Simpler Business Activity Statement (BAS) for small businesses

A simpler BAS will become the default GST reporting method for all small businesses from 1 July 2017. This measure was originally announced in the 2016/17 Federal Budget.

Under the new reporting requirements:

          • the BAS will only need to report the following information:

          – GST on sales (1A)

          – GST on purchases (1B), and

          – Total sales (G1)

          • transactions will only need to be classified with a simple “yes” or “no” for GST

          • the BAS will no longer need to report the following information:

          – Export sales (G2)

          – Other GST-free sales (G3)

          – Capital purchases (G10), and

          – Non-capital purchases (G11), and

          • the GST calculation worksheet and associated suite of GST software tax codes will no longer need to be supported.

Please also be reminded that you will still need to conduct a comprehensive check of relevant transactions and supporting documentation when preparing BASs, as substantiation rules remain unchanged.