Non-Profit News Service No. 0446 – Simpler BAS for some NFP organisations
We are implementing changes to address community concerns about the costs associated with goods and services tax (GST) record keeping.
To reduce these costs, we are working on ways to make the business activity statement (BAS) simpler.
The community has told us a reduction of the number of GST labels on the BAS will significantly reduce GST record keeping requirements. This will benefit you in many ways, including:
- simplified account set-up, ongoing bookkeeping and BAS preparation
- reduced record keeping costs
- saving you time so you can focus on your organisation.
To ensure we get it right, we’re working with small businesses, industry associations, tax professionals and the accounting software industry, to conduct user testing on our simpler BAS solution.
The planned changes are scheduled to go live from 1 July 2017. We will continue to keep you updated on our progress.
Visit Simpler BAS to find out more about these changes.
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Article for not-for-profit organisations advising simpler BAS/GST record keeping will be implemented from 1 July 2017.