New Simpler BAS On The Way
The ATO has been working on ways to deliver a simpler business activity statement (BAS) to simplify account set-up, record keeping, BAS preparation and lodgment for agents and their clients, and make it less costly.
To achieve this, several GST labels will be removed from the BAS, with small businesses only required to report:
- GST on sales (1A);
- GST on purchases (1B); and
- Total sales (G1).
They will begin user testing from 1 July 2016 and a simpler BAS should be the standard option for all small business from 1 July 2017.
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If you realize that now is the time to get your accounts in order, we invite you to call Hart Partners today on Phone (03)9600 3220 Mobile: 0413 222 922 Fax (03) 9376 3507 or email us paula@www.hartpartners.com.au.
We can help you to meet your obligations to the Australian Tax Office, while at the same time ensuring that you claim every deduction to which you are entitled.
| Please Note:
Many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances. |