Simpler BAS from 1 July 2017
The ATO has been working on the development of a simpler BAS for certain small business taxpayers.
From 1 July 2017 a simpler BAS will be the default GST reporting method for small businesses with a GST turnover of less than $10m.
These taxpayers will only need to report total sales, GST on sales and GST on purchases. The changes to GST reporting will not impact on the way that other taxes are reported on the BAS.
For more information, please contact us on 02 9957 4033.
This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.