Great news for small businesses! From 1 July 2017, small businesses will have reduced reporting requirements for their Business Activity Statements (BAS). You will only need to report GST on sales, GST on purchases and total sales. No more having to include GST free sales, Capital and non-capital purchase or export sales.
The ATO believe that this will result in ‘significant time and cost savings’. They are currently working with software developers to include these changes in future software updates.
For further information please click here.
Despite the initial deadline of 30 June 2016, the ATO have provided small businesses with compliance flexibility until 28 October 2016 to get acquainted with SuperStream.
This means that as of 28 October 2016, all super contributions paid to your employees must be processed electronically via electronic funds transfer or BPAY, with the associated data also being submitted electronically.
What is SuperStream?
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