Hi There,
Alan Maddick here I just thought I would type up a quick update on some changes at the tax office. Recently the ATO has brought in a new initiative called “Simpler BAS”, what does this mean for you? Not much really although it is quicker and simpler to do your BAS now.
Simpler BAS is only available for businesses with $10mil or less in sales “Small Businesses” by the ATO’s definition. There are a few boxes that have been removed making the BAS simpler, you no longer need to divide your expenses into GST free expenses, GST free capital, GST included Expenses, GST free Expenses, in fact you do not need to put any expense figure at all on the BAS! Just record the GST on expenses and capital (total purchases) and report this GST figure.
For sales you now only need to report one sales figure (total sales) as well as GST on sales, no need to report GST free sales as a separate figure anymore. Hopefully the SImpler BAS will make it easier and faster for you to do your BAS. If you are reporting from a system like Xero or Quickbooks then you may need to change the way it reports to make this easier. If you need help chaning these settings let us know.