11 May Simplified BAS Measurements
In response to community feedback, the Australian Taxation Office is reducing the amount of GST information required for the business activity statement (BAS). This will simplify GST record keeping and reporting requirements.
Changes from 1 July 2017
Small businesses will only need to report the following GST information:
- GST on sales (1A)
- GST on purchases (1B)
- Total sales (G1)
Furthermore, the requirement to report the below GST information will be removed:
- Export sales (G2)
- Other GST free sales (G3)
- Capital purchases (G10)
- Non-capital purchases (G11)
In addition, a simpler BAS will support greater use of existing automation functions and potential digital solutions as they evolve, much like cloud accounting.
The ATO notes the benefits including:
- Simplified account set-up, ongoing bookkeeping and BAS preparation
- Reduced record keeping costs
- Saving you time so you can focus on your organisation.
Visit the ATO website, for more information.