New Simpler BAS from 1st July 2017
The ATO have announced the introduction of simplified GST reporting for small business by reducing the amount of GST information required in business activity statements (BAS).
From 1 July 2017, eligible small businesses will automatically transfer to Simpler BAS. With Simpler BAS, you only need to report the following GST information:
- G1 for your total sales
- 1A for the GST on your sales
- 1B for the GST on your purchases
The other G fields previously required including: Export Sales (G2), other GST Free Sales (G3), Capital Purchases (G10) and Non-capital Purchases (G11) are no longer required.
The calculation worksheet method used to determine the amounts to report is not required with Simpler BAS either.
Some businesses will also have other obligations they are required to report on the BAS such as: Pay as You Go instalments (the T fields), Pay as You Go withholding (the W fields) or other taxes such as Luxury car tax, Fuel tax credits or others. If you have additional reporting obligations, you’ll report them on your Simpler BAS, just as you did before.
There are no changes to reporting frequency or how other taxes are reported on the BAS.
Businesses with annual GST turnover less than $10 million will be transitioned to Simpler BAS reporting from 1st July 2017.
You still need to keep records, such as invoices, as proof of any claims you make in your BAS and income tax return lodgements.
You are welcome to review the below links containing further information:
ATO - Simpler BAS Eligibility and Reporting Methods
ATO - Preparing for Simpler BAS
ATO - Changes to ATO processes to Support Simpler BAS Transition
If you have any questions about this change or require any support with your BAS and other compliance obligations, you are welcome to contact us on (03) 5443 8888 or email@example.com