If you’ve landed here, chances are you’re currently using detailed GST codes. You’ll know because whenever you raise an invoice or record an expense, you’re required to classify the GST under one of many — and for the average person, confusing — codes in the drop down menu.
It takes time and brain capacity to work out whether the GST on an expense should be GST on non-capital, Input tax or many of the various options in between.
What’s more, since July 1 2017, the ATO doesn’t even gather that information for businesses earning less than $10M. So spending time and energy classifying complicated codes is no longer necessary to stay compliant.
The great news is that there’s a solution that’s going to make your business life easier. It’s called Simpler GST and we highly recommend you switching to it.
When you switch (we’ll show you how below), you only need to classify GST on transactions as GST, GST-free or out of scope. Because that’s all the ATO requires from you.
So there’s every reason to switch. Do it today and spend more time growing your business.
Remember, you can only make the switch if your business turnover is less than $10M (lucky you if you’re doing that well).
Login to QuickBooks Online to make the switch to Simpler GST:
Click on GST on the left menu
Click on Edit GST on the top right hand corner
Click on Edit settings
Select Simpler under GST codes option
Visit here to read more about Simpler GST and Simpler BAS.