You may have heard some good news from the ATO that GST reporting on the business activity statement(BAS) is getting easier for small businesses. From 1 July 2017 the ATO will roll-out Simpler BAS, for businesses with a turnover of less than $10 million. More good news is that Saasu’s BAS Summary already supports this easier way of reporting.
When you lodge your BAS for the reporting periods after July 2017, the only GST information required will be:
- G1 Total sales
- 1A GST on sales
- 1B GST on purchases
When completing your Simpler BAS just include the amounts for G1, 1A and 1B from the Saasu BAS Summary Report in your ATO lodgement.
Saasu is working on a simpler version of the current BAS Summary report which will be available by 1st July 2017 to make it convenient for businesses to complete and lodge their Simpler BAS. It will replace the current BAS Summary report eventually.
For more information about Simpler BAS, please visit the link https://www.ato.gov.au/simplerBAS published by the ATO which also has an excellent short video providing an overview of Simpler BAS.
For more information about Saasu BAS report, please see https://www.saasu.com/help/bas-summary.
If you have any questions about Simpler BAS support in Saasu or any other matter relating to Saasu, you are welcome to contact our Support Team. Just click on the Cog icon and Contact Us when you are logged into Saasu or send an email to firstname.lastname@example.org