Simpler BAS Reporting is not far away…Rob Richards
In our recent blog “ATO announces simpler BAS reporting for Small Business” we discussed how the ATO’s introduction on 1 July 2017, of simplified BAS would make it considerably easier for small business to manage their returns.
Basically, the reporting requirement for BAS has been simplified so that businesses only have to report the following GST information:
- GST on sales (1A)
- GST on purchases (1B)
- Total sales (G1)
While the deadline for commencing with the new Simpler BAS reports is 1 July 2017, which is the start of the 2017/18 financial year, you don’t have to submit your first report until the 28th October.
The current version of Cashflow Manager (Version 10) provides you all the information you need to submit Simpler BAS. However, we will be releasing a brand-new Cashflow Manager Version 11 in August which will contain several exciting new features and will provide BAS reporting specific to the ATO’S new Simpler BAS format.
Make sure your CARE subscription is current, so that when the new version is released it will automatically be sent to you.