The Australian Taxation Office has simplified GST reporting for small business by reducing the amount of GST information required in business activity statements (BAS).
From 1 July 2017, eligible small businesses will automatically transfer to Simpler BAS. With Simpler BAS, you only need to report the following GST information:
- G1 Total sales
- 1A GST on sales
- 1B GST on purchases
- 1H GST instalments (only if applicable to your business).
There are no changes to reporting frequency or how other taxes are reported on the BAS.
If you have any questions about your reporting obligations, please do not hesitate to contact our office.