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