Thought I should reiterate what has been dubbed ‘Simpler BAS’ by the ATO.
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
If your annual GST turnover is less than $10 million, you will be transitioned to Simpler BAS reporting from 1 July 2017.
Simpler BAS will not affect how other taxes are reported (eg PAYG income tax instalments or PAYG tax withheld), or how often you submit your BAS.
You still need to keep records, such as invoices, as proof of any claims you make in your BAS and income tax return lodgements.
Subject to eligibility, small businesses registering from 19 January 2017 have the option to use Simpler BAS immediately.
Simpler BAS was co-designed and user tested with 2,000 participants throughout 2016–17.
The following link is for a short video which provides an overview of Simpler BAS:
This article was emailed to me by Wayne Turner from intuitive super:
Hi, I’m Shaun McAtamney and I work for Harvest Bookkeeping Services. This Blog supports our website: http://www.harvestbookkeeping.net
This is my first Blog post since I invested in some paid hosting with iPage (very cheap).
We have been reaching out to more clients in the Stanthorpe area. I am always amazed at the caliber of clients we serve here, being that we are essentially a regionally based business. Yesterday I spoke with the inventor of, ‘A3D’ technology, which is a state-of-the-art audio technology that produces recording studio sound quality without the need for the recording studio. Well that’s basically what it is without getting too technical. I guess you can draw your own conclusions by conducting your own research on the technology. However, without breaching client privilege, I can safely say that I was completely blown away by what my client had to say about manufacturing and marketing in Australia. We really do need to lift our game if we are going to compete with places like the US, China, and Singapore (to name a few) in terms of product marketing, investor relations, and company performance. Currently, Australia seems to have lost sight of this and unless we are bent on becoming a nation of service providers we need to start supporting our product inventors and innovators.
You can see from the following graph that the performance of the manufacturing industry has been in decline in Australia for eight of the past 10 years from 2004-2005 to 2013-2014:
(Taken from www.aph.gov.au ‘Performance in Manufacturing’)
The worst decline in 2008-09 was due to the global economic recession.
Many say that the reason manufacturing has been on the decline in Australia is due to the fact that Australia missed an important opportunity to grow its manufacturing sector due to a heavy reliance on the mining industry.
Malcolm Turnbull has been talking big during press conferences about Australia becoming a ‘science nation’ and how the catalyst for that should be ‘innovation driven by technology’: http://theconversation.com
I sure hope the Australian government is good to its word and we put our money where our mouth is in this regard. As with most areas of business investment – the windows of opportunity don’t stay open for long.
If this is something you are passionate about, I would love to hear from you. You can also join our, ‘Contact List’ by filling out our contact form to the right.