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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