From 1 July 2017, the Australian Tax Office (ATO) will reduce the amount of GST information required for BAS to simplify GST bookkeeping and reporting requirements.
From that date, small businesses will only be required 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.
A simpler BAS will support greater use of existing automation functions and potential digital solutions as they evolve, as well as give small businesses time and cost savings by simplifying account set up, GST bookkeeping and BAS preparation. Businesses will be able to more easily classify transactions and prepare and lodge their BAS.