Simpler Business Activity Statement (BAS) for small businesses from 1 July 2017
A simpler BAS will become the default GST reporting method for all small businesses from 1 July 2017. This measure was originally announced in the 2016/17 Federal Budget and is designed to reduce GST compliance costs for small businesses.
Under the new reporting requirements:
- the BAS will only need to report the following information:
- GST on sales (1A)
- GST on purchases (1B), and
- Total sales (G1)
- transactions will only need to be classified with a simple “yes” or “no” for GST
- the BAS will no longer need to report the following information:
- Export sales (G2)
- Other GST-free sales (G3)
- Capital purchases (G10), and
- Non-capital purchases (G11), and
- the GST calculation worksheet and associated suite of GST software tax codes will no longer need to be supported
If you have any questions or enquires, please contact:
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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