From 1 July 2017, the ATO is reducing the amount of GST information required for the business activity statement (BAS) to simplify GST bookkeeping and reporting requirements.

From 1 July 2017, small businesses will only need to report the following GST information on their BAS:

  • GST on sales (1A)
  • GST on purchases (1B)
  • Total sales (G1)

The requirement to report Export sales (G2), other GST free sales (G3), Capital purchases (G10) and Non-capital purchases (G11) will be removed.

New Small Business Offer

From 19 January 2017, the ATO is providing newly registered small businesses the option to report less GST information on the simpler BAS.

To take advantage of this option, small businesses registering from 19 January 2017 will need to do the following:

  • If ‘quarterly’ GST reporting cycle is selected when registering for GST, you will need to select ‘Option 2: Calculate GST quarterly and report annually’ on your first BAS.
  • If a ‘monthly’ GST reporting cycle was selected at registration, you can insert ‘0’ at G2, G3, G10 and G11 on your BAS.
  • If an ‘annual’ GST reporting cycle was selected at registration, you can leave G2, G3, G10 and G11 blank on your Annual GST Return.

If you need assistance in registering for the new system, or in preparing your BAS, please talk to your trusted Evolve bookkeeper.

Jodie Thompson

Jodie Thompson

Jodie is a qualified CPA and company director having managed her own accounting and advisory firm for over 10 years. Jodie’s experience in establishing and growing businesses is second to none and her hands on approach and technical expertise is valued by our team and our clients alike.

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