New Simpler BAS on the way

New Simpler BAS on the way

New Simpler BAS on the way

The ATO has been working with small businesses, tax professionals, industry associations and software providers on ways to deliver a simpler business activity statement (BAS) to make GST record keeping easier and less costly.

To achieve this, several GST labels will be removed from the BAS, with small businesses only required to report:

  • GST on sales (1A);
  • GST on purchases (1B); and
  • Total sales (G1).

This will simplify account set-up, record keeping, BAS preparation and lodgement for agents and their clients.

They will begin user testing from 1 July 2016 and it is intended that a simpler BAS will be the standard option for all small business from 1 July 2017.

Ref: ATO website 5 May 2016

Bottrell Business Consultants Pty Ltd – Chartered Accountants and Business Advisors.

The Bottrell group incorporates Bottrell Business Consultants, Bottrell Accounting & Taxation, Maitland Accounting & Taxation, East Maitland Accounting Services and Mobile Bookkeeping & Recruitment.

Our group of businesses & links include the following companies (& our websites);-

www.bottrellaccounting.com.au or check us out on Facebook, Twitter, Instagram or LinkedIn

Offices – East Maitland | Newcastle | Sydney | Melbourne | Brisbane | Gold Coast

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