The ATO has started to simplify the GST reporting process on your Business Activity Statements (BAS). Small businesses with turnover less than $2m per annum will now only be required to report the following on their BAS:
- GST on Sales
- GST on Purchases
- Total Sales
These changes take effect as of 1 July 2017.
There are also some transitional measures in place for new registrations from 19 January 2017: