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  • Simpler BAS is here!

    17 March at 11:30 from atlas

    Simpler BAS has been introduced because of the complexity of applying GST law to business ie. different types of sales have different types of GST classifications; the same goes for expenses. The BAS reporting has required allocation of every single sale between one of at least six different reporting options and expenses between 7 options.

    The allocation between these reporting classifications has been inaccurate and does not alter the amount of GST to be paid or claimed.

    Government are simplifying business by allowing a business to report with a basic system that is closely aligned to just getting on with business.

    What to do?

    1. When making a sale do you have to charge GST? Code it to GST, code everything else to not.

    2. When incurring expenses, did you pay GST that you can claim back? Code it to GST, code everything else to not.

    Consult with your registered BAS agent member of the ICB to apply Simpler BAS to your business.

 

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