"Standard Business Reporting"

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"Standard Business Reporting"

  1. 1. Standard Business Reporting 3 June 2008 Paul Madden Program Director
  2. 2. <ul><li>Background to SBR </li></ul><ul><li>What is it? </li></ul><ul><li>A multi-agency program to reduce the regulatory reporting burdens for business. </li></ul><ul><li>Why? </li></ul><ul><li>The 2006 report of the Taskforce on Reducing Regulatory Burdens on Business, “Rethinking Regulation” (the Banks report), recognised that government reporting requirements impose a significant burden on Australian business. </li></ul>
  3. 3. What are we doing? <ul><li>the key activity of the SBR program is to work across agencies and jurisdictions to standardise the reporting approach and language – developing the taxonomy </li></ul><ul><li>as well as the reporting language,  SBR is developing a new e-channel for business which will include a single sign-on to on-line services across the agencies in scope </li></ul>
  4. 4. Scope <ul><li>The agencies included in scope </li></ul><ul><li>Tax Office </li></ul><ul><li>Bureau of Statistics </li></ul><ul><li>Australian Securities and Investments Commission </li></ul><ul><li>Australian Prudential Regulation Authority </li></ul><ul><li>State and Territory Revenue Offices (8 of them) </li></ul><ul><li>More than 75 government forms are in scope </li></ul>
  5. 5. <ul><li>Standard Business Reporting Solution </li></ul><ul><li>What? </li></ul><ul><li>Rationalise/Harmonise Reporting Terms/Definitions </li></ul><ul><li>Develop the Reporting Taxonomy </li></ul><ul><li>Map the Reporting Taxonomy to chart of accounts (software package) </li></ul><ul><li>Develop IT capabilities and infrastructure (including whole of Government authentication/single sign on process and system for secure on-line interactions) </li></ul><ul><li>Connect Government systems to the IT capabilities and infrastructure </li></ul><ul><li>Connect Businesses through 3 rd party software to Government </li></ul>
  6. 6. Solution Design <ul><li>one of the key solutions we envisage is the use of the taxonomy in small/medium businesses software that will prefill government reports from data in their accounting software so that it can be sent from their accounting software securely to the government agency </li></ul><ul><li>The role of regulators is different, so the solution can look different for each “use case” but all are based on financial information </li></ul>
  7. 7. Core Services Overview
  8. 8. The Reporting Chain Agencies Software Developers Businesses Consumers/Investors <ul><li>Intermediaries </li></ul><ul><li>Accountants </li></ul><ul><li>Financial advisors </li></ul><ul><li>Bookkeepers </li></ul>
  9. 9. <ul><li>Consultation </li></ul><ul><li>Many existing consultation processes for each agency to reach its stakeholders </li></ul><ul><li>Key principle is that SBR will use the consultative groups as they exist </li></ul>
  10. 10. <ul><li>Business Advisory Forum </li></ul><ul><li>Broad coverage of all stakeholder groups </li></ul><ul><ul><li>set and enhance, public perceptions of the program </li></ul></ul><ul><ul><li>communicate SBR direction and outcomes to the businesses that they represent </li></ul></ul><ul><ul><li>act as a “reality check” on the SBR program and advise the SBR Board on </li></ul></ul><ul><ul><ul><li>a) options to enhance/modify program initiatives that will increase end-user benefits </li></ul></ul></ul><ul><ul><ul><li>b) issues of relevance to stakeholders that need to be drawn to the program’s attention </li></ul></ul></ul>
  11. 11. Business Advisory Forum <ul><li>Chair </li></ul><ul><li>Dr Peter Burn, Australian Industry Group </li></ul><ul><li>Attending members/alternatives </li></ul><ul><li>Mr Matthew Addison - Institute of Certified Bookkeepers </li></ul><ul><li>Mr Peter Anderson - Insurance Council of Australia </li></ul><ul><li>Mr Frank Drenth - Corporate Tax Association </li></ul><ul><li>Mr George Durbridge - Law Council of Australia </li></ul><ul><li>Ms Allesandra Fabro - Business Council of Australia </li></ul><ul><li>Mr Geoff Harris - Group of 100 </li></ul><ul><li>Ms Kerry Hicks - Institute of Chartered Accountants in Australia </li></ul><ul><li>Mr Tony Keir - Association of Superannuation Funds of Australia </li></ul><ul><li>Ms Patricia Lim - Investment and Financial Services Association </li></ul><ul><li>Ms Maureen Martin - The Association for Payroll Specialists </li></ul><ul><li>Mr Denis Pratt - CPA Australia </li></ul><ul><li>Mr Curt Rendall - Board of Taxation </li></ul><ul><li>Mr Geoff Schaller - Software Developers Consultative Group </li></ul><ul><li>Mr John Stamolis - Australian Bankers Association </li></ul><ul><li>Dr Matthew Steen – Australian Chamber of Commerce and Industry </li></ul><ul><li>Dr Peter Burn, Australian Industry Group </li></ul><ul><li>Mr Josef Sorby, Investment and Financial Services Association </li></ul><ul><li>Mr Bob Stanton, Council of Small Business of Australia </li></ul><ul><li>Mr Paul Madden - Standard Business Reporting </li></ul>
