Australian Tax Office says Savings from SBR total over 1.1 Billion

The Australian Taxation Office’s latest figures show a dramatic uptick in business take-up of SBR, particularly in the superannuation industry where it promises the greatest return.

 

Data audited by Deloitte Access Economics shows the scheme saved business and government $400 million in 2014-15, with 15 million transactions pushed through SBR-enabled systems.

The ATO is still getting its figures validated, but it thinks this savings sum will jump to $1.1 billion for 2015-16 – even higher than its original $800 million annual target.

“What used to take three weeks now takes three minutes. What used to require a person to do a check of identity now is automated,” John McAlister of ATO said.