Simpler BAS July 1
The ATO is reducing the amount of information needed to be included in the business activity statement (or ‘BAS’) to simplify GST reporting.
From 1 July 2017, Simpler BAS will be the default GST reporting method for small businesses with a GST turnover of less than $10 million.In relation to GST, small businesses will only need to report:
G1 - Total sales
1A - GST on sales
1B - GST on purchases.
This will not change a business’ reporting cycle, record keeping requirements, or the way a business reports other taxes on its BAS. Simpler BAS is intended to make it easier for businesses to lodge their BAS. It should also reduce the time spent on form-filling and making changes that don't 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 accounting software settings to reduce the number of GST tax classification codes.