Changes to BAS reporting explained.
Are you a small business with a turnover of less than $10 million? If so, from 01 July 2017, Simpler BAS is set to be your default reporting method.
The ATO wants to reduce the amount of information needed for the Business Activity Statement, BAS, to a simpler method of reporting GST. The report will only include:
- Total sales
- GST on sales
- GST on purchases
Before this creates too much excitement… be aware that you still need to know your numbers!
The new recording process will not change the reporting cycle, record keeping requirements or how other taxes are reported on your BAS.
It will make it easier for you to classify your transactions and lodge your BAS and reduce the amount of time you spend filling in forms and making changes that don’t impact the final GST amount.
The ATO will transition all eligible business to Simpler BAS from 01 July 2017. Your accountant will receive an email notifying them of the changes.
Businesses that registered for GST after 19 January 2017, can start Simpler GST straight away.
How will this affect your Business?
Please speak to your Integra Accountant so they can check your GST bookkeeping software settings to reduce the number of GST tax classification codes. Your Accountant can help you decide which code settings are best for you.
Ring Integra Business Accountants now so we can help you make any necessary changes.