The beginning of this week (August 21) was the due date for lodging and paying the July monthly activity statement, with a key difference that the July 2017 statement will be the first time practitioners prepare and lodge using Simpler BAS reporting for eligible clients. Simpler BAS lodgment up and running
Your small business clients with a GST turnover of less than $10 million can now use Simpler BAS and they only need to report:
G1 Total sales1A GST on sales1B GST on purchases.
The following GST information is no longer required:
G2 Export salesG3 GST-free salesG10 Capital purchasesG11 Non-capital purchases.
You can get a tailored Simpler BAS by lodging via the Tax Agent and BAS Agent Portals. This will only ask for the GST information needed.
You can still lodge a Simpler BAS through the electronic lodgment service (ELS) or electronic commerce interface (ECI), you will just need to insert 0 at G10 and G11.
Simpler BAS is not available for your clients with a GST turnover of $10 million or more (see eligibility parameters here).
Annual GST information report As part of the changes you no longer have to lodge an Annual GST information report for your clients, or any overdue reports from previous years.
Simpler BAS bookkeeping and your clients Bookkeeping and reporting is now easier for your clients, giving you more time to provide valuable advice. Talk to your clients to see if Simpler BAS bookkeeping is the best option for their business (see the ATO’s Simpler BAS GST bookkeeping guide here).
While Simpler BAS is their new GST reporting method, moving to Simpler BAS bookkeeping settings is completely optional. If your clients use software that supports Simpler BAS bookkeeping, they can choose to keep their original detailed GST classifications or use the Simpler BAS bookkeeping settings with reduced codes.
See what other tax practitioners have to say about using Simpler BAS on the following video.
Simpler BAS lodgment up and running Simpler BAS lodgment up and running Simpler BAS lodgment up and running Simpler BAS lodgment up and running
# [activity statements], [bas], [bas agents]
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