The ATO is reducing the amount of information needed for the business activity statement (BAS) to simplify GST reporting.
From 1 July 2017, Simpler BAS will be the default GST reporting method for small businesses with a GST turnover of less than $10 million.
They will only need to report:
- Total sales
- GST on sales
- GST on purchases.
This will not change their reporting cycle, record keeping requirements, or how they report other taxes on their BAS.
Please contcat Maurie for more info on 0418573667