From 1 July 2017, small businesses will have less GST information to report on their Business Activity Statement (BAS).
As a result of feedback and concerns from small businesses, tax professionals, industry associations and software providers, the ATO has reduced the amount of GST information required for small business to report on their BAS to simplify GST bookkeeping and reporting requirements.
If your business is registered for GST, and you have an annual GST turnover of less than $10 million, you are eligible for simpler BAS.
From 1 July 2017, you only need to report on:
- Total sales
- GST on sales
- GST on purchases
The ATO no longer require the following information:
- Export sales
- GST-free sales
- Capital purchases
- Non-capital purchases
You still need to keep records, such as invoices, as proof of any claims you make in your BAS lodgements.
You can find out more information on the ATO website or by giving us a call on 03 6231 3448.
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