Simpler Business Activity Statement (BAS) | North Advisory
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    Simpler Business Activity Statement (BAS) for small businesses from 1 July 2017

    Posted by Northadvisory on December 7, 2016

    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:
    o GST on sales (1A)
    o GST on purchases (1B), and
    o 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:
    o Export sales (G2)
    o Other GST-free sales (G3)
    o Capital purchases (G10), and
    o 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