I’ve received an email from ATO regarding BAS… please read below. Will manager be supporting simpler BAS?
We’ve simplified GST reporting for small business by reducing the amount of GST information required in business activity statements (BAS).
From 1 July 2017, you’ll be automatically transferred to Simpler BAS. There are no changes to your reporting frequency or how other taxes are reported on your BAS.
With Simpler BAS, you only need to report the following GST information:
G1 Total sales
1A GST on sales
1B GST on purchases.
Remember to continue keeping records (i.e. invoices) for BAS and income tax return lodgments.
Maximising Simpler BAS benefits
To access the full bookkeeping benefits your accounting software will need to support Simpler BAS. Your software provider may contact you or check online to learn more.
Talk to your bookkeeper, Tax or BAS agent to determine how the changes impact your bookkeeping.