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Cotter Accountancy
07 3333 2510

ATO: The Simpler BAS (& Our comments)

9/12/2016

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[The ATO has] listened to the concerns of small businesses, tax professionals, industry associations and software providers, and are working towards reducing GST compliance costs for small businesses.

[The ATO] are reducing the amount of GST information required for the business activity statement (BAS) to simplify GST bookkeeping and reporting requirements.

A simpler BAS will give small businesses significant time and cost savings by simplifying account set up, GST bookkeeping and BAS preparation. Businesses will be able to more easily classify transactions and prepare and lodge their BAS.

From 1 July 2017, small businesses will only need to report the following GST information on their BAS:
  • GST on sales (1A)
  • GST on purchases (1B)
  • Total sales (G1)

The requirement to report Export sales (G2), other GST free sales (G3), Capital purchases (G10) and Non-capital purchases (G11) will be removed.

A simpler BAS will support greater use of existing automation functions and potential digital solutions as they evolve.

For more information and to watch the ATO's 'Simpler BAS' video click here.

Our Comments

Although there are fewer areas to report on for your BASes it is still necessary to keep complete records for income tax purposes and to capture the required GST figures.

​Interestingly the BAS figures will no longer be used for benchmarking purposes which is good news given that they were never an accurate representation of the businesses trading.

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Can we help?

19/10/2016

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Its not until you are ripping your hair out and you have completely lost all hope do we find out that its possibily something we can fix.

​If you are doing something in your accounting system that feels mundain or repetative or just plain painful - let us know the issue and we might have a remedy to save your sanity.

​Happy hump day :)
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Merry Christmas & Happy New Year!!

16/12/2015

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On behalf of the Cotter Accountancy team, we would like to wish you and your family a very Merry Christmas and a Happy and Prosperous New Year.
​

Thank you for your business and support during the year and may we all
​grow stronger together in 2016!
 
Cotter Accountancy will be closed from:
5:00pm Wednesday 23 December 2015 – 8.30am 11 January 2016. 
Normal office hours will apply from Monday 11 January 2016.

Christmas wishes from all of us!
Rosanne, Jenny, Niki, Annie, Natalie, Leanne
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