GST REPORTING FOR NEW SMALL BUSINESSES

The following has been sourced from the Thomson Reuters Weekly Tax Bulletin, Issue 1, 6 January 2017:

Newly registered small businesses can lodge a simpler BAS from 19 January 2017. The ATO has reminded tax professionals that from that date, newly registered small businesses have the option to report less GST information on their BAS. SMEs that plan to register for GST after 19 January 2017 can access the reporting benefits of the simpler BAS early.

To take advantage, the ATO says they need to do the following based on the reporting cycle they elect when registering for GST:

• Quarterly - select "Option 2: Calculate GST quarterly and report annually" on their first BAS. The ATO says it will not seek the additional GST information or lodgment of the Annual GST information report. This will provide SMEs with a simpler BAS reporting solution.
• Monthly - insert "0" at labels G2, G3, G10 and G11 on their BAS.
• Annual - they can leave labels G2, G3, G10 and G11 blank on their Annual GST return.

by Terry Hayes

If you would like to know more please contact one of our accountants on 07 4639 1099 or come in and see us at 14 Russell Street Toowoomba.