Tax Planning | Seek Advice | Philippine Affordable Properties

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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.


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