If your annual GST turnover is less than $10 million, you will be transitioned to Simpler BAS reporting from 1 July 2017. The Tax Office has simplified GST reporting for small business by reducing the amount of GST information required in business activity statements (BAS).

From 1 July 2017, you'll be automatically transferred to Simpler BAS. There are no changes to reporting frequency or how other taxes are reported on your BAS.

With Simpler BAS, you only need to report the following GST information:

 

G1 Total sales
1A GST on sales
1B GST on purchases.

 

Paper BAS forms will not change, simply leave the sections blank where information is no longer required.

Remember to continue keeping records (i.e. invoices) for BAS and income tax return lodgements.
To read more click the link below or check with our friends at Hansens http://australianfurniture.org.au/afa-services/accounting/