Less Red Tape for Australian SMEs
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 sure that regulatory requirements under which small businesses operate are “the right size and necessary”. With XBRL-driven structured data reporting initiatives like SBR, Australia and other nations have made the decision that more electronic reporting – not less – is the path to transparency and less burdensome filing requirements.
Read an interview with Billson
