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  • Simpler BAS from July 2017!

    27 May at 14:16 from atlas

    The ATO have been working with small businesses, tax professionals, industry associations and software providers on ways to deliver a simpler business activity statement (BAS) to make GST record keeping easier and less costly.

    To achieve this, several GST labels will be removed from the BAS, with small businesses only required to report:

    • GST on sales (1A)
    • GST on purchases (1B)
    • Total sales (G1).

    This will simplify account set-up, record keeping, BAS preparation and lodgement!

    They will begin user testing from 1 July 2016, and simpler BAS will be the standard option for all small business from 1 July 2017.

 

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