From 1 July 2017 small businesses with GST turnover of less than $10 million will automatically be transferred to ‘Simpler BAS’ by the ATO.
The only GST information you’ll need to report is:
- G1 Total sales
- 1A GST on sales
- 1B GST on purchases
If you lodge using the paper BAS form you can just leave the sections blank where information is no longer needed. There will be no other changes to this form, the reporting frequency or how other taxes are reported on your BAS.
Reducing GST reporting will save you time and money by simplifying account set up and bookkeeping, along with BAS preparation and lodgement.
To take advantage of the benefits of Simpler BAS, contact your bookkeeper, tax or BAS agent. Alternatively, more information is available on the ATO website.
This information is provided to you by the Small Business Development Corporation (Date: 14 June 2017)