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: