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
From 1 July 2017, Simpler BAS reporting will be the default GST reporting method for small businesses with a GST turnover of less than $10 million. When submitting through the portals or the PLS, small businesses will only be required and be able to report:
When submitting through ECI or ELS, a zero will be required to be added at labels G10 and G11.
If your GST turnover is $10m or greater businesses will not be able to access the Simpler BAS reporting option.
Provided the accounting software used by the business supports Simpler BAS bookkeeping, the business can choose the bookkeeping settings to use for GST classification coding – either the Simpler BAS approach (fewer GST classifications) or the existing detailed classification approach.