From 1 July 2017 small businesses with a GST turnover of less than $10 million will be defaulted onto the Simpler BAS reporting method. This essentially means you are required to report less GST information on your BAS.
The only information that you are now required to report on you BAS strictly relating to GST are:
- G1 Total Sales
- 1A GST on Sales
- 1B GST on Purchases
The simpler BAS reporting method does not affect how other taxes are reported (e.g. PAYG tax withheld, PAYG Income Tax Instalments) or how often you lodge your BAS.
Whilst the simpler BAS will certainly make things easier for small business in that there are less boxes to fill in on a BAS form, it is important to still maintain a suite of reports within your accounting software package to check to ensure accuracy and correct coding. If in doubt, please speak with your accounting software provider or BAS/TAX agent to ensure you are compliant.
For more information click HERE.
