Simpler Business Activity Statements (BAS) is the default reporting method for small businesses with a GST turnover of less than $10 million. The programme delivers time and cost savings to businesses as they only need to report on total sales, GST on sales and GST on purchases on their BAS. This means businesses will be able to classify sales and purchases more easily, particularly if using an accounting software.
Small Business Minister Michael McCormack says, “The start of a new financial year means paperwork will be simpler for small business and the popular instant asset write-off programme (BAS) will continue for another year.”
Last financial year it was reported that the instant asset write-off was helpful for many small businesses with purchasing new equipment they need to grow and created a ‘chain reaction’ for staff and customers.
McMormack said, “as a result, small businesses with a turnover up to $10 million can continue to purchase the equipment they need to grow up to $20,000 and write it off immediately.”
Read more here at Inside Small Business