When lodging your Business Activity Statement, you may notice some differences in the information you are required to report.
The Australian Tax Office has developed a simpler BAS process for some businesses, reducing the number of fields needing to be filled.
From 1 July 2017, Australian businesses with a turnover of less than $10 million per annum will only have to complete the simpler BAS format.
After logging in to the ATO Business Portal, those with less than $10 million turnover will only have to report:
• GST on sales (1A)
• GST on purchases (1B)
• Total sales (G1)
If you send physical BAS reports to the ATO, you will only have to fill in the fields listed above. All other reporting fields may be left blank.
Eligible businesses do not need to take any action in order to use the simpler BAS reporting.
Businesses turning over more than $10 million per annum will not be eligible to use the simpler BAS format and must continue to fill out the same amount of information they have in previous financial years.
You can read more about the changes to BAS reporting on the ATO website