• Not-for-Profit News Service – Simpler BAS is now here for most NFP organisations

    We told you we're reducing the amount of GST information needed on a business activity statement (BAS) to make GST bookkeeping and reporting easier for the community.

    Simpler BAS is now the GST reporting method for all not-for-profit organisations with a GST turnover of less than $10 million. This means that you only need to report your:

    • total sales
    • GST on sales
    • GST on purchases.

    This does not impact not-for-profit organisations with a turnover of less than $150,000 that are not registered for GST.

    If you use accounting software, you can keep your original detailed GST classifications, or choose the Simpler BAS bookkeeping settings with reduced codes. It’s completely optional and the choice is yours.

    Watch:

    • You can see business owners already using Simpler BAS talk about the benefits, and how it saves them time and money, on atoTV.

    See also:

    • We’ve also developed a Simpler BAS GST bookkeeping guide to assist with the classification of sales and purchases, and explain common and misunderstood GST transactions.

    What you need to do

    You don’t need to do anything to access Simpler BAS reporting. If you lodge online you will see your next BAS automatically asks for less GST information.

    Paper BAS forms will not change. You'll only need to complete total sales, GST on sales and GST on purchases. Other GST information can be left blank.

    Next step:

    • Visit Simpler BAS to learn more and watch our information video to help you understand the changes and benefits.
      Last modified: 26 Jul 2017QC 52977