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.