From July 1, Simpler BAS kicks in (or immediately if you’ve registered a new business after 19 Jan 2017). If you have an estimated annual turnover of less than $10 million, you may be eligible. Read more about it here.
If you are eligible for Simpler BAS, you are only required to report the following GST information in your BAS return:
- G1 Total sales
- 1A GST on sales
- 1B GST on purchases
You won’t need to report on G2 Export sales, G3 Other GST-free sales, G10 Capital purchases or G11 Non-capital purchases.
As a Squirrel Street customer, there’s nothing you will need to do because we automatically support this update!
We will also support changes to GST codes made by your accounting software such as Xero and Intuit QBO, and other packages as they are published.
Of course, we will encourage you to send us your receipts and invoices more regularly.
We will capture the GST portions of your expenses if you are registered for GST, and you can access this data at any time necessary.
Be sure to check International settings:
How to generate GST figures in Squirrel Street
Simply login, click on Reports > Create a new report, set your parameters and hit ‘Run report’.
You will get a report that looks like this:
