SMALL BUSINESS ACCOUNTANTS & BAS PREPARATION NOOSA.
From 1 July 2017, the ATO are reducing the amount of information required to report on Business Activity Statements for small businesses.
Aptly named ‘Simpler BAS’ will be the default GST reporting method for small businesses with a GST turnover of less than $10 million.
What small businesses need to report
If you are a small business with less than $10m in turnover, you will now only need to report:
- Total sales
- GST on sales
- GST on purchases
This will not change your reporting cycle time-frame, record keeping requirements, or how any other taxes on the BAS are reported e.g. wages and PAYGW.
Although this isn’t a dramatic change, the ATO hope that it will reduce the time you spend on form-filling and making changes that don’t impact the final GST amount.
You may be able to change your bookkeeping software settings to reduce the number of GST tax classification codes reported. Please give your Stratogen Accountant a call if you would like to discuss whether reduced classifications in your software will be best for you.
More information : For advice regarding your small business accounts and what you need to report to the ATO, contact your Stratogen small business accountant to discuss the implications of these changes.
More small business accounting tips & information
- Plan for success with your Stratogen small business accounting partner
- Small Business Superannuation Clearing House (SBSCH) changes
- $20,000 instant asset write-off for small business
- Small business tax concessions
- Small business accounting – simpler BAS from 1 July 2017
- ATO Tax Essentials Workshops Noosa
- Is your small business SuperStream compliant?
- Small business capital gains tax concessions
- What’s the difference between contractors and employees?
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