The ATO are reducing the amount of GST information required for BAS to simplify GST bookkeeping and reporting requirements. According to the ATO,a simpler BAS will give small businesses time and cost savings by simplifying account set up, GST bookkeeping and BAS preparation. Businesses will be able to more easily classify transactions and prepare and lodge their BAS... but has the legislation changed?
From 1 July 2017, small businesses will only need to report three fields on their BAS: GST on sales, GST on purchases and Total sales (G1) - that's it! This removes the need to report on Capital purchases, Export Sales and Free Sales, but poses the question:
Do bookkeepers and business owners still need to code their entries the same way to track these types of entries?
Join us at one of our three events in June, to pose your questions to our special guest speakers, including John Shepherd, Assistant Commissioner ATO to clarify the changes plus see how the sofware vendors have updated their software. Select from the follow dates, depending on your sofware (or contact us if work with all of them for a special bundle):
QuickBooks Online - Friday 16th June, 9-1pm
MYOB - Wednesday 21st June, 9-1pm, and
Xero - Tuesday 27th June, 9-1pm
Hear from other speakers as they go through changes to bookkeeping including new Payment Summary formats, as well and provide the key processes for this end of financial year, ensuring you stay up to date with running or managing the finances of a business or organisation. Contact us today on 02 6215 9710 or visit the links above to see details of these important events!