Simpler BAS

From 1 July 2017, the ATO will be reducing how much GST information you need to report in your BAS, so you’ll save time. Simpler BAS will be the default reporting option for businesses with a GST turnover of less than $10 million.

The new regime for entities turning over less than $10m only requires 3 fields to be completed. G1 Total Sales, 1A GST on Sales and 1B GST on Purchases.

This is a welcome change indeed!

For more information see the ATO page: Simpler BAS