ARE YOU AWARE OF THE NEW SMALL BUSINESS REPORTING CHANGES?

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.

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

There are also some transitional measures in place for new registrations from 19 January 2017:
https://www.ato.gov.au/Newsroom/smallbusiness/GST-and-excise/Simpler-BAS-offer-for-new-small-businesses/

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.