Making GST Reporting Easier

To simplify reporting, the ATO are reducing the amount of GST information needed on your Business Activity Statement (BAS).

From 1 July 2017, the ATO will automatically transition your GST reporting method to Simpler BAS if your GST turnover is less than $10 million.

This means you will only need to report:
– Total sales
– GST on sales
– GST on purchases

Simpler BAS should make preparation of your BAS a little quicker and easier.

There won’t be any changes to your reporting frequency or how other taxes are reported on your BAS. You’ll still need to keep all your usual records for BAS and income tax return lodgments.

What’s next?

To help you transition to Simpler BAS reporting, and take full advantage of the benefits, you may be sent information about the changes via email, SMS and letter.
You’ll also have the option to reduce the number of GST classification codes in your bookkeeping software settings. You can talk to us or your BAS agent for advice about this and other tax matters.