SIMPLER BAS FOR SMALL BUSINESSES

SIMPLER BAS FOR SMALL BUSINESSES

June 22, 2017 Jessica 0

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.

 

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