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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