Small business accounting : Simpler BAS from 1 July 2017

04 Jul
tax return bas preparation noosaSMALL 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

Small Business Accounting & Advisory Services

Stratogen consists of a team of expert small business accountants and advisers dedicated to providing you with the highest quality of taxation, accounting and financial management services.

Additional business services include tax minimisation structuring, business valuations and due diligence, business restructuring and audits.  We also provide professional bankruptcy and insolvency advice to Accountants, Financial and Legal Advisers, Corporations and Individuals. Our primary goal is to ensure all parties are treated with respect.

Our accounting firm’s head office is located at Noosa on the QLD Sunshine Coast.  Our expertise is unparalleled and thus we work with clients residing and working in Noosa, Mount Isa, interstate around Australia and internationally.

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