SMSF – ATO finalises its position in relation to event-based reporting
After detailed consultation with the self-managed super fund (SMSF) sector, the ATO announced today that its i
The ATO is reducing the amount of information needed for the Business Activity Statement (BAS) to simplify GST reporting.
From 1 July 2017, Simpler BAS will be the default GST reporting method for small businesses with a GST turnover of less than $10 million.
These businesses will only need to report:
This will not change the reporting cycle, record keeping requirements, or how businesses report other taxes on their BAS.
The ATO will automatically transition eligible small business’ GST reporting methods to Simpler BAS from 1 July 2017.
Small businesses can choose whether to change their GST bookkeeping software settings to reduce the number of GST tax classification codes.