You may have heard of the upcoming choice that business will have to lodge ‘Simpler BAS’. This is a move by the ATO to reduce the complexity of current GST tax types in current use, as a way to encourage businesses with turnover below $10m to lodge more accurate statements. From 1/7/17, these small businesses will only need to report GST on Sales, GST on Purchases and Total Sales. Regardless, BAS will still require PAYG Withholding and Instalments, WET, FBT, FTC and LCT (if required). Businesses will still need to implement the GST system and understand how GST applies to what they sell. A business will still need to understand what GST they are allowed to claim back.
Where we undertake your BAS, simpler BAS options will be applied, and any resulting efficiency gains will be passed onto you as a matter of course.
Bookkeeper, BAS Agent, Diploma Accounting, I love helping small businesses get their books back in order and create calm out of chaos.