Some relief for Small Business owners…
The ATO is making BAS preparation Simpler. Small business owners will soon have less GST information to report on their BAS.
From 1 July 2017, eligible businesses with a GST turnover of less than $10 million will be transitioned automatically to the ATO’s "Simpler BAS" system.
With Simpler BAS, business owners will only be required to report:
1A GST on Sales
1B GST on Purchases
G1 Total Sales
Why has Simpler BAS been introduced
Simpler BAS was introduced to cut the time spent by business owners on preparing BAS’s. We support the changes, however estimate the time saving to be minimal as the BAS process is mainly software driven.
What’s not Affected
Simpler BAS will not affect how PAYG Income Tax Instalments and PAYG Tax Withheld are reported. Also, lodgement and payment dates will remain the same.
What do Eligible Businesses need to do?
To take advantage of Simpler BAS, eligible businesses should ensure their accounting software is updated to the latest version and supports the changes.
The ATO will accept BASs prior to 1 July 2017 with reduced GST information where compliant accounting software is used.
For further information on Simpler BAS please follow this link or contact our office via email or phone 0404 033 464.