We have been working with you to make business activity statement (VAS) reporting simpler for small business.
From 1 July 2017, small businesses will only be required to report:
GST Collected (1A)
GST entitled to be claimed (1B)
Total sales (G1).
We have started testing the solution with small businesses, software developers and tax professionals. Initial feedback from 13 tax professionals and 192 small business participants suggests:
- The simpler BAS will reduce the time you spend on software set up, bookkeeping and validation checks.
- You will recommend the new tax code settings to most to your client with basic tax affairs.
- You see greater accuracy of classifications and less validation checks required when preparing BAS.
- You prefer an automated process to help your clients retain their tailored settings and transition.
- Small businesses use a tax professional; to tailor their GST settings to help automate their bookkeeping.
The simpler BAS will support a move from ‘form-filing; and making unnecessary changes that have no impact on the final GST amount.
Talk to your clients about the GST bookkeeping and reporting changes and help them take advantage of the benefits of the simpler BAS.