Australian government announced changes to BAS to operate from 1 July 2017.
Business Activity Statements (BAS) are being simplified for small businesses and will only require small businesses to report:
- GST on Sales
- GST on Purchases
- Total Sales
The effect is to reduce the number of labels to be completed by a small business on a Business Activity Statement from 7 items to 3 items for all businesses with sales of up to $10 million.
This is a change in the right direction.
Hopefully further changes will be made in the future which will reduce the time that small businesses have to spend in preparing forms for submission to the Australian Taxation Office.