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Switch to Simpler GST

by Intuit Updated 1 year ago

If I’m an existing customer, how can I switch to simple GST?

You can switch to Simpler GST through the QuickBooks Online GST centre settings page.

Note: We're rolling this feature out to users from August 2017, if you don't see this option and wish to switch to simple GST please reach out to our customer care team.

  1. Go to GST.
  2. Select Edit GST on the right-hand corner.
  3. Choose Edit settings.
  4. Select Simpler under GST codes option.

Once you switch, you’ll see only the simplified GST codes while creating transactions.

Note: QuickBooks Online is not a tax or BAS agent. If you’re relying on advice from a BAS or tax agent, it’s recommended that you consult with them before you switch.

What will happen to my default GST settings once I switch?

You or your tax/BAS agent may need to set up default GST codes on Chart of Accounts, products and services, bank rules and recurring transactions. We will map any default GST codes on Chart of Accounts, products and services,
and bank rules to the simplified GST codes. However, you’ll need to map the GST codes on recurring transactions, if any, to the new codes.

What will happen to my existing transactions if I switch to simple GST?

There will be no impact on your existing transactions when you switch to simple GST. You can view the transactions and run reports as you normally would. You can also edit your existing transactions. While editing, if you need to change the tax codes, you will need to choose from the list of simplified GST codes and will not be able to select the old detailed GST codes.

What will happen to BAS reports once I switch to simpler GST?

There are three BAS related reports in QuickBooks Online:

  1. BAS detailed report - There will be no change to BAS detailed report. You will continue to see transactions grouped by tax codes. If you have existing transactions that use the detailed GST codes, the BAS detailed report will continue to report these transactions under the detailed GST codes.
  2. BAS summary report - Once you switch to simpler GST, the BAS summary report will only display fields relevant to simpler BAS - G1, 1A and 1B with a few additional details. You will not see the fields that are removed from BAS in this report as you’re no longer required to report those fields.
  3. BAS form - We are actively working on simplifying the BAS form in QuickBooks Online. We anticipate that this change will happen before the deadline for next quarterly BAS. In the meantime, once you switch to simplified GST, we will populate 0 values for fields G2, G3, G10 and G11.
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