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Nov 13, 2014

Speaking at the Australian Technology Showcase for Accountants (ATSA) Conference, held in Melbourne in October, the Second Commissioner of the ATO, Geoff Leeper, outlined the ATO’s policy relative to Standard Business Reporting Strategy (SBR Strategy).  Mr Leeper indicated that the ATO had advised the Productivity Commission that the ‘Red Tape Saving’ from the introduction of the SBR Strategy would be $500million a year.  Mr Leeper also said that “a lot of this would come from professional fees.  This is the ‘digital disruption’ for accountants.

Mr Leeper then added, “This is all going to change the role of accountants beyond compliance.  Accountants have to become business advisor, rather than tax compliance experts for SMEs.”