Planning to start a small business in 2017? Take note!
From 19 January 19 2017, newly registered small businesses will be provided with the option to report less GST information on a simpler BAS.
To take advantage of this option, small businesses that register for GST from January 19 will need to do the following:
If a quarterly GST reporting cycle is selected when registering for GST, you will need to select “Option 2: Calculate GST quarterly and report annually” on your first BAS.
The ATO says it will not be seeking the additional GST information or lodgment of the “annual GST information report”. This will provide small businesses with a simpler BAS reporting solution.
Note also that from July 1, 2017 small businesses will only need to report the following GST information on their BAS:
- GST on sales (1A)
- GST on purchases (1B)
- Total sales (G1).
The requirement to report export sales (G2), other GST free sales (G3), capital purchases (G10) and non-capital purchases (G11) will also be removed.
If you are starting a small business and would like help and advise on what you need to consider when it comes to GST, you BAS and any other ATO requirements, please don't hesitate to contact us on 03 9723 7100 or send us an email!