From 1st July 2017, GST reporting on Business Activity Statement will become easier with Simpler BAS.
All small businesses with an annual GST turnover of less than $10 million will be automatically moved to Simpler BAS. If your annual GST turnover is $10 million or more, your reporting requirements will remain the same.
If you qualify for Simpler BAS you will only need to report the following;
- G1 Total Sales
- 1A GST on Sales
- 1B GST on Purchases
Contact our office today to discuss your obligations or for more information visit https://ato.gov.au/simplerBAS.