  12. 12. <ul><li>Implications for intermediaries and businesses </li></ul><ul><li>Main aim is to reduce the regulatory reporting burden for business </li></ul><ul><li>Acknowledge that most of this burden is already outsourced </li></ul><ul><li>Savings/benefits calculated on the basis of businesses spending time reporting </li></ul><ul><li>Savings and benefits will occur across the reporting chain and related industries </li></ul>
  13. 13. <ul><li>For Business </li></ul><ul><li>Responds to calls from the business community and their intermediaries to reduce the reporting burden </li></ul><ul><li>More may be capable of self preparing and lodging their reports </li></ul><ul><li>For those already doing so it should be easier and take less time </li></ul><ul><li>Single sign on to Government </li></ul><ul><li>Access to up to date financial information </li></ul><ul><li>Access to more sophisticated accounting and management systems </li></ul><ul><li>Able to share financial/accounting data more readily </li></ul><ul><li>Certainty that the reporting obligation has been dealt with/received </li></ul><ul><li>Further potential for closure based on audit trails </li></ul><ul><li>Reduced reporting </li></ul><ul><li>Better able to understand what is being asked for </li></ul>
  14. 14. <ul><li>For intermediaries </li></ul><ul><li>Less time spent on preparation of reports for Government </li></ul><ul><li>Single sign on to Government on-line services </li></ul><ul><li>Access to more up to date financial information </li></ul><ul><li>Able to share financial/accounting data more readily – with and from clients </li></ul><ul><li>On-line reporting to the agencies in scope </li></ul><ul><li>Certainty that the reporting obligation has been dealt with/received </li></ul><ul><li>Further potential for closure based on audit trails </li></ul><ul><li>Better able to understand what is being asked for </li></ul><ul><li>More time for value added services and financial advice for clients </li></ul><ul><li>Better access to more sophisticated financial reports for use within the practice (not related to Gov’t reporting) </li></ul><ul><li>Continuous auditing? </li></ul>
  15. 15. <ul><li>State Involvement </li></ul><ul><li>Are working on the design – how SBR will work for Payroll Tax – interactions with their systems and processes </li></ul><ul><li>See the “single sign-on” as a very large benefit </li></ul><ul><li>Each have different reporting processes for payroll tax </li></ul><ul><li>SPP for a disbursement of funds process </li></ul>Overview Harmonisation Taxonomy IT Infrastructure Solution
  16. 16. SBR Program Board Detailed design, consultation, harmonisation, development and implementation Australian Taxation Office The Treasury General Ledger Reporting Cluster Program Governance, Benefits Realisation Stakeholder and Communications Strategy ABS APRA ASIC ATO SRO Detailed design, development and implementation of the IT part of the solution Design Integration Data Definition Coordination Team Detailed design, build and implementation of the Data Definition Repository and harmonisation (and related governance) processes Australian Bureau of Statistics SBR Business Advisory Forum Program assurance and governance decision support, including monitoring, challenging, approving and supporting plans and deliverables SBR Program Core Services & Design Integration Program Office Program Manager Strategic Direction Accountability for governance and design integration Program Assurance Local management and administration Authentication Team Develop and implement “fit for purpose” whole of Government authentication solution SBR Steering Group DIISR ATO AGIMO Program Director
  17. 17. When? <ul><li>1. Version 1 of the reporting taxonomy - March 2008 </li></ul><ul><li>2. Version 2 of the reporting taxonomy - September 2008 </li></ul><ul><li>3. TFN Declaration Pilot release - January 2009 </li></ul><ul><li>5. TFN Declaration available to all in production - June 2009 </li></ul><ul><li>4. New reporting channel (Core IT services) complete – March 2010 for use by July 2010 </li></ul><ul><li>7. Version 3 of the reporting Taxonomy - March 2009 </li></ul><ul><li>6. New whole of government authentication processes and systems - September 2009 </li></ul><ul><li>8. Fully operational end-to-end testing - September 2009 </li></ul><ul><li>9. Full production availability for financial reporting through SBR including compliant financial software from suppliers - March 2010 </li></ul><ul><li>10. Reductions in business reporting burden - July 2010 and onwards </li></ul>
  18. 18. <ul><li>SBR contacts </li></ul><ul><li> [email_address] </li></ul><ul><li>02 6263 3900 </li></ul><ul><li> www.sbr.gov.au </li></ul><ul><li>D Block The Treasury King Edward Terrace, Canberra </li></ul>

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