We’re reducing the amount of information needed for the business activity statement (BAS) to simplify GST reporting.
From 1 July 2017, Simpler BAS will be the default GST reporting method for small businesses with a GST turnover of less than $10 million.
They will only need to report:
Total sales
GST on sales
GST on purchases.
This will not change their reporting cycle, record keeping requirements, or how they report other taxes on their BAS.
Simpler BAS will:
make it easier for you to classify your clients' transactions and lodge their BAS
reduce the time you spend on form-filling and making changes that don't impact the final GST amount.
What's next?
We will automatically transition eligible small business' GST reporting methods to Simpler BAS from 1 July 2017. To help the transition, we will email you to advise which of your clients are affected and how they can benefit.
Small businesses can choose whether to change their GST bookkeeping software settings to reduce the number of GST tax classification codes. You may wish to talk to your clients and help them decide whether reduced or detailed GST tax code settings are best for them.
If any of your clients are new small businesses that registered for GST after 19 January 2017, let them know they can start using Simpler BAS reporting straight away.
About Authors : Swan Partners is a progressive service provider dedicated in providing high quality tax consultancy, accountant in victoria park, bookkeeping service in perth, BAS lodgement service in perth and accounting services to individuals, sole-traders, partnerships, trusts, and companies.
No comments:
Post a Comment