Easier GST Reporting
Existing Small Businesses
From 1 July 2017, small businesses generally will only need to report
GST on sales (1A)
GST on purchases (1B)
Total sales (G1)
The requirement to report Export sales (G2), other GST free sales (G3), Capital purchases (G10) and Non-capital purchases (G11) will be removed.
New Small Businesses
The ATO has notified taxpayers that, from 19 January 2017, newly registered small businesses have the option to report less GST information on their business activity statement (BAS).
Therefore, if you plan to register for GST after receiving this update, we can help you access the reporting benefits of the simpler BAS early.