If the thought of completing your BAS sends you running to finish a load of washing or ironing, file your paperwork or wash the dog, then you'll be happy to know that a simper BAS is on its way for small business.
The ATO is working on reducing the amount of GST related information to be reported on the BAS to simplify GST bookkeeping and reporting requirements providing time and costs savings for small business.
From 1 July 2017, small businesses will only need to report:
- GST on Sales (1A)
- GST on Purchases (1B) and
- Total Sales (G1)
The requirement to report export sales (G2), other GST free sales (G3), Capital Purchases (G10) and Non capital purchases (G11) will be removed.
From 19 January 2017, newly registered small businesses can take advantage of the simpler BAS reporting by doing the following:
- For Quarterly reporters: select Option 2 (Calculate GST quarterly and report annually) on your first BAS
- For Monthly reporters: insert "0" at labels G2, G3, G10 and G11 on your BAS
- For Annual reporters: insert "0" at labels G2, G3, G10 and G11 on your Annual GST return