From the ATO
From 19 January 2017, newly registered small businesses have the option to report less GST information on their business activity statement (BAS).
If you register for GST after 19 January 2017, you can access the reporting benefits of the simpler BAS early.
There are no changes to the GST rules and regulations, it simply means that there will be no need to report GST Free purchases, sales or capital items in future.
To find out more, ask Diverse Business Consultants for more information today.
To take advantage, you need to do the following based on the reporting cycle you elect when registering for GST after 19 January 2017:
- Quarterly – select ‘Option 2: Calculate GST quarterly and report annually’ on your first BAS. We will not seek the additional GST information or lodgment of the Annual GST information report. This will provide them with a simpler BAS reporting solution.
- Monthly – insert ‘0’ at labels G2, G3, G10 and G11 on your BAS.
- Annual – you can leave labels G2, G3, G10 and G11 blank on your Annual GST return.
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