Simpler BAS Coming

The ATO is implementing changes to address community concerns about the costs associated with GST record keeping.

To reduce these costs the ATO said it was working on ways to make the business activity statement (BAS) simpler.

“The community has told us a reduction of the number of GST labels on the BAS will significantly reduce GST record keeping requirements,” the ATO said.
“To ensure we get it right, we’re working with small businesses, industry associations, tax professionals and the accounting software industry, to conduct user testing on the simpler BAS solution”.

The planned changes are scheduled to go live from 1 July 2017, when Simpler BAS will become the standard GST reporting option for all organisations with a turnover of less than $10 million.

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