The ATO have been advising clients via email of their ability to transition to the simpler BAS lodgement method from 1 July 2017. This new method is only available for small business (turnover <$10M) and reduces the information required to be reported with respect to GST on a BAS to three amounts – GST on sales, GST on purchases and Total sales.
Furthermore, classification of transactions using Simpler BAS will only need to be classified as GST and no GST. If you use accounting software, Reckon accounts is already setup to be compliant with the new requirements, MYOB and Xero are still working on the upgrades. Regardless of your software, you still will be able to 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
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