It is meant to make reporting business income to the ATO easier, but Simpler BAS appears to be creating some confusion for taxpayers.
From July 1, the ATO changed its requirements so that businesses with a turnover of less than $10M had reduced BAS reporting requirements. You may have noticed that your software and the ATO portal have been updated so that you are only required to provide information in the following fields:
- G1 – Total sales
- 1A – GST on sales
- 1B – GST on purchases
You are no longer required to provide information on export sales, GST-free sales, capital purchases and non-capital purchases.
These changes do not affect how other taxes e.g. PAYG instalments or withholding are reported – or how often you are required to report.
For further information, contact our office or visit the ATO website.