Simpler BAS - What Does It Mean For You?

Yes folks, you've read that correctly, the ATO is simplifying the GST reporting system to reduce the complexity in applying the GST law.

From July 1 2017, when conducting business and recording transactions:

• Code sales where GST applies to the "GST"  code
• Code expenses that have GST that you are allowed to claim back to "GST" code.
• All other sales and expenses can be coded to 'Not Reportable' or 'Excluded.'
• It is no longer a requirement to report export sales, GST free sales, capital purchases, or non- capital purchases on the BAS.
• PAYG Withholding, PAYG instalments, Wine Equalisation, Fringe Benefits, Fuel Tax Credits and Luxury Car Tax are still reportable as appropriate.

​Xero is currently developing a whole new BAS experience to support Simpler BAS and rest assured will have it ready for the first Simpler BAS.

If you're not sure what this means for your business please make contact and I'll be happy to assist. 

Gabrielle Osborne (BAcc) is a small business specialist who loves to help business owners focus on what they do best. An innovation enthusiast and determined problem-solver, Gabrielle is also fun to work with.

​Xero Certified Advisor. 

e: [email protected]