The ongoing MYOB Tax Seminars have thrown a bright spotlight on one of the biggest changes to hit accounting in the last few years: the SBR (Standard Business Reporting) framework. While there’s still uncertainty about what it all means for accountants and bookkeepers, there’s one glaring message that needs to be understood – it’s not going to be THAT big a deal to begin with.
While it’s pretty darn exciting to move towards a two-way communication tool as opposed to the existing ELS (Electronic Lodgment System), it’s going to take a while for the good stuff to get switched on.
In fact, version one of the new lodgment system will likely make accountants wonder what the fuss has all been about.
So what’s the big deal about the SBR, then?
The key is in what’s to come in subsequent versions of the service. Many of the tasks you perform in the ATO Portal will be made available to software vendors, meaning you won’t need to leave your software to make a CU (Customer Update) change, update your ATO lists or check client payments and NOAs (Notices of Assessment). So better efficiency and more seamless processes.
You can find out more about those changes and future developments straight from the ATO’s mouth, so to speak, at one of the MYOB Tax Seminars over the next month.
If you can’t make a live event, the online sessions kick off on the 23rd of June. It all adds to your CPD hours, of course, while getting you up-to-speed on pretty much everything you need to know tax-wise. See you there?