Are you a small business? Registered for GST? Then Simpler BAS might be something you can change to 1 July 2017.
Businesses with an estimated annual GST turnover of less than $10 million are eligible for Simpler BAS. New businesses will automatically be on Simpler BAS whilst other businesses will be changed over automatically. You may even already be on it if you have nominated to start early.
The name can be misleading – it does not simplify your accounting. There will still be the same amount of work to do, you still need to submit your BAS as normal. What is changing is the list of GST codes available both in your accounting software and when you report to the ATO.
What do you need to do? Check in with your BAS Agent if they haven’t already been in touch if you have any queries. When you or your Agent go to lodge your BAS there will automatically less GST information required. There are no changes to any other taxes (PAYG Withholding etc).
And if you don’t already have a great bookkeeper looking after you, we can help! We will get you up to date, ready for end of financial year and Simpler BAS. Giving you back your time and taking away the stress.
Want to read all about it? Check out the ATO’s information page here.