From 1 July 2017 businesses with a GST Turnover of less than $10 million are eligible for Simpler BAS reporting method.
This means that there are fewer labels that you need to fill in order to report your GST obligations.
If you are using software, such as Xero to prepare your BAS, you will be required to select your preference for reporting. Please note that with Xero software you would still need the full activity statement reporting if you have PAYG Instalments.
If you require more information on the setup for the Simpler BAS on your software or want to check what your GST reporting obligations are please contact our office.