Did you know from the 1 July 2017 the amount of GST information required for the business activity s
From 1 July the amount of GST information required for the business activity statement (BAS) will be reduced. This will give small businesses time and cost savings by simplifying account set up, GST bookkeeping and BAS preparation and lodgement.
Goods and services tax (GST) reporting on the business activity statement (BAS) is getting easier for small businesses.
This is due to a change to GST reporting called Simpler BAS – a partnership between the ATO, software developers, tax professionals and small business associations.
With Simpler BAS, from 1 July 2017 small businesses will have less GST information to report on their BAS. The only GST information required will be:
G1 Total sales
1A GST on sales
1B GST on purchases
The following GST information will NO longer be required:
G2 Export sales
G3 GST-free sales
G10 Capital purchases
G11 Non-capital purchases
If your annual GST turnover is less than $10 million, you will be transitioned to Simpler BAS reporting from 1 July 2017.