Simpler BAS Returns

Small businesses with a GST turnover of less than $10m can look forward to simpler GST reporting from 1 July 2017.

From 1 July 2017, the ATO will automatically transition eligible taxpayers to “Simpler BAS”, their default GST reporting method where they will only need to report on their business activity statement, total sales (G1), GST on sales (1A) and GST on purchases (1B).

The ATO has said this will not change reporting cycles, record keeping requirements or how other taxes are reported on the BAS. We will be notified by the ATO as to which of our clients can benefit from this change, and in turn advise you.

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