Simpler BAS reporting from 1 July 2017
From 1 July 2017, Simpler BAS will be the default GST reporting method for small businesses with a GST turnover of less than $10 million.
The simplified GST reporting means that businesses will only need to report:
- Total sales
- GST on sales
- GST on purchases
Please note that this does not change the reporting cycle, record keeping requirements, or how other taxes are reported on the Business Activity Statement.
The ATO will automatically transition eligible small business’ GST reporting methods to Simpler BAS from 1 July 2017.
New small businesses that are registered for GST after 19th January 2017 are eligible to start using Simpler BAS reporting straight away.
If you have any questions about the simplified GST reporting method how this may affect your particular circumstance, please do not hesitate to contact us.
Norman Ruan
Accountant
T: 02 9984 7774
E: normanr@northadvisory.com.au
Martin van der Saag
Director
T: 02 9984 7774
E: martinv@northadvisory.com.au
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