The Age newspaper details red tape reduction efforts that will be of particular benefit to small and medium sized businesses. In addition to reducing tax filing requirements outright for almost 500.000 businesses, the article stresses the efforts of the Australian government’s use of Standard Business Reporting to reduce paperwork burdens, freeing […]