The Commonwealth government announced in the May 2016 federal budget that simpler BAS would be rolled out to all small businesses from 1 July 2017.
Intuit Australia’s country manager and vice president Nicolette Maury told Accountants Daily that they are offering new customers the chance to participate in the test.
“We’ve just launched the alpha test of Simpler BAS, and we've invited some of our new QuickBooks customers to opt into simpler GST,” Ms Maury said.
“What this enables them to do is reduce the number of line items in a business activity statement from seven to three.”
Simpler GST reporting means small businesses only fill in GST on sales, GST on purchases and total sales. Export sales, GST free sales, capital and non-capital purchases will no longer be needed to be reported on.
Ms Maury said that testing has already shown that Simpler BAS will benefit small businesses by reducing time spent on compliance.
“Our small business customers tell us that their biggest fear is getting compliance wrong, so we foresee that this will enable them to be more confident in running their business and to be able to spend more time working on improving their business rather than worrying about compliance,” Ms Maury said.
On top of this, the Simpler BAS will also benefit accountants working with small business clients.
“Equally, when it comes to our accounting partners what they tell us is they want to be moving the time they spend away from checking data and checking on compliance to becoming a true business partner to their small business clients,” she said.
“So what's exciting about this is it gives accountants the opportunity to provide more of those value-added services to those small businesses to spend more time on forward-looking opportunities rather than looking at how they need to do their compliance.”
Are you thinking of expanding your offering into SMSFs to grow your client base? Become a pro at SMSF fundamentals and make your clients bulletproof with the SMSF Foundations course. Learn directly from Aaron Dunn from Smarter SMSF as he deep-dives into the fundamentals you need to know to successfully undertake your work as an SMSF practitioner. Earn up to 21 CPD hours! Learn more