What is Simpler BAS? The Australian Taxation Office (ATO) has listened to the concerns of small businesses, tax professionals,industry associations and software providers, and is working towards reducing GST compliance costs for small businesses.
The ATO is reducing the amount of GST information required for the Business Activity Statement (BAS) to simplify GST bookkeepingand reporting requirements.
What stays on the simpler BAS?From July 1 2017 you’ll only need to report:
- Total sales
- GST on sales
- GST on purchases
What is removed from BAS?From July 1 2017 you’ll no longer need to report:
- Export sales
- GST-free sales
- Capital purchases
- Non-capital purchases
Does this apply to my business?If your business is registered for GST, and you have an annual GST turnover of less than $10 million, you’re eligible for simpler BAS.
Do I still need to keep records?Yes. You need to keep records, such as invoices, as proof of any claims you make in your BAS lodgements.
How often do I need to report GST?However frequently you report now (e.g. monthly, quarterly or yearly) is how you’ll continue to report after July 1 2017.