What is Simpler BAS
From 1 July 2017, Simpler BAS is the default reporting method for entities with a GST turnover of less than $10 million. They have less GST information to report on their BAS. From 1 July 2017, the ATO will accept a BAS for tax periods prior to 1 July 2017 with only the following GST information: G1 Total sales, 1A GST on sales and 1B GST on purchases.
Find more on the ATO website
- GST Reporting Methods - Simpler BAS
- Simpler BAS GST bookkeeping guide
- Information for tax professionals
Simpler BAS and Simple Fund 360
Simple Fund 360 will automatically prepare the Simpler BAS for each fund which is eligible for forms A,D and P.
The following fields will be pre-filled for you:
- G1 Total sales
- 1A GST on sales
- 1B GST on purchases
Note: For Simpler BAS you do not have a GST Reporting Option. There has been no change to the paper form so sections not relevant can be left empty
|From the Main Toolbar, select Compliance.
|Select BAS/IAS from the list.
Prepare and Lodge
The process to lodge has not changed from previous BAS versions.
Selecting Download Data will send a prompt to the ATO and retrieve the required BAS/IAS forms for the selected fund.
Under the Action column select Continue.
- Part B: Summary. Confirm the amounts the fund owes to the ATO and the amounts the ATO owes the fund. This section will form the basis of calculation for Part C: Payment or Refund?
- Estimate the time taken to complete the form.
Select Validate to confirm the form is ready to lodge. Select the arrow to prepare the Electronic Lodgement Declaration. BAS/IAS individual form lodgement can now be completed from the form preparation screen. Once the form has been validated, select Lodge.
Select Recalculate if you have edited the form on screen and want to revert back to the original figures.
- The Methods of Payment will display (BPAY, Credit Card, Other).
- Any changes to this form can be saved. The form can also be printed.
- Refer to BAS/IAS Lodgement for lodgement instructions.