Posted on 24 May 2016
Please note: this is an old article
It was published in May 2016, so the information may be out-of-date.
The ATO is working on ways to deliver a simpler BAS to make GST record keeping and reporting easier and less costly.
From 1 July 2017 there will be reduced labels on your activity statement. You will only need to include your total sales, GST on sales and GST on purchases.
A simpler BAS will be the standard reporting option for small businesses. The benefits of these changes include:
- reduced record keeping costs
- time saved classifying the GST on your sales and purchases
- simplified account set up, book keeping and BAS preparation.
To make it an easy process for you, the ATO is working with small businesses, professional associations, tax and BAS agents and software developers, to develop a simpler BAS.
For more information CLICK HERE