The Simpler BAS test findings and the outcome!

At FinCare we like to follow up the information we provide to clients as it comes from the Australian Taxation Office. We wrote an article on the 17 August 2016, regarding the simplifying of Business Activity Statements (BAS).  The ATO were talking with taxation professionals and Small business owners to find ways to improve the system.

The ATO have completed and published their findings and, from 1 July 2017, small businesses will ONLY be required to report:

• GST collected (1A)
• GST entitled to be claimed (1B)
• Total sales (G1)

The feedback they received from taxation professionals and small business participants suggested that:

1. The simpler BAS will reduce the time spent on software setup, bookkeeping and validation checks.
2. Greater accuracy of classifications and less validation checks required when preparing business activity statements.
3. You prefer an automated process retaining the tailored settings and transition.

The simpler BAS will support a move from ‘form-filling’ and making unnecessary changes that have no impact on the final GST amount.

If you need assistance in preparing your business activity statements, please contact our offices on Sutherland (02) 9542 4655, Wollongong on (02) 4243 1172 and Menai on (02) 9543 2266.