SIMPLER BAS

The ATO is reducing red tape for small businesses turning over less than $10m when it comes to reporting your GST obligations on your Business Activity Statement. As of 1 July 2017 you will now only need to report.

G1 – Total Sales
1A – GST on Sales
1B – GST on Purchases

This removes the need to report on various other labels on the BAS. 

Please see below from the ATO for further information: 

https://www.ato.gov.au/Business/Business-activity-statements-(BAS)/Goods-and-services-tax-(GST)/Simpler-BAS/

Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.