From 1 July 2017, Simpler BAS is the default reporting method for small businesses with a GST turnover of less than $10 million. They have less GST information to report on their BAS.
Small businesses only need to report:
- G1 Total sales
- 1A GST on sales
- 1B GST on purchases
The following GST information is no longer required:
- G2 Export sales
- G3 GST-free sales
- G10 Capital purchases
- G11 Non-capital purchases
Simpler BAS does not affect how other taxes are reported (eg PAYG income tax instalments or PAYG tax withheld), or how often you lodge your BAS.
You still need to keep records, such as tax invoices, as proof of any claims you make in your BAS and income tax return lodgements.
This short video provides an overview of Simpler BAS.