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Simpler BAS

5th June 2017
Small businesses with a GST turnover of less than $10m can look forward to simpler GST reporting. From 1 July 2017, the ATO will automatically transition eligible taxpayers to “Simpler BAS”, their default GST reporting method where they will only need to report on their business activity statement, total sales (G1), GST on sales (1A) and GST on purchases (1B). Tis will not change reporting cycles, record keeping requirements or how other taxes are reported on the BAS.

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