Access your income statement
You will receive either an income statement via myGov or a payment summary from your employer depending on how
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:
- G1 Total Sales
- 1A GST on Sales
- 1B GST on Purchases
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.
Source: https://www.ato.gov.au/Tax-professionals/Newsroom/Activity-statements/Simpler-BAS-starts-1-July/
