New Simpler BAS coming
The ATO is reducing the amount of GST information required for the business activity statement (BAS) to simplify GST record keeping and reporting requirements.
A simpler BAS will give small businesses significant time and cost savings by simplifying account set up, GST record keeping and BAS preparation. Businesses will be able to more easily classify transactions and prepare and lodge their BAS.
Starting 1 July 2016, the ATO will begin user testing the proposed changes with small businesses, tax professionals and software developers to ensure we get it right.
From 1 July 2017, small businesses will only need to report the following GST information on their BAS:
- GST on sales (1A)
- GST on purchases (1B)
- 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.
A simpler BAS will support greater use of existing automation functions and potential digital solutions as they evolve.