If you’re a small business with a GST turnover of less than $10 million, Simpler BAS is now your GST reporting method. This means you only need to report:
If you use accounting software, you can keep your original detailed GST classifications, or choose the Simpler BAS bookkeeping settings with reduced codes. It’s completely optional and the choice is yours.
Paper BAS forms haven’t changed, just leave the sections blank where information is no longer needed.
The ATO have developed a Simpler BAS GST bookkeeping guide. This helps with the classification of sales and purchases, and explains common and also misunderstood GST transactions.
This link will take you directly to the guide.
If you require further information please contact me 0400 102358 Jaleana from Bookkeeping Fairy Perth