More Savings from SBR in Australia

Recently, the Australian Assistant Treasurer announced almost $50 million in savings each year for the superannuation industry as part of the Abbott Government's initiatives to reduce red tape and compliance by $1 billion per year, including the use of the Standard Business Reporting's (SBR).

The savings arise from standardizing business reporting around data rather than forms thereby reducing the number of data points that need to be collected.

Similar savings can be achieved in Canada if SBR is adopted here.