Simpler BAS

If you’re a small business, BAS’s are about to get a whole lot easier. With Simpler BAS, from 1 July 2017, small businesses will only need to report three items for GST:

  • G1 Total Sales
  • 1A GST on Sales
  • 1B GST on purchases

The following GST information will no longer be required

  • G2 Export sales
  • G3 GST-free sales
  • G10 Capital purchases
  • G11 Non-capital purchases

If your annual GST turnover is less than $10 million, you will be transitioned to Simpler BAS reporting from 1 July 2017.