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Simpler BAS from 1 July

simplier bas

 

As of 1 July 2017, the ATO has reduced the amount of information needed for the business activity statement (BAS).

Small businesses with a GST turnover of less than $10 million will use Simpler BAS as the default reporting method.  These businesses will only need to report total sales, GST on sales and GST on purchases.

Simpler BAS will reduce time spent on form-filling and making changes that do not impact the final GST amount.

The ATO will automatically transition eligible small business’ GST reporting methods to Simpler BAS from 1 July 2017.  Small businesses can choose whether to change their GST bookkeeping software to reduce the number of GST tax classification codes.

There are no changes to reporting frequency or how other taxes are reported on your BAS.  Business owners are still required to keep usual BAS records and income tax return lodgements.