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SIMPLER BAS REPORTING AVAILABLE FOR JULY BAS

Wednesday, 23 August 2017

The Australian Tax Office (ATO) has issued a reminder that July monthly Business Activity Statements (BAS) will be the first that qualifying businesses will be able to lodge using the new Simpler BAS reporting arrangements.

Small business clients with a GST turnover of less than $10 million can now use Simpler BAS and they only need to report:
- G1 Total Sales
- 1A GST on Sales
- 1B GST on Purchases

Tailored Simpler BAS reports are available on the ATO’s BAS Agent Portal. The report will only ask for the GST information needed.

A Simpler BAS report can also be lodged through the electronic lodgment service (ELS) or electronic commerce interface (ECI). Agents will need to insert 0 at G10 and G11.

Simpler BAS is not available for clients with a GST turnover of $10 million or more.

As part of the Simpler BAS changes Annual GST information report are no longer required to be lodged, nor are any overdue reports from previous years.

Moving clients to Simpler BAS bookkeeping settings is optional. Clients using software that supports Simpler BAS bookkeeping can choose to keep their original detailed GST classifications or use the Simpler BAS bookkeeping settings with reduced codes.

Details of Simpler BAS have previously appeared in in AAT Monthly News Updates in June 2017 and December 2016.

 

Click below to view source

ATO: Lodging using Simpler BAS

ATO: Simpler BAS

ATO: Simpler BAS GST bookkeeping guide

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