The ATO has been emailing clients about their ability to transition to the more straightforward BAS lodgement method since 1 July 2017. This new method is only available for small businesses (turnover <$10M). It reduces the information required to be reported concerning GST on a BAS to three amounts – GST on sales, GST on purchases and Total sales. As a BAS agent, it’s essential to know this simplified method and inform eligible clients accordingly.
Furthermore, the classification of transactions using Simpler BAS will only need to be classified as GST and no GST. If you use accounting software, Reckon accounts are already set up to comply with the new requirements; MYOB and Xero are still upgrading. Regardless of your software, you will still get some of the benefits from Simpler BAS by having the reduced reporting requirement upon lodgement of the BAS.
Kreston Stanley Williamson Team
*Correct as of June 2017
Disclaimer – Kreston Stanley Williamson has produced this article to serve its clients and associates. The information contained in the article is of general comment only and is not intended to be advice on any particular matter. Before acting on any areas in this article, you must seek advice about your circumstances. Liability is limited by a scheme approved under professional standards legislation.
