Simpler BAS will make it easier for businesses to do their bookkeeping to classify and code GST transactions.
To help you gain the most benefit from simpler BAS, QuickBooks Online is introducing simplified GST classification.
This simplified method allows you to code your GST transactions as:
- GST Free
- Out of Scope
You’re no longer required to code your GST transactions against the detailed list of GST codes that included:
- Export Sales
- Input Tax
- GST on capital purchases
- GST on non-capital purchases
- GST Free capital purchases
- GST Free non-capital purchases
This change will reduce the complexity to run your business day-to-day and still enable you to be compliant with BAS reporting requirements.
I’m only seeing GST, GST Free and Out of Scope tax codes when I try to create a sales or a purchase transaction. Does this mean I’m already on simpler GST?
Yes, this means you’re already on simpler GST. You don’t need to do anything. After we introduced simpler GST, any new customer creating a file in QuickBooks Online would be set to simpler GST by default.