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

SERVICE SOLUTIONS

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North Advisory supports business owners in establishing, growing and optimising their companies through streamlined accounting processes, intelligently integrated tech and expert financial collaborations.

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From

$865 excl. GST

  • A compliant, full trading company set-up from start to finish
  • Management of ABN, business TFN and/or ACN
  • Complete ASIC registration, set-up and management
  • Registration for all relevant taxes like GST and PAYG
  • Expert financial and accounting guidance for company set-up
  • Qualified finance professionals as your ATO and ASIC Agent
  • A comprehensive information package to run your company like a pro

Business Accounting

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From

$300 per month

  • Compilation of Annual Financial Statements
  • Acting as ASIC/ATO agents on your behalf
  • Preparing/lodging business income tax returns
  • Preparing Annual Dividend/Distribution Statement
  • Preparing/lodging quarterly BAS
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  • Yearend review and adjustment of accounting software
  • Secure online document storage facility
  • In-person, online or over-the-phone meetings
  • Accounting guidance and holistic advisory support

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From

POA

  • Bookkeeping services
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  • Xero accounting software training
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  • Non-trading discretionary investment trust
  • Individual tax returns
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