A simpler BAS will give small businesses time and cost savings by simplifying account set up, GST bookkeeping and BAS preparation. Businesses will be able to more easily classify transactions and prepare and lodge their BAS.
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); and
- 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.
EASIER GST REPORTING FOR NEW SMALL BUSINESSES
From 19 January 2017, the ATO are providing newly registered small businesses the option to report less GST information on their BAS.
To take advantage of this option, small businesses registering from 19 January 2017 will need to do the following:
- If ‘quarterly’ GST reporting cycle is selected when registering for GST, you will need to select 'Option 2: Calculate GST quarterly and report annually' on your first BAS. The ATO will not be seeking the additional GST information or lodgement of the Annual GST Information Report. This will provide you with a Simpler BAS reporting solution.
- If a ‘monthly’ GST reporting cycle was selected at registration, you can insert ‘0’ at labels G2, G3, G10 and G11 on your BAS.
- If an 'annual' GST reporting cycle was selected at registration, you can leave labels G2, G3, G10 and G11 blank on your Annual GST Return.