With Simpler BAS, from 1 July 2017 small businesses will have less GST information to report on their BAS. The only GST information required will be:
- G1 Total sales
- 1A GST on sales
- 1B GST on purchases
The following GST information will no longer be required:
- G2 Export sales
- G3 GST-free sales
- G10 Capital purchases
- G11 Non-capital purchases
Q. My BAS should be easier to lodge then!
If you lodge your own BAS or do your own bookkeeping, then yes, you will no longer have to determine between GST on Purchases and GST Capital purchases etc. The GST categories will be simplified. However, you will still need to do the same level of reporting. You will still need to determine if a purchase has a GST free component and separate these as per the tax invoice. The difference is, you will no longer have to report the GST free part of your purchases and sales on the BAS issued to the ATO.
Essentially, correct GST and account allocation will still be required. You must continue to retain tax invoices.
Any small business with an annual GST turnover of $10million or less will be transitioned automatically from 1 July 2017
If your software is cloud based, the updates will appear to enable simpler BAS. There is nothing you need to do.
We will continue to code your accounts correctly. BAS agents will not notice a lot of change as the groundwork remains.
Your PAYG withholding and PAYG instalments will still be reported on your BAS.
If you have further questions, contact us
